Shopping Strip

37th ST Strip Center

275 37th St NE, Rochester, MN 55906

Listing Price: $1,748,643

Cap Rate
7.66%

Investment Overview

Marcus & Millichap is pleased to present for sale the 37th Street Strip Center in Rochester, MN. The strip center is currently 100% occupied, providing current security with strong potential upside both in the near term and further out, as NE Rochester continues to experience strong development growth. Some of the development work occurring in the immediate includes the following:
HyVee Grocery recently completed a major remodel and expansion of their location just to the west. Think Bank relocated from approximately 1 mile away to their new site directly across the street from the subject property. Directly across the street and behind Think Bank, there has been a major amount of new apartments and town homes built. A new car wash is currently under construction directly across the street, next to Think Bank. The former Shopko, just to the east, has been recently sold. The Shopko buyer, Haley Comfort Systems has announced plans to invest several millions into the site in order to develop a new showroom while adding a new restaurant site and additional retail. Rooster's Barn & Grill plans to open their 3rd Rochester location, just to the east, adjacent to the former Shopko site.
The subject property is located on 37th Street, a busy corridor featuring 25,000 cars per day directly in front of the property. All of the existing leases are NNN with management fees charged to tenants, allowing the buyer to hire a management company and treat this as a passive investment. Rochester is the county seat of Olmsted county and is thethird-largest city in Minnesota. The city has been frequently recognized by Money Magazine, since the 1980's as one of the best places to live in the United States ranging from the best overall to the best in the Midwest. Mayo Clinic keeps its world headquarters in Rochester and forms the core of Rochester's economy. As of 2016, Mayo employed 34,180 people and draws more than 2 million visitors annually.

Investment Highlights

  • Solid Mix of Amazon Resistant Tenants
  • 25,000 Vehicles Per Day Directly in Front of Subject Property
  • Major Development Happening Across the Street and Just to the East

Exclusively Listed By

Shopping Strip

37th ST Strip Center

Listing Price: $1,748,643

Cap Rate
7.66%

Investment Highlights

  • Solid Mix of Amazon Resistant Tenants
  • 25,000 Vehicles Per Day Directly in Front of Subject Property
  • Major Development Happening Across the Street and Just to the East

Investment Overview

Marcus & Millichap is pleased to present for sale the 37th Street Strip Center in Rochester, MN. The strip center is currently 100% occupied, providing current security with strong potential upside both in the near term and further out, as NE Rochester continues to experience strong development growth. Some of the development work occurring in the immediate includes the following:
HyVee Grocery recently completed a major remodel and expansion of their location just to the west. Think Bank relocated from approximately 1 mile away to their new site directly across the street from the subject property. Directly across the street and behind Think Bank, there has been a major amount of new apartments and town homes built. A new car wash is currently under construction directly across the street, next to Think Bank. The former Shopko, just to the east, has been recently sold. The Shopko buyer, Haley Comfort Systems has announced plans to invest several millions into the site in order to develop a new showroom while adding a new restaurant site and additional retail. Rooster's Barn & Grill plans to open their 3rd Rochester location, just to the east, adjacent to the former Shopko site.
The subject property is located on 37th Street, a busy corridor featuring 25,000 cars per day directly in front of the property. All of the existing leases are NNN with management fees charged to tenants, allowing the buyer to hire a management company and treat this as a passive investment. Rochester is the county seat of Olmsted county and is thethird-largest city in Minnesota. The city has been frequently recognized by Money Magazine, since the 1980's as one of the best places to live in the United States ranging from the best overall to the best in the Midwest. Mayo Clinic keeps its world headquarters in Rochester and forms the core of Rochester's economy. As of 2016, Mayo employed 34,180 people and draws more than 2 million visitors annually.

Exclusively Listed By

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