1309 Vermillion StHastings, MN 55033

For Sale
$1,350,000
Taste of Tayb Restaurant, High Visibility

Overview

Added:
Dec 11, 2024
Days on market:
126
This 8,000-square-foot QSR/restaurant in Hastings, MN, presents a compelling investment opportunity. Located on Vermillion Street, a high-traffic area with 27,900 vehicles per day, the property boasts excellent visibility. The building, constructed in 1979 and extensively remodeled in 2020, features a drive-thru, a full kitchen with a 24-foot hood, and all kitchen equipment is included in the sale. The 1.09-acre lot provides ample parking for 48 vehicles. Currently leased to Taste of Tayb under a net lease agreement with a remaining term of 5.6 years (commencing July 1, 2024, and expiring June 30, 2030), the lease includes a five-year option. The landlord has the right to terminate the lease with 60 days' notice. The property offers an 8.89% cap rate and is priced at $1,350,000 ($168.75/sq ft). Landlord responsibilities include roof, parking lot, and HVAC. Property taxes for 2024 are $17,096. The property ID is 19-773300-04-191. This is an exceptional opportunity for an investor or owner-occupier seeking a high-return, established business in a prime location.

Highlights

  • Investment or owner-user opportunity.
  • High-traffic location on Vermillion Dr. in Hastings, MN (27,900 vehicles per day).
  • 2021-remodeled restaurant with 24' hood and included kitchen equipment.
  • Five-year lease with a 60-day termination clause for the landlord.
  • Five-year lease with a 60-day termination right for the landlord.
  • 8.89% cap rate.

Property Details for 1309 Vermillion St

Property type
Retail properties, Restaurants
Square Feet
8,000 SF
Year Built/Renovated
1979/2020
Buildings
1
Stories
1
Lot Size (sq. ft)
47,480 SF
Units
1

Location Insight

City
Hastings
County
Dakota
State
Minnesota
Latitude
44.7329267
Longitude
-92.8519833
1309 Vermillion St, Hastings, Minnesota

FAQs

What type of property is this?
Retail property - Taste of Tayb Restaurant, High Visibility
Where is the retail property located?
The property is located at 1309 Vermillion St Hastings, MN.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: Investment or owner-user opportunity.; High-traffic location on Vermillion Dr. in Hastings, MN (27,900 vehicles per day).; 2021-remodeled restaurant with 24' hood and included kitchen equipment.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
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1309 Vermillion St
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