Property Details

Newport Medical and Retail Center

Newport, MN
Property ID: 13930

Financial Summary

Asking Price $1,900,000
Cap Rate 6.90%
Net Operating Income (NOI) $96,128
Lease Type NNN

Offering Memorandum

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Contact

Angela Demonte
Senior Associate
(612) 351-4149

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Highlights

  • 100% occupied
  • 6.90% cap rate
  • Total $1.9 M sale price which includes pad ready outlot
  • Dynamic mix of medical and service oriented retail tenants, with internet resistant tenancy
  • Dental anchor tenant with 10-year lease renewal secured for a total of 12.2 years
  • 2% annual escalations
  • Annual rental rate increases for all tenants
  • Positioned along area's major retail and traffic corridor. Prominent visibility and easy access to major thoroughfares such as I-94 and I-494
  • New roof in 2011; well maintained building
  • Minimal landlord obligations

Location

1590-1594 Hastings Avenue
Newport, MN

Amanda WillisNewport Medical and Retail Center