205 Balsam St, Cambridge, MN 55008

Property Details for 205 Balsam St

Year built

2006

Lot size

1.40 lot acres

Property type

Lifestyle centers

Property subtype

Power centers

APN

15.195.0010

Description

This exceptional investment opportunity presents a 14,200 square foot, single-tenant Harbor Freight Tools property in Cambridge, MN. Located in a Target-anchored shopping center with high traffic counts (over 35,000 vehicles daily) on a major retail corridor (MN State Highways 65 and 95), this property boasts a strong corporate guarantee and below-market rent. The 10-year lease, commencing July 6, 2021, and expiring July 31, 2031, includes three 5-year options with 10% rent increases. A significant rent bump of 10% is scheduled for August 2026, increasing NOI to $109,340. The property, built in 2006 and renovated in 2022, sits on a 1.4-acre lot and features a recently completed parking lot mill and repaving. The property's strong tenant, Harbor Freight Tools, is a leading retailer with over 1,500 stores nationwide, providing long-term lease security. This Net Lease investment offers minimal landlord responsibilities (roof and structure) and a compelling 7% cap rate based on a current NOI of $99,400, with a purchase price of $1,420,000 ($100/sq ft). The property is a top 5 performer in the state according to Placer.ai. This is a rare opportunity to acquire a high-performing, well-located retail property with significant upside potential. The property's location near other major retailers like Walmart, Target, and Menards further enhances its value and attractiveness to investors. The asking price reflects a significant discount to replacement cost, making this a compelling investment opportunity. A one-time early termination right exists on July 31, 2026, with a $150,000 termination fee.

Location Insight

City

Cambridge

County

Isanti

State

Minnesota

Longitude

-93.1998011

Latitude

45.5744852