1604 1St StWillmar, MN 56201

This 63,467 square foot shopping center in Willmar, Minnesota, presents a compelling value-add investment opportunity. Priced at $3,500,000 ($55/SF), it boasts an 11.8% cap rate and a strong net operating income (NOI) of $414,651. Currently 75.2% occupied, the property features a significant 27,797 square foot vacancy (potential as of 5/31/2024) of street-facing space ideal for government offices, medical facilities, or junior box retailers. Situated on a 6.64-acre lot with 500 parking spaces, the center enjoys a prime location along Willmar's main retail corridor (1st Street/Highway 71), across from the 365,000 square foot Uptown Willmar Mall. The property, built in 1965, is zoned for General Business (GB) and offers potential for redevelopment, including multifamily apartments, retail outlots, or self-storage. The current tenant roster includes a mix of medical, service, and retail tenants, anchored by the Minnesota Department of Health. This property offers durable in-place rents and the possibility of Tax Increment Financing, making it an attractive acquisition target for investors seeking below replacement cost opportunities. The single-story building sits on a large lot, providing ample space for expansion or redevelopment. The property's location in Willmar's regional shopping district, 95 miles west of the Twin Cities, ensures strong visibility and access to a substantial customer base.