Two-Tenant Retail in Duluth,
4615 Grand Ave Duluth, MN 55807
4615 Grand Ave, Duluth, MN, 55807
$2,357,000
For Sale
$2,357,000
Two-tenant retail property with new 10-year lease in Duluth.
Property Size15,631 SF
Price / SF$150.79
Days on Market314
Property Features for 4615 Grand Ave
General Information
- Standard status
- Active
- Size
- 15,631 SF
- Property subtype
- Retail
Building Details
- Year Built
- 1998
Listing agency
Top Dog Realty Group
(651) 983-4861
Listed by
Amy Senn · License #24923
(651) 983-4861
Source
Midamericagrp
Added: Sep 12, 2025 Updated: Jul 6 at 8:08AM Checked: Jul 21 at 8:22AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Top Dog Realty Group
Investment Insights
Based on property information with market context.
This two-tenant retail property is located in Duluth, MN. A new 10-year lease was signed with a tenant in October 2024. The property is situated at a busy intersection with a traffic volume of 20,803 vehicles per day. It is located in the west Duluth neighborhood, which is considered a 'hidden gem' and has a population of over 30,000 within a 3-mile radius. Duluth is a college town with over 25,000 students and the second-largest economy in the state, serving a trade area of over 548,000 people. The retail vacancy rate in Duluth is low, at 2%, with high barriers to entry. One of the tenants, Goodwill True North, has a history of over 100 years and operates 11 stores across northern Minnesota and Wisconsin. The property features a new silicone roof coating with a 15-year total system warranty. The property size is 15,631 square feet.
Key Highlights
- New 10‑year lease with Goodwill signed October 2024, providing stable income.
- Located in a desirable west Duluth neighborhood with over 30,000 residents within a 3‑mile radius.
- High traffic location with 20,803 vehicles per day (VPD).
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $234.5k | $15.00 |
| − Vacancy | −$23.4k | −$1.50 |
| EGI | $211.0k | $13.50 |
| − OpEx | −$63.3k | −$4.05 |
| NOI | $147.7k | $9.45 |
15,631 SF · lease $15.00/SF/yr · vacancy 10.00% · expense 30.00%
Alternative Uses
Best Use
Retail
$2.11M
$1.85M – $2.46M
NOI $147,713 @ 7.0% cap · market cap 6.27%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$6.06M
$5.31M – $7.07M
NOI $424,445 @ 7.0% cap · market cap 18.01%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Parsons Electric
Electrical Service
NUWAY - Duluth Counseling ...
Medical Clinic
ArchKey/Parsons Electric Duluth ...
General Contractor
Similar For Sale Nearby
Similar Off Market Nearby
- Garden Center — Duluth, MN 55807
FAQs
What type of property is this?
Storefront property - Two-tenant retail property with new 10-year lease in Duluth.
Where is this storefront property located?
The property is located at 4615 Grand Ave Duluth, MN.
What is the asking price?
The asking price for this property is $2,357,000.
What are key features of this property?
This property features: New 10‑year lease with Goodwill signed October 2024, providing stable income.; Located in a desirable west Duluth neighborhood with over 30,000 residents within a 3‑mile radius.; High traffic location with 20,803 vehicles per day (VPD).
