2401 State St N Waseca, MN 56093
- Commercial real estate
- 108,800 SF
- 0.34 lot acres
Current Use by Public Records
- Commercial real estate
Property Details for 2401 State St N
- Year built
- 1994
- Lot size
- 0.34 lot acres
- Property size
- 108,800 SF
- Property type
- Commercial real estate
- APN
- 17.620.0040
- APU
- 176200040
Description
This exceptional 108,800-square-foot industrial manufacturing facility, situated on a spacious 19.89-acre lot in Waseca, Minnesota, presents a compelling investment opportunity. Built in 1994 with subsequent expansions in 1996 and 2004, the single-story building features a 16-foot ceiling height, six loading docks, and two drive-in doors. Currently, the property is fully leased to Itron, Inc. under a NNN lease, expiring March 31, 2025. Itron will consolidate to 38,400 square feet within the building for a five-year term commencing April 1, 2025. This leaves 70,400 square feet available for lease from that date. The entire 108,800 square foot building is available for sale immediately. The asking price is $3,990,000, representing a price per square foot of $36.67 and a pro-forma cap rate of 10.50%, yielding a pro-forma NOI of $419,200. The property boasts numerous upgrades, including a pressurized warehouse with nitrogen access, state-of-the-art security and simplex fire alarm systems, and an RF wall for radio frequency control. Ample parking and a TPO white roof further enhance its appeal. This well-maintained facility offers a low basis, high-quality asset with significant upside potential and the possibility of future expansion on the expansive lot. The property's location in Waseca, MN (zip code 56093) provides easy access to transportation networks.
Value Estimations
-
AI approach
- Method
- Estimation
- ML approach
- $620,000
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Location Insight
- Map
- Local Demand
- City
- Waseca
- County
- Waseca
- State
- Minnesota
- Longitude
- -93.5098
- Latitude
- 44.1
