9015 Broderick BlvdInver Grove Heights, MN 55076

Property Details for 9015 Broderick Blvd

Year built

2000

Construction

CONCRETE

Lot size

5.77 AC

Property size (Sq ft)

56,684 SF

Property type

Office buildings

APN

20-11861-01-010

APU

201186101010

Description

This exceptional investment opportunity presents a 56,669-square-foot, single-tenant public school building in Inver Grove Heights, Minnesota. The property, known as the Concord Education Center, is situated on a substantial 7.81-acre lot with excellent highway visibility, adjacent to U.S. Highway 52, boasting over 56,000 vehicles daily. The building, constructed in 2000 and renovated in 2018, is 100% occupied under a triple-net (NNN) lease with Intermediate School District #917 (ISD 917), a highly creditworthy tenant with a Moody's Aa3 rating. The lease commenced September 1, 2018, and has a remaining term of approximately 8.8 years, extending to August 31, 2033, with annual rent increases. The property offers a substantial net operating income (NOI) of $711,634 and a compelling 6.15% cap rate. ISD 917, established in 1969 by the Minnesota Legislature, serves nine school districts across over 295,000 acres in the southeast Twin Cities metropolitan area, providing specialized educational services. The property includes 294 parking spaces and is conveniently located approximately 9 miles southeast of Minneapolis-St. Paul International Airport and 15 miles southeast of downtown Minneapolis. This is a rare opportunity to acquire a stable, high-quality net-lease investment with a strong tenant and significant remaining lease term. The asking price is $11,571,000 and is suitable for a 1031 exchange.

• CAP approach

  CAP return

  Valuation

  6%

  $9,330,811

  6.5%

  $8,613,056

  7%

  $7,997,838

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,893,151

  Geo Method

  $2,893,151

• Alternative Use

  Use

  Valuation

  Residential

  $10,680,190

  Hospitality

  $9,782,997

  Educational

  $8,139,338

  Medical

  $8,419,263

  Retail

  $12,661,193

Location Insight

City

Inver Grove Heights

County

Dakota

State

Minnesota

Latitude

44.8182

Longitude

-93.0465

CBSA code

33460

CBSA name

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

Property Tax & Assessments

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