For Sale
$5,600,000

3181 Evergreen LnAlexandria, MN 56308

High-yield NNN retail investment in MN

Overview

Added:
Dec 11, 2024
Days on market:
116
This exceptional investment opportunity presents a freestanding Pilot Travel Center in Alexandria, Minnesota, boasting a substantial 36,000 square foot building situated on a generous 12.81-acre lot. Built in 2010, the property features 50 parking spaces and benefits from an absolute NNN lease structure, eliminating all landlord responsibilities. The current lease, with a remaining term of eight years (expiring March 31, 2032), includes 10% rent bumps every five years and five 5-year lease options. The property generates a strong net operating income (NOI) of $362,700, resulting in an attractive 6.48% capitalization rate. The asking price is $5,600,000, translating to $155.56 per square foot. This strategically located center enjoys excellent visibility from I-94, with over 15,000 vehicles passing daily. The surrounding area demonstrates strong demographics, including an average household income exceeding $100,000 within a one-mile radius and a population of over 8,800 within a three-mile radius, projected to grow by 3.89% through 2028. The property's proximity to Alexandria Technical & Community College further enhances its appeal, with over 13,700 daytime employees within a three-mile radius. Tenants include Subway and Dan's Diesel Inc. This is a rare opportunity to acquire a well-performing, low-maintenance asset in a thriving market.

Highlights

  • Freestanding Pilot Travel Center with Subway and Dan's Diesel in Alexandria, MN.
  • High-income area: Average household income over $100,000 within one mile.
  • Excellent I-94 visibility; over 15,000 vehicles daily.
  • Strong demographics: 8,800+ residents within three miles, projected 3.89% population growth to 2028.
  • Near Alexandria Technical & Community College; over 13,700 daytime employees within three miles.
  • Absolute NNN lease; zero landlord responsibilities.

Property Details for 3181 Evergreen Ln

Property type
Retail properties
Square Feet
36,000 SF
Year Built
2010
Lot Size (sq. ft)
558,004 SF

Location Insight

City
Alexandria
County
Douglas
State
Minnesota
Latitude
45.8608817
Longitude
-95.4234235
3181 Evergreen Ln, Alexandria, Minnesota

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3181 Evergreen Ln
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