402 1St Ave Austin, MN 55912
- Retail properties
- 3,700 SF
- 0.29 lot acres
Current Use by Public Records
- Retail properties
Property Details for 402 1St Ave
- Year built
- 1970
- Lot size
- 0.29 lot acres
- Property size
- 3,700 SF
- Property type
- Retail properties
- Property subtype
- Retail space
Description
This exceptional commercial investment property in Austin, MN, presents a compelling opportunity. The 3,700 square foot building boasts a 100% occupancy rate, anchored by H&R Block and Papa Murphy's, operating under a multi-tenant Absolute NNN lease structure. The current lease, commencing September 1, 2015, and expiring August 31, 2025, provides a remaining term of approximately 0.8 years, with both tenants expressing intentions to renew. The property generates a substantial net operating income (NOI) of $43,200 annually, translating to a compelling 9.60% cap rate. Monthly rent currently stands at $3,600, with a scheduled increase to $4,025 per month starting September 1, 2024. Tenants are responsible for all operating expenses, including property taxes, insurance, building maintenance, snow removal, and lawn care. The sale includes a separate parcel encompassing the convenient 10-space parking lot situated directly in front of the building. Built in 1970, this Class B property is zoned 3A Commercial and sits on a 0.29-acre lot. Detailed lease agreements are available upon request. This stabilized investment offers a strong return and significant upside potential. The property's prime location in Austin, MN, ensures consistent cash flow and long-term value.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Austin
- County
- Mower
- State
- Minnesota
- Longitude
- -92.9788
- Latitude
- 43.6658
