900 Main Ave Moorhead, MN 56560-2802

Property Details for 900 Main Ave

Property type

Commercial real estate

APN

58.415.0040

APU

584150040

Description

This exceptional investment opportunity presents a fee-simple ownership of a 14,490 square foot Walgreens pharmacy located at 900 Main Ave, Moorhead, MN 56560. The property sits on a 1.79-acre lot and boasts a long-term, absolute NNN lease with a corporate guarantee from Walgreens, expiring July 30, 2031 (6.7 years remaining). The lease requires no landlord responsibilities for maintenance or management. With a current NOI of $352,400 and an asking price of $4,698,667, this translates to a compelling 7.50% cap rate and a price per square foot of $324.27. Built in 2006, this single-story building enjoys a prime location in downtown Moorhead, along Main Avenue, experiencing high daily traffic volume (10,625 VPD). The property benefits from its proximity to numerous other national and regional retailers, including Ace Hardware, Scheels, and Hornbacher's Supermarket, as well as a significant concentration of higher education institutions, including Minnesota State University Moorhead, Concordia College, and North Dakota State University, contributing to a robust and stable customer base. The property's strong sales history and established tenant make this a highly desirable investment. The Walgreens location has over 18 years of operational history at this address. There are no rent bumps included in the lease.