1420 W Oakland Ave Austin, MN 55912
- Retail space
- 14,736 SF
- 1.29 lot acres
Current Use by Public Records
- Retail space
Property Details for 1420 W Oakland Ave
- Year built
- 2004
- Lot size
- 1.29 lot acres
- Property size
- 14,736 SF
- Property type
- Retail space
- APN
- 34.065.0050
- APU
- 340650050
Description
This exceptional investment opportunity presents a 14,733 square foot Walgreens located at 1420 W Oakland Ave, Austin, MN 55912. The property boasts a strong absolute NNN lease with Walgreens, a publicly traded company (NASDAQ:WBA), providing significant financial stability. The lease commenced October 1, 2004, and expires September 30, 2034, offering a remaining lease term of approximately 9.9 years. The property features a desirable hard corner location at the signalized intersection of Oakland Ave W and 14th St W, benefiting from high visibility and traffic counts exceeding 17,400 vehicles per day. Its strategic location is further enhanced by its proximity to Austin Mayo Clinic Hospital (an 80-bed facility) and the Westcott Sports Complex, ensuring consistent customer traffic. The property is also surrounded by a variety of complementary retailers, including Dairy Queen, McDonald's, Subway, Kwik Trip, and Ace Hardware. The asking price is $4,032,257, representing a price per square foot of $273.69 and a 6.20% cap rate with a net operating income (NOI) of $249,999. The seller is offering attractive financing options, including 50% LTV financing. This is a rare opportunity to acquire a high-performing, passively managed investment with a strong tenant and excellent location. The property's reported sales total $3,035,754.
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
- -92.9924
- Latitude
- 43.6672
- CBSA code
- 12380
- CBSA name
- AUSTIN, MN MICROPOLITAN STATISTICAL AREA
