607 1st NW Dr Austin, MN 55912-3072

Property Details for 607 1st NW Dr

Year built

1977

Lot size

0.29 lot acres

Property size

3,247 SF

Property type

Medical offices

Property subtype

Medical centers

APN

34.460.0490

APU

344600490

Description

This exceptional investment opportunity presents a fee-simple, 4,201 square foot medical office building in Austin, Minnesota, currently leased to MB2 Dental, a prominent Dental Partnership Organization (DPO) with over 729 locations nationwide. The property boasts a strong absolute NNN lease with a remaining term of five years, including two five-year renewal options, and features a 2% annual rent increase, providing excellent inflation protection. The building, situated on a 12,676 square foot lot at 607 1st Dr NW, Austin, MN 55912, underwent extensive renovations in 2016. The current net operating income (NOI) is $66,252, yielding a 6.00% cap rate on the asking price of $1,104,200 ($262.84 per square foot). The property benefits from its strategic location near Mayo Clinic Health System's Austin Hospital, a significant healthcare provider. MB2 Dental's lease includes a corporate guaranty, minimizing landlord responsibilities and providing significant financial security. This investment is further strengthened by MB2 Dental's substantial financial backing and projected growth within the expanding US dental services market. The property is an ideal 1031 exchange opportunity due to its passive investment nature and strong tenant. All interior and exterior maintenance costs are reimbursed by the tenant. This is a rare opportunity to acquire a high-performing, low-maintenance medical office building with a secure, long-term lease.

Location Insight

City

Austin

County

Mower

State

Minnesota

Longitude

-92.9766

Latitude

43.6714

CBSA code

12380

CBSA name

AUSTIN, MN MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments