22129 321St Ave Aitkin, MN 56431
- Retail space
- 10,566 SF
- 2.65 lot acres
Current Use by Public Records
- Retail space
Property Details for 22129 321St Ave
- Year built
- 2024
- Lot size
- 2.65 lot acres
- Property size
- 10,566 SF
- Property type
- Retail space
- Property subtype
- Storefront properties
Description
This exceptional investment opportunity presents a 10,566 square foot Dollar General storefront in Aitkin, Minnesota, situated on a 2.65-acre lot. The property boasts a strong 6.25% cap rate, generating a net operating income (NOI) of $142,496. Secured by a 15.1-year net lease (NNN) with Dollar General Corporation, a highly rated S&P BBB company, the lease commenced September 11, 2024, and expires September 30, 2039, leaving a substantial 14.9 years remaining. The lease includes five 5-year renewal options with a 5% rent increase every five years. This strategically located store benefits from its proximity to Mille Lacs Lake, a popular tourist destination, and serves a significant population with limited nearby grocery options. The average household income within a 10-mile radius is $84,673, indicating strong consumer spending power. The property's location along State Highway 47 ensures high visibility and accessibility. This is a rare opportunity to acquire a stable, high-performing retail asset backed by a nationally recognized brand with a long-term lease and significant growth potential. The building was constructed in 2024. The property is approximately two hours north of Minneapolis/St. Paul. This investment offers a compelling combination of strong cash flow, long-term stability, and significant upside potential.
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
- Aitkin
- County
- Aitkin
- State
- Minnesota
- Longitude
- -93.518153
- Latitude
- 46.335315
