1315 Main StRed Wing, MN 55066

Property Details for 1315 Main St

Year built

1984

Property size (Sq ft)

5,850 SF

Property type

Retail properties

Property subtype

Turn key restaurants

APN

55.535.0280

APU

555350280

Description

This exceptional investment opportunity presents a newly constructed, 5,533-square-foot retail building in Red Wing, Minnesota. The property boasts a strong anchor tenant, Starbucks, operating under a Net Lease with approximately 10 years remaining on their lease term, featuring built-in rent bumps. The building sits on a 0.73-acre lot and offers ample parking with convenient access at a signalized intersection. The property currently generates a substantial Net Operating Income (NOI) of $207,106, resulting in an attractive 8.00% capitalization rate. The asking price is $2,590,000. The property is a multi-tenant building with one additional unit of approximately 2,400 square feet currently available, with significant interest from potential tenants. A one-year master lease with the current owner is available at the closing of escrow. The property benefits from its strategic location, enjoying high traffic counts on Main Street (4,255 VPD), Highway 61 (19,973 VPD), and proximity to Highway 63 (12,482 VPD). The area features a thriving community with an average household income exceeding $86,000 within a five-mile radius. Nearby national retailers include Target, T.J. Maxx, and many others, further enhancing the property's desirability. The property's location is also convenient to Downtown Saint Paul (47 miles) and the Minneapolis-Saint Paul International Airport (49 miles), serving over 34 million passengers annually. Numerous parks and recreational facilities are also within easy reach. Starbucks, a tenant with a stable credit rating (BBB+ from S&P and Baa1 from Moody's), anchors this value-add investment opportunity. The property is a single-story building constructed in 2023.

• CAP approach

  CAP return

  Valuation

  6%

  $1,415,572

  6.5%

  $1,306,682

  7%

  $1,213,348

• Comparable approach

  Method

  Valuation

  Relative Method

  $752,432

  Geo Method

  $752,432

• Alternative Use

  Use

  Valuation

  Residential

  $1,102,235

  Hospitality

  $1,009,642

  Educational

  $840,010

  Medical

  $868,899

  Retail

  $1,306,682

Location Insight

City

Red Wing

County

Goodhue

State

Minnesota

Latitude

44.5623

Longitude

-92.5463

CBSA code

39860

CBSA name

RED WING, MN MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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