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Tom Gommels Represents Buyer In $1.3M Blaine Strip Center Sale
SOLD
$1,300,000
Minnesota
See Similar DealsRetail14,005 SF
Sold 03/20/2024
SOLD
Tom Gommels Represents Buyer In $1.3M Blaine Strip Center Sale
12050 Central Avenue Northeast
See Similar DealsRetail14,005 SF
Sold 03/20/2024
Summary
MINNESOTA
Asset Type:Retail
Price Per Square Foot:$92
Total Square Footage:14,005 SF
Transaction Type:Sale
The Blaine Strip Center in Minneapolis, a 14,005-square-foot retail property located at 12050 Central Ave. NE, was sold for $1.3 million. The property traded at an above-market cap rate and features below-market rents.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $1,300,000
- Address: 12050 Central Avenue Northeast
- Market: Minneapolis
- Buyer Representative: Tom Gommels - Marcus & Millichap
Tom Gommels of Marcus & Millichap represented the buyer, who was an individual trust engaging in a 1031 exchange.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$69,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$4,618.64
Cash-on-Cash Return-1.27%
Monthly Debt Service$6,162.66
Annual Debt Service$73,951.96
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