Current Use by Public Records
- Parsons Electric / Electrical Service / General Contractor
- NUWAY - Duluth Counseling Center / Medical Clinic
- ArchKey/Parsons Electric Duluth Office / General Contractor
Property Details for 4615 Grand Ave
- Year built
- 1998
- Lot size
- 0.91 lot acres
- Property type
- Retail properties & Spaces
- Property subtype
- Retail space
Description
This exceptional investment opportunity presents a 15,631 square foot, single-story retail building located at 4615 Grand Ave, Duluth, Minnesota. The property boasts a strong 7.01% cap rate and a substantial NOI of $189,254, supported by a newly signed 10-year lease with Goodwill occupying 70% of the space (commencing October 2024). The building sits on a 0.909-acre lot and features two units, constructed in 1998, within the MU-N (Mixed Use Neighborhood) zoning district. The property benefits from a high-traffic location at a busy intersection with 20,803 vehicles per day, serving a densely populated area with over 30,000 residents within a three-mile radius. Duluth's robust economy, the presence of a major university with over 25,000 students, and a low retail vacancy rate of 2% further enhance the investment potential. Goodwill, a well-established tenant with a long history in the region, adds stability and reliability to this income-producing asset. This is a rare opportunity to acquire a high-performing retail property in a thriving Minnesota market. The asking price is $2,700,000, translating to $172.73 per square foot.
Value Estimations
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Location Insight
- Map
- Local Demand
- City
- Duluth
- County
- St. Louis
- State
- Minnesota
- Longitude
- -92.1603
- Latitude
- 46.7452
