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Bank

US Bank (Dark)

3990 Main St NW, Minneapolis, MN 55448

Listing Price: $1,700,000

Cap Rate
9.88%
Tenant Name
US Bank
Years Remaining On Lease
2.2
Gross SF
4,069
Guarantor
Corporate Guarantee
Rentable SF
4,069
Price/Gross SF
$417.79
Lease Type
Absolute Net
Rent Per Square Feet
$41.29

Investment Overview

Marcus & Millichap is pleased to present the former US Bank property in Coon Rapids, Minnesota.

The 4,069 square foot building was built-to-suit in 1996 for US Bank and is positioned on about 1.84 acres with prime visibility and accessibility along East Main Street and Wedgewood Drive. US Bank successfully operated at this location for more then 20 years, however they recently elected to vacate the premises early with their lease not expiring until September 30, 2023. US Bank will pay $168,000 in annual rent for the remainder of their lease, providing an investor with an ideal investment opportunity that has both a short-term, stable income stream and an opportunistic value-add component in the form of either releasing the building or redeveloping the building. It is perfect for owner occupants as well who could collect rent payments from the tenants through the entirety of the lease effectively lowering the overall cost basis. The lease is corporately guaranteed by U.S. Bancorp (NYSE: "USB") through the entirety of the lease and is classified as absolute net with the landlord having zero responsibilities.

The subject property is perfectly positioned in the Coon Rapids market in a dense retail corridor that is home to tenants such as Costco, Target, Home Depot, Lowe's, Dick's Sporting Goods, Best Buy, TJ Maxx, Kohl's, Menards, Chipotle, McDonald's and several traffic driving tenants. The demographics are extremely dense with more then 157,000 people living within a 5-mile radius and affluent as well, with the 5-mile average household income surpassing $103,000.

Coon Rapids is a northern suburb of Minneapolis and is the largest city in Anoka County. It is the 13th largest city in Minnesota and the 7th largest in the Twin Cities suburb, situated just 15 miles outside of Minneapolis.

Investment Highlights

  • Corporately Guaranteed Absolute Net US Bank Lease (NYSE: "USB") thru Sept 2023
  • Offers Short-Term Income Stream with an Excellent Future Value-Add Opportunity
  • Tenant Pays $168,000 in Annual Rent thru 9/30/2023
  • Dense, High-Income Demographics | 157,000+ People w/i 5 Miles | 5-Mile AHI: $103,347
  • Strong Retail Corridor Home to Costco, Target, Home Depot, Dick's, Best Buy & Lowe's
  • Drive-Thru Location with Superb Visibility & Easy Ingress/Egress

Exclusively Listed By

Broker of Record

  • Jon Ruzicka

    First Vice President Investments

    (952) 852-9700

    License(s) MN: 40583288

    Minnesota

Listing Price: $1,700,000

Cap Rate
9.88%
Tenant Name
US Bank
Years Remaining On Lease
2.2
Gross SF
4,069
Guarantor
Corporate Guarantee
Rentable SF
4,069
Price/Gross SF
$417.79
Lease Type
Absolute Net
Rent Per Square Feet
$41.29

Investment Highlights

  • Corporately Guaranteed Absolute Net US Bank Lease (NYSE: "USB") thru Sept 2023
  • Offers Short-Term Income Stream with an Excellent Future Value-Add Opportunity
  • Tenant Pays $168,000 in Annual Rent thru 9/30/2023
  • Dense, High-Income Demographics | 157,000+ People w/i 5 Miles | 5-Mile AHI: $103,347
  • Strong Retail Corridor Home to Costco, Target, Home Depot, Dick's, Best Buy & Lowe's
  • Drive-Thru Location with Superb Visibility & Easy Ingress/Egress

Investment Overview

Marcus & Millichap is pleased to present the former US Bank property in Coon Rapids, Minnesota.

The 4,069 square foot building was built-to-suit in 1996 for US Bank and is positioned on about 1.84 acres with prime visibility and accessibility along East Main Street and Wedgewood Drive. US Bank successfully operated at this location for more then 20 years, however they recently elected to vacate the premises early with their lease not expiring until September 30, 2023. US Bank will pay $168,000 in annual rent for the remainder of their lease, providing an investor with an ideal investment opportunity that has both a short-term, stable income stream and an opportunistic value-add component in the form of either releasing the building or redeveloping the building. It is perfect for owner occupants as well who could collect rent payments from the tenants through the entirety of the lease effectively lowering the overall cost basis. The lease is corporately guaranteed by U.S. Bancorp (NYSE: "USB") through the entirety of the lease and is classified as absolute net with the landlord having zero responsibilities.

The subject property is perfectly positioned in the Coon Rapids market in a dense retail corridor that is home to tenants such as Costco, Target, Home Depot, Lowe's, Dick's Sporting Goods, Best Buy, TJ Maxx, Kohl's, Menards, Chipotle, McDonald's and several traffic driving tenants. The demographics are extremely dense with more then 157,000 people living within a 5-mile radius and affluent as well, with the 5-mile average household income surpassing $103,000.

Coon Rapids is a northern suburb of Minneapolis and is the largest city in Anoka County. It is the 13th largest city in Minnesota and the 7th largest in the Twin Cities suburb, situated just 15 miles outside of Minneapolis.

Exclusively Listed By

Broker of Record

  • Jon Ruzicka

    First Vice President Investments

    (952) 852-9700

    License(s): MN: 40583288

    Minnesota

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