Property tours are available by appointment ONLY. Please contact listing agent to schedule. Investment Highlights:* ±8,952 SF value-add retail center in a suburb of St. Paul, MN* ±29.67% occupied by 2 tenants: Caribou Coffee and Northland Hearing* Value-add through leaseup of ±6,296 SF (4 units) at market rates * Building and Monument Signage with excellent visibility* Excess surface parking (±5.7 per 1,000 SF)* Traffic counts of ±63,886 VPD on US Hwy 52 and Upper 55th Street E * Located 10 minutes from the world famous Mall of America and MSP International Airport and only 20 minutes from downtown MinneapolisInvestment Overview:Inver Grove Marketplace is a Caribou Coffee (w/ Drive thru) anchored strip center totaling ±8,952 SF located at 5743-5763 Blaine Avenue in a suburb of St. Paul within Inver Grove Heights, MN.Inver Grove Marketplace is a single-story inline retail center divided into six (6) tenant spaces on a0.99 acre site. The Property is currently ±26.67% occupied by 2 tenants including Caribou Coffee (±18.43% of GLA) and Northland Hearing (±11.23% of GLA). Tenant spaces range from ±1,006 to ±1,998 SF and the property has 46 open surface parking spaces (5.7 per 1,000 parking ratio). This property presents investors with a value-add opportunity through lease-up of the available ±6,296 SF of vacant space at market rates. The property has recently received two LOIs for ±4,298 SF from an ECig Store and Japanese Restaurant. These recent LOIs show strong leasing momentum and upon stabilization, the property can generate ±188,633 in net operating income. Built in 2005, the Property is constructed of steel and masonry with concrete block and brick exterior walls and a single-ply, EPDM-membrane roof. The interior finishes include carpet, exposed concrete and ceramic tile flooring, painted gypsum board walls, suspended acoustic tile ceilings, and fluorescent lighting. The building is fire sprinkler equipped and each tenant space is separately metered, and features a restroom and rear delivery/service door. Inver Grove Heights is within Dakota County and is a suburb of St. Paul, MN. The I-494 and Highway 52 (Lafayette Freeway) interchange is located one mile to the north of the Property. The immediate surrounding uses consist of single and multifamily development with supporting retail and commercial uses along the primary arteries. A significant portion of retail developments surrounding the property is standalone retail, neighborhood centers, and street level retail, mostly consisting of small “mom-and-pop” establishments. The 2016 total population and average household income within a three-mile radius is ±58,233 and ±$72,739 respectively with continued population growth expected. Inver Grove Heights is just 5 minutes from St. Paul, 10 minutes from the world famous Mall of America®, and MSP International Airport. Inver Grove is also less than 20 minutes from downtown Minneapolis. This property will be auctioned on Monday, March 13 - Wednesday, March 15 . The price displayed is the starting bid amount of $350,000. For information and to register to bid on this property, please visit Ten-X.com.
