4615 Grand AveDuluth, MN 55807

For Sale
$2,700,000

High-Yield Duluth Storefront, 100% Occupied

Overview

Added:
Dec 11, 2024
Days on market:
92
This exceptional investment opportunity presents a 15,631 square foot, single-story retail building located at 4615 Grand Ave, Duluth, Minnesota. The property boasts a strong 7.01% cap rate and a substantial NOI of $189,254, supported by a newly signed 10-year lease with Goodwill occupying 70% of the space (commencing October 2024). The building sits on a 0.909-acre lot and features two units, constructed in 1998, within the MU-N (Mixed Use Neighborhood) zoning district. The property benefits from a high-traffic location at a busy intersection with 20,803 vehicles per day, serving a densely populated area with over 30,000 residents within a three-mile radius. Duluth's robust economy, the presence of a major university with over 25,000 students, and a low retail vacancy rate of 2% further enhance the investment potential. Goodwill, a well-established tenant with a long history in the region, adds stability and reliability to this income-producing asset. This is a rare opportunity to acquire a high-performing retail property in a thriving Minnesota market. The asking price is $2,700,000, translating to $172.73 per square foot.

Highlights

  • New 10-year lease with Goodwill commencing October 2024.
  • Busy intersection with 20,803 vehicles per day (VPD).
  • Strong West Duluth location, serving a 3-mile radius with over 30,000 residents.
  • College town with over 25,000 students.
  • Duluth boasts the second-largest economy in Minnesota, serving a trade area of over 548,000 people.
  • Low 2% retail vacancy rate with high barriers to entry.

Property Details for 4615 Grand Ave

Property type
Other retail properties, Individual retail properties
Square Feet
15,631 SF
Year Built
1998
Buildings
1
Stories
1
Lot Size (sq. ft)
39,596 SF
Units
2

Location Insight

City
Duluth
County
St. Louis
State
Minnesota
Latitude
46.7451831
Longitude
-92.16026964
4615 Grand Ave, Duluth, Minnesota

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4615 Grand Ave
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