1309 Vermillion StHastings, MN 55033

Property Details for 1309 Vermillion St

Year built

1979

Construction

CONCRETE

Lot size

1.09 AC

Property size (Sq ft)

4,650 SF

Zone code

R

Property type

Turn key restaurants

APN

19-77300-04-191

APU

197730004191

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $1,125,199

  6.5%

  $1,038,645

  7%

  $964,456

• Comparable approach

  Method

  Valuation

  Relative Method

  $598,087

  Geo Method

  $598,087

• Alternative Use

  Use

  Valuation

  Residential

  $876,136

  Hospitality

  $802,536

  Educational

  $667,700

  Medical

  $690,664

  Retail

  $1,038,645

Location Insight

City

Hastings

County

Dakota

State

Minnesota

Latitude

44.7329

Longitude

-92.8519

CBSA code

33460

CBSA name

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

Property Tax & Assessments

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

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.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].