Lakeville Retail Space For
For Sale
Contact for pricing
17625 Kenrick Ave, Lakeville, MN 55044
Retail space in Lakeville, MN, 100% occupied by national tenant.
Property Size20,567 SF
Lot Size2.35 Acres
Price / SF$165.31
Days on Market680
Property Features for 17625 Kenrick Ave
General Information
Standard status
Active
Size
20,567 SF
Lot size
2.35 Acres
Property subtype
RETAIL
Listing Agency:
Colliers
(952) 393-1212
Listed By:
Lisa Christianson · License #MN 20313253
(952) 393-1212
Source:
Moodyscre
Added: Sep 20, 2024
Changed: Jul 6
Last Checked: Jul 21 at 8:16AM
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 Colliers
Investment Insights
Based on property information with market context.
The property, constructed in 2011, is located at 17625 Kenrick Avenue in Lakeville, MN. The building has a total area of 20,567 square feet and is situated on a 2.35-acre lot. The property is 100% occupied by a national credit tenant. The lease term extends from September 1, 2024, to August 31, 2034. The zoning is C-3 Retail Building. The building features a ceiling height of 16.5 feet to the deck and 14.3 feet to the bar joists, along with two dock doors equipped with levelers. It includes new high-efficiency LED lights, an interior sprinkler system, and an alarm system. An exterior irrigation system is also in place. There are 96 parking spaces available. Signage is visible from I-35. The property is located in the growing community of Lakeville.
Key Highlights
- 100% Occupied by a national credit tenant (Salvation Army)
- Attractive 7% Cap Rate based on in‑place NOI of $237,740.50
- Long‑term lease in place from 9/1/2024 to 8/31/2034
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 | $370.2k | $18.00 |
| − Vacancy | −$60.3k | −$2.93 |
| EGI | $309.9k | $15.07 |
| − OpEx | −$93.0k | −$4.52 |
| NOI | $216.9k | $10.55 |
20,567 SF · lease $18.00/SF/yr · vacancy 16.30% · expense 30.00%
Alternative Uses
Best Use
Retail
$3.10M
$2.71M – $3.62M
NOI $216,904 @ 7.0% cap · market cap 6.38%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$5.06M
$4.43M – $5.90M
NOI $354,287 @ 7.0% cap · market cap 10.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
219
Businesses Nearby
158k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 53%
Dining 23%
Shops & Services 20%
Hotels & Casinos 4%
Walmart
Superstores
83,830 visits/mo
0.5 miles
Holiday Station Store
Shops & Services
30,903 visits/mo
0.4 miles
McDonald's
Dining
30,693 visits/mo
0.3 miles
SUBWAY
Dining
5,573 visits/mo
0.3 miles
Holiday Inn & Suites Minneapolis - Lakeville
Hotels & Casinos
4,873 visits/mo
0.2 miles
Demographics for 55044, MN
60,446
Population
22,519
Households
2.7
Avg Household Size
37
Median Age
54%
College-Educated
97%
High-School Grad
65.3 sq mi
ZIP Area
926
Density / Sq Mi
$140,612
Median Household Income
$69,991
Median Earnings
$1,730
Median Rent
$464,500
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Retail space in Lakeville, MN, 100% occupied by national tenant.
Where is this retail space located?
The property is located at 17625 Kenrick Ave Lakeville, MN.
What is the asking price?
The asking price for this property is $3,400,000.
What are key features of this property?
This property features: 100% Occupied by a national credit tenant (Salvation Army); Attractive 7% Cap Rate based on in‑place NOI of $237,740.50; Long‑term lease in place from 9/1/2024 to 8/31/2034
