85 Broadway StAkeley, MN 56433

Property Details for 85 Broadway St

Year built

1983

Lot size

0.14 AC

Property size (Sq ft)

2,632 SF

Property type

Grocery and convenience stores

APN

29.37.05300

APU

293705300

Description

This exceptional retail investment opportunity presents a fee-simple, 9,100 square foot convenience store in Akeley, Minnesota. Built in 2016, the property boasts a 100% occupancy rate with a strong, credit-rated corporate tenant (Dollar General) under an absolute NNN lease with zero landlord responsibilities. The lease, commencing July 14, 2016, has a remaining term of 6.8 years, with five, 5-year renewal options, each including a 10% rent increase. The current annual net operating income (NOI) is $86,431, yielding an attractive 7.50% capitalization rate. Situated on a 1.12-acre lot at 85 Broadway St W, Akeley, MN 56433, this property benefits from its location near Eleventh Crow Wing Lake, a popular fishing destination. The property's tenant, Dollar General, is a publicly traded Fortune 500 company with a significant market presence and a proven track record. This investment offers a compelling combination of strong tenant credit, a favorable lease structure, and a high cap rate in a desirable location. The property is well-suited for investors seeking a stable, long-term income stream with significant upside potential. The property is a single-tenant building with a total of 9,100 square feet.

• CAP approach

  CAP return

  Valuation

  6%

  $711,343

  6.5%

  $656,624

  7%

  $609,723

• Comparable approach

  Method

  Valuation

  Relative Method

  $338,530

  Geo Method

  $338,530

• Alternative Use

  Use

  Valuation

  Residential

  $553,887

  Hospitality

  $507,358

  Educational

  $422,116

  Medical

  $436,633

  Retail

  $656,624

Location Insight

City

Akeley

County

Hubbard

State

Minnesota

Latitude

47.0038

Longitude

-94.7272

Property Tax & Assessments

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