SOLDRetail
Tom Gommels Represents Buyer In $1.3M Blaine Strip Center Sale
12050 Central Avenue Northeast
$1,300,000
$92/SF
Building Size
14,005 SF
Asset Type
Retail
Closing
Mar 20, 2024
AI
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.
Players
Minneapolis Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
12.20%
Cash-on-Cash
-3.49%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93