275 33rd W St Hastings, MN 55033-3688

Property Details for 275 33rd W St

Year built

1990

Construction

CONCRETE

Lot size

3.00 lot acres

Property size

16,800 SF

Zone code

R

Property type

Warehouses

Property subtype

Self storage facilities

APN

19-18402-01-030

APU

191840201030

Description

This exceptional investment opportunity presents a 16,800-square-foot multi-tenant retail and storage facility situated on a 3-acre lot in Hastings, Minnesota. The property, known as Hastings Crossroads Mall, boasts a strong 6.14% cap rate and a substantial net operating income (NOI) of $116,728. The property includes 59 climate-controlled, self-storage units with key-card access. Current tenants include Snap Fitness and a VFW post, adding to the property's stable income stream. The property is strategically located at the intersection of Red Wing Boulevard and 33rd Street West, enjoying high visibility and convenient access. A significant advantage is its adjacency to a Coborn's grocery store, driving consistent foot traffic. Furthermore, a 1.45-acre vacant pad site is included, offering potential for future development or expansion. The property features 93 surface parking spaces for tenant and customer convenience. Built in 1990, the property is zoned C-4, allowing for a variety of commercial uses. The property's location benefits from the recent completion (2023) of a 160-unit multi-family project on adjacent land, further enhancing the area's desirability and potential for increased value. The asking price for this stabilized investment is $1,900,000. The property's parcel number (APN) is 19-18402-01-030.