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Phoenix Building | Duluth, MN 331 W Superior St 14,112 SF 100% Leased Office Building Duluth, MN 55802 $1,775,000 ($125.78/SF) 7.42% Cap Rate
INVESTMENT HIGHLIGHTS
- Fully Occupied Building
- Recent Property Updates
- Strategic Economic Hub
- Prime Downtown Location
- Market Advantage
- Vibrant Community
EXECUTIVE SUMMARY
Fully Occupied Building -
This mixed-use retail/office building is fully occupied with a great mix of tenants. Starbucks anchors the building, which also has an attached parking ramp that generates income for the property.
Prime Downtown Location -
Great corner location in downtown Duluth. Centrally located with signage, high traffic counts, and is also connected by skyway in downtown.
Recent Property Updates -
Multiple CAPEX projects including windows, parking lot, A/C units, elevators, sprinkler system, and the roof is serviced biannually.
Market Advantage -
In the Duluth CBD there are no office properties under construction, and nothing has been delivered in the downtown CBD submarket for the past ten years.
Strategic Economic Hub -
Duluth serves as an economic hub for a large area of northern Minnesota and Wisconsin. The Port of Duluth-Superior sits at the farthest inland point on the Great Lakes, which allows it to serve as a hub for shipments for the entire upper Midwest.
Vibrant Community -
Duluth boasts a diverse and dynamic community and has a strong educational and cultural scene. Duluth's population is known for its strong ties to the region's natural beauty, with many residents enjoying outdoor activities in the city's scenic surroundings.
This mixed-use retail/office building is fully occupied with a great mix of tenants. Starbucks anchors the building, which also has an attached parking ramp that generates income for the property.
Prime Downtown Location -
Great corner location in downtown Duluth. Centrally located with signage, high traffic counts, and is also connected by skyway in downtown.
Recent Property Updates -
Multiple CAPEX projects including windows, parking lot, A/C units, elevators, sprinkler system, and the roof is serviced biannually.
Market Advantage -
In the Duluth CBD there are no office properties under construction, and nothing has been delivered in the downtown CBD submarket for the past ten years.
Strategic Economic Hub -
Duluth serves as an economic hub for a large area of northern Minnesota and Wisconsin. The Port of Duluth-Superior sits at the farthest inland point on the Great Lakes, which allows it to serve as a hub for shipments for the entire upper Midwest.
Vibrant Community -
Duluth boasts a diverse and dynamic community and has a strong educational and cultural scene. Duluth's population is known for its strong ties to the region's natural beauty, with many residents enjoying outdoor activities in the city's scenic surroundings.
PROPERTY FACTS
Sale Type
Investment
Property Type
Building Size
14,112 SF
Building Class
C
Year Built
1995
Price
$1,775,000
Price Per SF
$125.78
Cap Rate
7.42%
NOI
$131,761
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Typical Floor Size
7,056 SF
Building FAR
0.80
Lot Size
0.41 AC
Opportunity Zone
Yes
AMENITIES
- Bus Line
- Signage
1 1
Walk Score®
Very Walkable (84)
Bike Score®
Very Bikeable (72)
PROPERTY TAXES
| Parcel Number | 010092000510 | Improvements Assessment | $580,400 |
| Land Assessment | $401,700 | Total Assessment | $982,100 |
PROPERTY TAXES
Parcel Number
010092000510
Land Assessment
$401,700
Improvements Assessment
$580,400
Total Assessment
$982,100
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Phoenix Building | Duluth, MN | 331 W Superior St
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