1605 1st S St Willmar, MN 56201-4234

Property Details for 1605 1st S St

Lot size

32.23 lot acres

Property type

Commercial real estate

APN

95-699-2020

APU

956992020

Description

This exceptional 342,983 square foot regional shopping mall in Willmar, Minnesota, presents a compelling investment opportunity. Located on a substantial 32.23-acre lot at 1605 1st St S, 56201, this multi-tenant property boasts a strong anchor tenant lineup including Harbor Freight, Kohl's, Jo-Ann Fabrics, Maurices, and Dunham's. Currently operating at 57.48% occupancy, the property offers significant value-add potential through leasing the remaining vacant space. The asking price is $6,617,000, representing a price per square foot of $19.29 and a compelling 10.00% capitalization rate with a current NOI of $661,698. Situated in a primary retail node between a Walmart Supercenter and a Target, Uptown Willmar is the only major shopping center within a 50-mile radius, attracting a significant customer base. Data indicates 90% of visitors return at least five times annually. The property features significant frontage on 1st Street S, a main retail thoroughfare with a high volume of daily traffic (18,304 vehicles). The land value alone is $4.71 per square foot, and there's potential for future development on the expansive lot. Furthermore, a potential $2 million grant may be available for capital improvements. Replaceable rents are estimated at $10.80 per square foot. This property offers a rare combination of established tenants, high traffic location, and significant upside potential.

Location Insight

City

Willmar

County

Kandiyohi

State

Minnesota

Longitude

-95.0398

Latitude

45.1057

CBSA code

48820

CBSA name

WILLMAR, MN MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments