400 State St Fairmont, MN 56031-2806

Property Details for 400 State St

Year built

1975

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

17.91 lot acres

Property size

194,742 SF

Property type

Commercial real estate

APN

23.039.1080

APU

230391080

Description

This exceptional value-add opportunity presents a 192,240 square foot shopping center in Fairmont, Minnesota. Located on 17.78 acres at 400 S State St, 56031, this multi-tenant retail property boasts 13 tenants, including Dollar Tree, USPS, and Scooter's Coffee, with a current occupancy of 39.9%. The property features a Net lease structure with credit-rated tenants and corporate guarantees, offering a strong foundation for future growth. A recent $200,000 investment in parking lot improvements enhances the property's appeal. The asking price is $4,000,000, representing a price per square foot of $20.81 and an 8.85% cap rate based on a Net Operating Income (NOI) of $353,945. The property benefits from a prime location on the main north/south corridor of State Street, less than two miles from Interstate 90. Fairmont, the county seat of Martin County, offers a stable economic environment with over 780 businesses, including major employers like Mayo Clinic Health System, 3M, and Walmart. The property has a remaining lease term of 6 years with rent bumps included. This presents a significant opportunity to increase cash flow through lease-up of available space and capitalize on the property's substantial size and strategic location. The property was renovated in 2022. This is a fee simple ownership opportunity (land and building). The average household income within a 5-mile radius is $98,371.

Location Insight

City

Fairmont

County

Martin

State

Minnesota

Longitude

-94.4492

Latitude

43.6503

CBSA code

21860

CBSA name

FAIRMONT, MN MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments