21455 JOHN MILLESS DR, Rogers, MN 55374

Building Details

Buildings 1 More

Tenancy Single More

Listing Agency: Northmarq - Chicago

Listed By: Christian Tremblay · License #475165868 Show Phone

Source: Crexi

Added: Nov 5 Changed: Nov 8 Last Checked: Nov 8 at 4:27PM

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Investment Insights

Based on property information with market context.

This freestanding drug store provides 12,965 square feet of building area on a 1.53-acre parcel. CVS occupies the property under an absolute NNN lease backed by a corporate guarantee, with more than 11 years remaining. The store has operated at this signalized corner for over 18 years.

Key Highlights

• 12,965‑square‑foot freestanding drug store on a 1.53‑acre parcel
• CVS tenancy with a corporate guarantee
• Absolute NNN lease with more than 11 years remaining

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$163,651

Cap Rate

5.65%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,273,020 $3.3M

Cap Rate 7%

$2,337,871 $2.3M

Cap Rate 9%

$1,818,344 $1.8M

Is this asking price fair?

Market Conditions

NOI Build-Up for 12,965 SF

Gross rent

$233.4K $18.00/SF

− Vacancy

−$15.2K −$1.17/SF

EGI

$218.2K $16.83/SF

− OpEx

−$54.6K −$4.21/SF

NOI

$163.7K $12.62/SF

Area

Hennepin County, MN

Vacancy

6.50%

Lease Rate

$18.00 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,273,020

Cap Rate 7%

$2,337,871

Cap Rate 9%

$1,818,344

Alternative Uses

Best Use

Specialty Retail

$2.34M

$2.05M – $2.73M (±1% cap)

NOI $163,651 @ 7.0% cap · market cap 5.65%

Second Best

Retail

$2.05M

$1.79M – $2.39M (±1% cap)

NOI $143,512 @ 7.0% cap · market cap 4.96%

Theoretical Best

Office A

$3.09M

$2.71M – $3.61M (±1% cap)

NOI $216,523 @ 7.0% cap · market cap 7.48%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Drug stores

Suggested Use

Top Pick Law Firm Garden Center Electrical Service Bakery (Bike/Boat/Book/etc) Store Parking Lot & Garage

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Single-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

642

Businesses Nearby

248k

Monthly Visits Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Dining 41% Superstores 30% Shops & Services 18% Home Improvements & Furnishings 9%

Target Superstores

73,989 visits/mo 0.4 miles

McDonald's Dining

25,080 visits/mo 0.2 miles

Wendy's Dining

19,930 visits/mo 0.5 miles

Taco Bell Dining

13,889 visits/mo 0.5 miles

Freddy's Frozen Custard & Steakburgers Dining

11,797 visits/mo 0.1 miles

Demographics for 55374, MN

15,851

Population

5,496

Households

2.9

Avg Household Size

38

Median Age

53%

College-Educated

98%

High-School Grad

34.2 sq mi

ZIP Area

463

Density / Sq Mi

$152,239

Median Household Income

$75,382

Median Earnings

$1,535

Median Rent

$438,000

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

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Similar Off Market Nearby

• CVS Pharmacy — 21455 John Milless Dr, Rogers, MN 55374
• CVS — 21455 John Milless Dr, Rogers, MN 55374
• Randall A. Hohbein, RPH — 21351 John Milless Dr, Rogers, MN 55374
• Lynn R. Young, RPh — 21615 S Diamond Lake Rd, Rogers, MN 55374
• CVS Pharmacy — 21615 S Diamond Lake Rd, Rogers, MN 55374

Frequently Asked Questions

What type of property is this?

Drug store - A corporately guaranteed CVS tenancy occupies a freestanding property under an absolute NNN lease.

Where is this drug store located?

The property is located at 21455 JOHN MILLESS DR Rogers, MN.

What is the asking price?

The asking price for this property is $2,896,000.

What are key features of this property?

This property features: 12,965‑square‑foot freestanding drug store on a 1.53‑acre parcel; CVS tenancy with a corporate guarantee; Absolute NNN lease with more than 11 years remaining