306 Nokomis St Adrian, MN 56110
- Retail properties
- 9,337 SF
- 1.78 lot acres
Current Use by Public Records
- Retail properties
Property Details for 306 Nokomis St
- Lot size
- 1.78 lot acres
- Property size
- 9,337 SF
- Property type
- Retail properties
Description
This exceptional investment opportunity presents a 9,337 square foot Dollar General retail property located in Adrian, Minnesota, Nobles County, at 306 Nokomis Street East and 306 N Maine Ave, zip code 56110. The property sits on a 1.78-acre lot and is offered at an asking price of $1,413,250, representing a 5.50% cap rate with a current NOI of $77,728. The property benefits from an absolute triple-net (NNN) lease structure, significantly reducing landlord responsibilities. This is part of a four-property portfolio, with the option of assumable, interest-only, non-recourse financing. The existing 15-year base lease, commencing October 2015, extends to September 30, 2030, and includes five five-year renewal options, each with a 10% rent increase. The property enjoys a prime location, conveniently situated off the I-90 exit on Highway 91, surrounded by commercial and residential development, and serving a population of over 4,000 within a ten-mile radius. The lender has already completed Phase 1 reports, Alta surveys, and appraisals, saving the buyer approximately $40,000 in upfront costs. This is a compelling investment opportunity due to the strong tenant, favorable lease terms, and potential financing advantages.
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
- Adrian
- County
- Nobles
- State
- Minnesota
- Longitude
- -95.941
- Latitude
- 43.5984
