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FedEx Ship Center 4510 Airport Approach Rd 36,888 SF 100% Leased Industrial Building Duluth, MN 55811 $4,818,000 ($130.61/SF) 6.75% Cap Rate
Investment Highlights
- 5+ Years WALT Remaining | 35+ Years Of Continuous Occupancy
- Diversified Income Stream
- Mission-Critical Airport Facility | Airside Access
- NNN Lease Structure | Limited Landlord Responsibilities
Executive Summary
SRS National Net Lease is pleased to offer the opportunity to acquire the leasehold interest (building ownership) in a FedEx-anchored, two-tenant investment property located at Duluth International Airport in Duluth, Minnesota. The property features more than five years of remaining weighted average lease term (WALT), providing stable in-place income anchored by FedEx, which has occupied the property for more than 35 years and exercised multiple renewal options, demonstrating its long-term commitment to the site. The property benefits from a NNN lease structure, with tenants responsible for real estate taxes, insurance, and substantially all maintenance obligations. FedEx also reimburses annual ground rent expense in excess of $6,992, while unreimbursed landlord responsibilities are generally limited to the first $6,992 of annual ground rent, the roof, structure, select exterior elements, and HVAC replacement, making the asset an attractive, low-management investment opportunity.
Property Facts
Amenities
- Signage
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Somewhat walkable
30/100
Exceptionally drivable
90/100
Somewhat bikeable
20/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $1,593,800 | |
| Land Assessment | $645,000 | Total Assessment | $2,238,800 |
Property Taxes
Parcel Numbers
Land Assessment
$645,000
Improvements Assessment
$1,593,800
Total Assessment
$2,238,800
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Matterport 3D Exterior
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FedEx Ship Center | 4510 Airport Approach Rd
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