16248 Central NE Ave Ham Lake, MN 55304-5630

Property Details for 16248 Central NE Ave

Year built

2020

Lot size

2.44 lot acres

Property size

9,170 SF

Property type

Commercial real estate

APN

17-32-23-24-0016

APU

173223240016

Description

This exceptional investment opportunity presents a freestanding Dollar General store in Ham Lake, Minnesota, situated on a 2.09-acre lot. The property boasts 9,100 square feet and is currently under a Net Lease with Dollar General Corporation, a highly rated S&P BBB company with over 20,000 stores nationwide. The lease commenced July 27, 2020, and has a remaining term of approximately 10.7 years, extending to July 31, 2035, with five 5-year renewal options, each including a 10% rent increase. The property generates a strong Net Operating Income (NOI) of $97,000, resulting in a 5.75% cap rate. The strategic location at the signalized intersection of Highway 65 and Constance Blvd benefits from high visibility and significant traffic counts averaging 33,000 vehicles daily. Nearby businesses include Scooter's, Speedway, O'Reilly Auto Parts, and Site One Landscape Supply, indicating a thriving retail environment. The property is within the Minneapolis-St. Paul Metropolitan Area, approximately 20 miles north of downtown Minneapolis, serving a strong demographic area with an average household income of $150,413 and a population of 55,264 within a 5-mile radius. The substantial lot size offers potential for future expansion, such as adding a second tenant or subdividing the land. This is a rare opportunity to acquire a well-performing, established retail property with a long-term lease and significant upside potential. The property was built in 2020.

Location Insight

City

Ham Lake

County

Anoka

State

Minnesota

Longitude

-93.2356

Latitude

45.2654

CBSA code

33460

CBSA name

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

Property Tax & Assessments