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Hiawatha 46 4701-4751 Hiawatha Ave 37,975 SF 97% Leased Retail Building Minneapolis, MN 55406 $8,700,000 ($229.10/SF) 7.50% Cap Rate
Investment Highlights
- The Property is shadow anchored by Cub Foods, the only grocery store within a 1.5-mile radius.
- Neighborhood is dense with over 145K people in a three-mile radius, made up of an educated, skilled labor force with average annual income $129k+
- Directly adjacent to Minnehaha Regional Park and Minnehaha Creek/falls- consistent foot traffic and over 2.3M visitors
- The Property boasts a 10-year CAGR of 3.8%, outpacing long-term inflation, providing a natural hedge through annual rent increases and mark-to-market
- Easily accessible via multiple modes of transportation including Light Rail, numerous bus routes providing local feeder service, strong walkability
- Located less than 2 miles north of the MSP airport
Executive Summary
Hiawatha 46 (the “Property”) is a multi-tenant retail center shadow anchored by Cub Foods, located directly on Hiawatha Avenue in the densely populated Longfellow neighborhood of Minneapolis, MN.
GROCERY SHADOW ANCHORED
The Property is shadow anchored by Cub Foods, the only grocery store within a 1.5-mile radius, the nearest grocery store is across the Mississippi River in St. Paul.
LONG TERM VALUE PRESERVATION
The Property boasts a 10-year CAGR of 3.8%, outpacing long-term inflation, providing a natural hedge through annual rent increases and mark-to-market leasing.
DENSE URBAN SUBMARKET
The surrounding neighborhood is dense with over 145K people in a three-mile radius, made up of an educated, skilled labor force with average annual income more than $129K.
TRANSIT ORIENTED NEIGHBORHOOD
Hiawatha 46 is easily accessible via multiple modes of transportation including Light Rail (46th St./Minnehaha Station is across the street), numerous bus routes providing local feeder service, strong walkability and regional trails that support bicycle and pedestrian traffic.
NEARBY DESTINATION
The Property is directly adjacent to Minnehaha Regional Park and Minnehaha Creek/falls- a high draw recreational node that brings consistent foot traffic and over 2.3M visitors annually. Additionally, the property is located less than 2 miles north of the MSP airport
GROCERY SHADOW ANCHORED
The Property is shadow anchored by Cub Foods, the only grocery store within a 1.5-mile radius, the nearest grocery store is across the Mississippi River in St. Paul.
LONG TERM VALUE PRESERVATION
The Property boasts a 10-year CAGR of 3.8%, outpacing long-term inflation, providing a natural hedge through annual rent increases and mark-to-market leasing.
DENSE URBAN SUBMARKET
The surrounding neighborhood is dense with over 145K people in a three-mile radius, made up of an educated, skilled labor force with average annual income more than $129K.
TRANSIT ORIENTED NEIGHBORHOOD
Hiawatha 46 is easily accessible via multiple modes of transportation including Light Rail (46th St./Minnehaha Station is across the street), numerous bus routes providing local feeder service, strong walkability and regional trails that support bicycle and pedestrian traffic.
NEARBY DESTINATION
The Property is directly adjacent to Minnehaha Regional Park and Minnehaha Creek/falls- a high draw recreational node that brings consistent foot traffic and over 2.3M visitors annually. Additionally, the property is located less than 2 miles north of the MSP airport
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Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Building Size
37,975 SF
Building Class
B
Year Built/Renovated
1989/2001
Price
$8,700,000
Price Per SF
$229.10
Cap Rate
7.50%
NOI
$652,276
Percent Leased
97%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.35
Lot Size
2.46 AC
Parking
119 Spaces (3.13 Spaces per 1,000 SF Leased)
Frontage
659’ on Hiawatha Ave
Amenities
- Bus Line
- Pylon Sign
- Signage
Space Availability
- Space
- Size
- Space Use
- Position
- Available
Premier endcap with patio option relatively unsaturated food market.
| Space | Size | Space Use | Position | Available |
| 4701 | 1,240 SF | Retail | End Cap | Now |
4701
| Size |
| 1,240 SF |
| Space Use |
| Retail |
| Position |
| End Cap |
| Available |
| Now |
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Map
4701
| Size | 1,240 SF |
| Space Use | Retail |
| Position | End Cap |
| Available | Now |
Premier endcap with patio option relatively unsaturated food market.
Walk Score®
Very Walkable (76)
Bike Score®
Very Bikeable (87)
Nearby Major Retailers
Property Taxes
| Parcel Number | 18-028-23-12-0081 | Improvements Assessment | $4,907,100 |
| Land Assessment | $1,712,900 | Total Assessment | $6,620,000 |
Property Taxes
Parcel Number
18-028-23-12-0081
Land Assessment
$1,712,900
Improvements Assessment
$4,907,100
Total Assessment
$6,620,000
Contacts
-
Amy Senn -
Bryce Thompson -
Joe Girardi -
Eric Geskermann -
Mid-America Real Estate Corp.
1 of 9
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
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Hiawatha 46 | 4701-4751 Hiawatha Ave
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