4615 Grand Ave
Duluth, MN 55807
Duluth 4615 Grand · Retail Property For Sale

Marcus and Millichap is pleased to present for sale, 4615 Grand, a 15,631 square foot neighborhood center with excellent visibility on Duluth’s busy Grand Avenue, which carries 13,000 vehicles per day. The Property benefits from its close proximity to many traffic drivers in the immediate area included Menards, Denfeld High School, Walgreens and CVS. Additionally, there is dense single-family residential that sits adjacent to the Property. 4615 Grand is 83% leased to two tenants, offering an investor the opportunity to add value through the lease up of the vacant space. Both tenants are currently under five-year leases, with Parsons Electric expiring in 2019, and Recover Health expiring in 2022. Average rent at the center is currently just $10.14 per square foot, leaving an investor more upside through rent growth. Duluth is a port city on Lake Superior, accessible for ships from the Atlantic Ocean, and handling over 1,100 visits from domestic and international vessels. Duluth is a major regional center for health care, business, and higher education. The city is home to multiple colleges and universities; the most notable is the University of Minnesota – Duluth, which carries a total enrollment of approximately 10,300 students. Duluth, together with the city of Superior, Wisconsin, make up the biggest portion of the Twin Ports Metropolitan Area. The total metro area has population of roughly 280,000 residents.