8578 Rock Ridge DrMountain Iron, MN 55768

This exceptional retail investment opportunity presents a fee-simple ownership of a newly constructed, two-tenant shopping center in Mountain Iron, Minnesota. The 4,880 square foot plaza, built in 2022, sits on a 1.42-acre lot and boasts 100% occupancy with Shopko Optical and T-Mobile as tenants. Both tenants are secured by corporate guarantees and have long-term leases in place. Shopko Optical's lease has 4+ years remaining with three 5-year renewal options, while T-Mobile's lease extends for 8+ years with three 5-year renewal options. Each lease includes attractive rent bumps, providing a hedge against inflation and increasing revenue streams over time. The property benefits from a net lease structure, minimizing landlord responsibilities and maximizing passive income potential. Located on Rock Ridge Drive, this property enjoys high visibility and frontage along US Highway 169, benefiting from its proximity to a Walmart Supercenter and other major retailers. The strong demographics of the area, including a large concentration of employees from the nearby Minntac mine (U.S. Steel's largest single mining operation), contribute to a robust retail trade area. Daily traffic counts exceed 11,600 vehicles on US Highway 169, and the property is surrounded by other newer retail developments, a Comfort Inn & Suites, and two large apartment complexes. The asking price is $1,997,867, with a current NOI of $149,840 and a 7.50% cap rate. This presents a compelling investment opportunity with strong tenant occupancy, long-term leases, and significant growth potential.