1222 Vermillion StHastings, MN 55033

Property Details for 1222 Vermillion St

Year built

1961

Construction

CONCRETE

Lot size

0.10 AC

Property size (Sq ft)

2,378 SF

Zone code

R

Property type

Retail space

APN

19-77300-05-090

APU

197730005090

Description

This exceptional commercial property at 1222 Vermillion Street in Hastings, Minnesota presents a unique investment opportunity. The 2,378 square foot building sits on a 0.1-acre lot and enjoys a highly visible location on Highway 61, ensuring excellent traffic flow and exposure. Currently operating as a successful dry cleaning business, this is the only dry cleaner serving Hastings, Red Wing, South Cottage Grove, and Cannon Falls, guaranteeing a strong existing customer base. The asking price for the entire package – building and business – is $359,000. However, the seller offers flexibility. The dry cleaning business, including all equipment (excluding the tailor shop's sewing machines), can be purchased separately for $69,000. Alternatively, the building can be leased for $2,900 per month, providing a lucrative rental income stream. The building also includes additional space currently used as a tailor shop, suitable for lease as office or retail space, further enhancing the property's income potential. Detailed financial information will be provided to qualified buyers upon request. The sellers are committed to a smooth transition and will provide comprehensive training on the dry cleaning business operations. This is a rare chance to acquire a thriving business and a valuable commercial property in a prime location. Don't miss this opportunity to own a piece of Hastings' commercial landscape.

• CAP approach

  CAP return

  Valuation

  6%

  $575,424

  6.5%

  $531,161

  7%

  $493,221

• Comparable approach

  Method

  Valuation

  Relative Method

  $305,860

  Geo Method

  $305,860

• Alternative Use

  Use

  Valuation

  Residential

  $448,054

  Hospitality

  $410,415

  Educational

  $341,460

  Medical

  $353,204

  Retail

  $531,161

Location Insight

City

Hastings

County

Dakota

State

Minnesota

Latitude

44.7334

Longitude

-92.853

CBSA code

33460

CBSA name

MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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