1301 Miller Trunk HwyDuluth, MN 55811

For Sale
$3,200,000

High-yield office building, 100% occupied.

Overview

Added:
Dec 11, 2024
Days on market:
92
This exceptional investment opportunity presents a fully leased, Class B office building located at 1301 Miller Trunk Hwy, Duluth, MN 55811. The Highland Professional Center boasts 11,591 square feet of net rentable space, currently housing two credit-rated tenants: Essentia Orthopedics and Northway Avademy. The property features a strong 7.56% cap rate, generating a net operating income (NOI) of $242,000. Built in 1933 and extensively renovated in 2023, this single-story building sits on a 16,100 square foot lot zoned MU-C. The current lease, a triple-net (NNN) agreement, has a remaining term of approximately five years, with a lease expiration date of November 29, 2029. The lease includes annual rent bumps of 3%, ensuring consistent income growth. The asking price is $3,200,000, translating to a price per square foot of $276.08. This property benefits from its prime location on Miller Trunk Highway and the ongoing residential and commercial development in the area, making it a secure and attractive long-term investment. The lease commenced on August 31, 2019, and has a 1-5 year option. This is a rare opportunity to acquire a stable, high-performing asset in a thriving market.

Highlights

  • Fully leased Class B office building, 11,591 square feet, located at 1301 Miller Trunk Hwy, Duluth, MN.
  • Two credit-rated tenants (Essentia Orthopedics and Northway Avademy) under a triple-net (NNN) lease with annual 3% rent increases.
  • 7.56% cap rate, $242,000 NOI, asking price $3,200,000 ($276.08/SF).
  • 16,100 SF lot, MU-C zoning, renovated in 2023.
  • Five-year remaining lease term (expires November 29, 2029), with a 1-5 year option.

Property Details for 1301 Miller Trunk Hwy

Property type
Other office properties, Office properties
Square Feet
11,591 SF
Class
B
Year Built/Renovated
1933/2023
Buildings
1
Stories
1
Units
2

Location Insight

City
Duluth
County
St. Louis
State
Minnesota
Latitude
46.80535203
Longitude
-92.15528402
1301 Miller Trunk Hwy, Duluth, Minnesota

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1301 Miller Trunk Hwy
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