Miscellaneous

Sleep Number

2257 Commerce Dr NW, Rochester, MN 55901

Listing Price: $2,359,000

Cap Rate
5.85%
Tenant Name
Sleep Number
Years Remaining On Lease
7.6
Gross SF
3,000
Guarantor
Corporate Guarantee
Rentable SF
3,000
Price/Gross SF
$786.33
Lease Type
Double Net
Rent Per Square Feet
$46.00

Investment Overview

Marcus & Millichap is pleased to present this single tenant Sleep Number property for sale in Rochester, MN. With over seven years remaining on the lease this investment provides the investor a stable asset with very little management.

The building was built specifically for Sleep Number in 2018 which related to this hand-selected site from their Apache Mall location approximately 5 miles away.

The area immediately around the subject property continues to experience strong development growth. Major retailers in the immediate area include Costco, Aldi, McDonalds, Sherwin Williams, Caribou Coffee, Goodwill, Kwik Trip, US bank, Associated Bank, Altra Federal Credit Union, Home Federal, West Bank, Firs Alliance Credit Union, CineMagic Movie Theatre and numerous other retailers.

The subject property is located on West Circle Drive, a busy corridor featuring 27,000 cars per day.

Rochester is the county seat of Olmsted county and is the third-largest city in Minnesota. The city has been frequently recognized since the 1980's as one of the best places to live in the United States.
Mayo Clinic has its world headquarters in Rochester and forms the core of Rochester's economy. As of 2019, Mayo employed 36,000+ people and draws more than 2 million visitors annually. In addition, Mayo Clinic is in the early stages of a $6 billion expansion called Destination Medical Center (DMC) during which Mayo will add in excess of 30,000 new employees to their Rochester Campus. The stability of the economy in Rochester as well as expected future growth make this an attractive long-term investment.

Investment Highlights

  • Corporate Guarantee - Sleep Number Has Market Cap of $3.25 Billion
  • No Rent Relief Even Requested Requested During COVID-19
  • Sleep Number Reported Record Sales of $1.86 Billion in 2020
  • Adjacent to Costco, Aldi, McDonalds and Numerous Other strong Retailers
  • Ten Percent Rent Bump Scheduled for 2023
  • Tenant Has Paid Full Rent During COVID-19

Exclusively Listed By

Miscellaneous

Sleep Number

Listing Price: $2,359,000

Cap Rate
5.85%
Tenant Name
Sleep Number
Years Remaining On Lease
7.6
Gross SF
3,000
Guarantor
Corporate Guarantee
Rentable SF
3,000
Price/Gross SF
$786.33
Lease Type
Double Net
Rent Per Square Feet
$46.00

Investment Highlights

  • Corporate Guarantee - Sleep Number Has Market Cap of $3.25 Billion
  • No Rent Relief Even Requested Requested During COVID-19
  • Sleep Number Reported Record Sales of $1.86 Billion in 2020
  • Adjacent to Costco, Aldi, McDonalds and Numerous Other strong Retailers
  • Ten Percent Rent Bump Scheduled for 2023
  • Tenant Has Paid Full Rent During COVID-19

Investment Overview

Marcus & Millichap is pleased to present this single tenant Sleep Number property for sale in Rochester, MN. With over seven years remaining on the lease this investment provides the investor a stable asset with very little management.

The building was built specifically for Sleep Number in 2018 which related to this hand-selected site from their Apache Mall location approximately 5 miles away.

The area immediately around the subject property continues to experience strong development growth. Major retailers in the immediate area include Costco, Aldi, McDonalds, Sherwin Williams, Caribou Coffee, Goodwill, Kwik Trip, US bank, Associated Bank, Altra Federal Credit Union, Home Federal, West Bank, Firs Alliance Credit Union, CineMagic Movie Theatre and numerous other retailers.

The subject property is located on West Circle Drive, a busy corridor featuring 27,000 cars per day.

Rochester is the county seat of Olmsted county and is the third-largest city in Minnesota. The city has been frequently recognized since the 1980's as one of the best places to live in the United States.
Mayo Clinic has its world headquarters in Rochester and forms the core of Rochester's economy. As of 2019, Mayo employed 36,000+ people and draws more than 2 million visitors annually. In addition, Mayo Clinic is in the early stages of a $6 billion expansion called Destination Medical Center (DMC) during which Mayo will add in excess of 30,000 new employees to their Rochester Campus. The stability of the economy in Rochester as well as expected future growth make this an attractive long-term investment.

Exclusively Listed By

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