198 Northtown Dr, Blaine, MN 55434

Property Details for 198 Northtown Dr

Lot size

2.00 lot acres

Property type

Lifestyle centers

Property subtype

Power centers

Description

This exceptional investment opportunity presents a fee-simple interest in a 30,499 square foot, single-tenant retail property leased to Sky Zone Trampoline Park. Located in Blaine, Minnesota, this property boasts a prime location as an outparcel to the Northtown Mall, a premier shopping destination in the Minneapolis-St. Paul metropolitan area. The property benefits from high visibility at the signalized intersection of Highway 47 (31,500 vehicles per day) and 85th Ave NW (15,600 vehicles per day). The lease is a gross lease with a corporate guarantee, providing significant security. The current lease term extends to March 31, 2028, with 3.4 years remaining, and includes two five-year renewal options. A 4.66% rent increase is scheduled for April 1, 2026. The property features a newer roof (2019 TPO replacement) and enjoys excellent access to major highways, including Highway 65, Highway 47, and US-10. The surrounding area demonstrates strong demographics, with a population exceeding 225,000 and over 83,000 households within a five-mile radius, boasting an average household income of $106,000. The property's location within a bustling retail corridor, anchored by national retailers such as Walmart, Target, and Sam's Club, further enhances its value. The asking price is $3,890,000, representing a cap rate of 8.50% and a price per square foot of $127.55. The Net Operating Income (NOI) is $330,668. The property sits on a two-acre lot and consists of one building. This is a rare opportunity to acquire a high-performing, well-located retail asset with a strong tenant and significant upside potential.

Location Insight

City

Blaine

County

Anoka

State

Minnesota

Longitude

-93.2608

Latitude

45.1289