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Marathon Gas Station | Absolute-NNN Lease 307 N State St 4,272 SF Retail Building Fairmont, MN 56031 $1,545,776 ($361.84/SF) 7.50% Cap Rate
Investment Highlights
- ±19 Years Remaining on Absolute-NNN Lease
- Potential for 100% Bonus Depreciation (Fee-Simple Asset)
- Clean Environmental Reports And Recent Survey On File
- 2% Annual Rent Increases During Initial Lease Term and Options
- Large Scale Established & Successful Operator (39-Unit Guaranty)
- Established Marathon Gas Station & Quick Mart
Executive Summary
Marcus & Millichap is pleased to offer a Marathon-branded gas station and Quick Mart located along North State Street, one of Fairmont’s highest-traffic commercial corridors. The property is secured by a long-term absolute-NNN lease with ±19 years remaining, providing investors with stable, passive income backed by KeyStone Retail and Affiliates, a seasoned 39-unit operator with strong performance across multiple markets.
The site benefits from excellent visibility, ±11,687 VPD, and immediate access to Interstate 90, positioning it to capture both local residents and regional commuter traffic. Located within Fairmont’s core retail node, the property is surrounded by national brands including Hy-Vee, Walgreens, Dollar Tree, Dunham’s, Burger King, O’Reilly Auto Parts, Subway, and Tractor Supply Co. The tenant benefits from a proven operating location within a stable regional economy supported by healthcare, agriculture, manufacturing, and Fairmont’s chain of interconnected lakes. With 2% annual rent increases, four 5-year renewal options, and potential eligibility for 100% bonus depreciation, this asset offers a compelling long-term net-lease investment.
The site benefits from excellent visibility, ±11,687 VPD, and immediate access to Interstate 90, positioning it to capture both local residents and regional commuter traffic. Located within Fairmont’s core retail node, the property is surrounded by national brands including Hy-Vee, Walgreens, Dollar Tree, Dunham’s, Burger King, O’Reilly Auto Parts, Subway, and Tractor Supply Co. The tenant benefits from a proven operating location within a stable regional economy supported by healthcare, agriculture, manufacturing, and Fairmont’s chain of interconnected lakes. With 2% annual rent increases, four 5-year renewal options, and potential eligibility for 100% bonus depreciation, this asset offers a compelling long-term net-lease investment.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Convenience Store
Building Size
4,272 SF
Building Class
B
Year Built/Renovated
1963/2026
Price
$1,545,776
Price Per SF
$361.84
Cap Rate
7.50%
NOI
$115,933
Tenancy
Single
Building Height
1 Story
Building FAR
0.11
Lot Size
0.87 AC
Opportunity Zone
Yes
Fairly walkable
40/100
Exceptionally drivable
100/100
Fairly bikeable
40/100
Nearby Major Retailers
Property Taxes
| Parcel Numbers | Improvements Assessment | $168,500 | |
| Land Assessment | $122,900 | Total Assessment | $291,400 |
Property Taxes
Parcel Numbers
Land Assessment
$122,900
Improvements Assessment
$168,500
Total Assessment
$291,400
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