18655 73Rd AveMaple Grove, MN 55311

Property Details for 18655 73Rd Ave

Year built

2020

Lot size

1.55 AC

Property type

Commercial real estate

APN

30-119-22-31-0101

APU

3011922310101

Description

This exceptional investment opportunity presents a fee-simple ownership of a 12,789-square-foot, single-tenant retail property in Maple Grove, Minnesota. The property, built in 2021 and situated on a 1.66-acre lot, houses a thriving New Creations Child Care & Learning Center. The center benefits from a long-term, net lease agreement with 11.7 years remaining until expiration (July 31, 2036), commencing August 1, 2021. The lease includes two five-year renewal options at fair market value, with a 2% increase built in. The current annual net operating income (NOI) is $376,131, yielding a 6.46% cap rate. The property enjoys 100% occupancy. Significant rent increases of 3% annually are scheduled to begin in 2026. New Creations Child Care & Learning Center is a multi-unit operator with 20 locations across Minnesota and central Iowa. The property's location within a rapidly growing area of Maple Grove, projected to experience a population increase exceeding 50% by 2040, offers substantial long-term growth potential. The immediate trade area includes new residential developments (700+ units), a Hy-Vee grocery store, Chipotle, and a car wash, further enhancing the property's value and appeal. The average household income within a three-mile radius exceeds $200,000, indicating a strong and affluent demographic. This property offers a compelling combination of stable income, significant future upside, and location in a high-growth market. The asking price is $5,823,000.

• Alternative Use

  Use

  Valuation

  Residential

  $14,208,722

  Hospitality

  $13,015,113

  Educational

  $10,828,421

  Medical

  $11,200,827

  Retail

  $16,844,210

Location Insight

City

Maple Grove

County

Hennepin

State

Minnesota

Latitude

45.0872

Longitude

-93.5164

CBSA code

33460

CBSA name

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

Property Tax & Assessments

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