Shopping Strip
Target Shadowed Spectrum Strip
3801 Marketplace Dr NW, Rochester, MN 55901
Listing Price: $5,145,000
Investment Overview
Marcus & Millichap is pleased to present for sale a Target Shadowed Spectrum Strip in Rochester, Minnesota. The property is a 100% occupied 8,780-square-foot Target-Shadowed four-tenant retail strip located in a prime location just off Hwy-52, which sees 75,860 vehicles per day.
Target Shadowed Spectrum Strip
Investment Highlights
- 100 Percent Occupied, 8,780-Square-Foot Target-Shadowed Four-Tenant Retail Strip in Rochester, Minnesota
- Top Performing Target Shadow-Anchor: Top 4 Percent Nationally (#68 of 1,807 Stores) and Top 12 Percent in Minnesota (Number Six of 68 Stores);
- Spectrum, Leann Chin and Potbelly Each Have 8-10 Percent Rent Increases in 2024, Increasing NOI by $26,347; Adds 51 bps to CAP Rate (7.01% CAP in 2024)
- Ease of Management with Only Four Tenants – Self- Managing Property Could Add $22,412 Annually to Cash Flow (45 bps to CAP)
- 2024 Rent Increases Plus Self-Managing Property Adds 95 BPS to CAP Rate in Year Two of Ownership; 7.45% CAP Potential
- WALT of 6.3 Years Remaining; 3 of 4 Tenants Commenced in 2019 with 10-Year Leases into 2029
- All Tenants Leased to Triple-Net Terms – 107 Percent Recovery of Landlord Operating Costs via Full Tax/CAM/Ins/ Management Reimbursement, plus 5-20 Percent Admin Fees
- Prime Location Just off of Hwy 52 Exit Ramps – Hwy 52 Sees 75,860 Vehicles per Day
Listing Price: $5,145,000
Investment Highlights
- 100 Percent Occupied, 8,780-Square-Foot Target-Shadowed Four-Tenant Retail Strip in Rochester, Minnesota
- Top Performing Target Shadow-Anchor: Top 4 Percent Nationally (#68 of 1,807 Stores) and Top 12 Percent in Minnesota (Number Six of 68 Stores);
- Spectrum, Leann Chin and Potbelly Each Have 8-10 Percent Rent Increases in 2024, Increasing NOI by $26,347; Adds 51 bps to CAP Rate (7.01% CAP in 2024)
- Ease of Management with Only Four Tenants – Self- Managing Property Could Add $22,412 Annually to Cash Flow (45 bps to CAP)
- 2024 Rent Increases Plus Self-Managing Property Adds 95 BPS to CAP Rate in Year Two of Ownership; 7.45% CAP Potential
- WALT of 6.3 Years Remaining; 3 of 4 Tenants Commenced in 2019 with 10-Year Leases into 2029
- All Tenants Leased to Triple-Net Terms – 107 Percent Recovery of Landlord Operating Costs via Full Tax/CAM/Ins/ Management Reimbursement, plus 5-20 Percent Admin Fees
- Prime Location Just off of Hwy 52 Exit Ramps – Hwy 52 Sees 75,860 Vehicles per Day
Investment Overview
Marcus & Millichap is pleased to present for sale a Target Shadowed Spectrum Strip in Rochester, Minnesota. The property is a 100% occupied 8,780-square-foot Target-Shadowed four-tenant retail strip located in a prime location just off Hwy-52, which sees 75,860 vehicles per day.
