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Five Lakes Centre - Value-Add Regional Center 308 S State St

192,240 SF 57% Leased Retail Building Fairmont, MN 56031 £3,129,800 (£16/SF) 8.85% Net Initial Yield

Investment Highlights

  • Five Lakes Centre – Value-add Shopping Center Fee Simple Ownership (Land & Building)
  • Attractive Entry Point – Offered at Well-below Replacement Costs
  • Less Than 2 Miles From Interstate 90 – Longest Interstate in the Country – Seattle to Boston
  • 192,240 Sf Shopping Center – $200k Parking Lot Capital Improvement Completed
  • Large Lot – Over 17 Acres – Incredible Lease-up Opportunity Opportunity to Substantially Increase Cash Flow
  • Fairmont, Mn – County Seat - Accessible by Plane, Rail & Interstate Travel - Positioned on Area’s Main North/south  Corridor (State St)

Executive Summary

We Are Pleased to Present to Qualified Investors an Opportunity to Purchase a Value-add Retail Shopping Center Mall (Five Lakes Centre) Located in Fairmont, Mn That Provides Significant Upside Potential Through Lease Up of a Big Box and Small Shops. Five Lakes Centre is a 192,240 Sf Regional Retail Hub Located on 17.78 Acres and Positioned on the Main North/south Corridor of State St and Located Less Than 2 Miles From Interstate 90 (Main East/west Regional Corridor).
This Opportunity Additionally Includes the Added Benefit of the Owner Spending Close to $200,000 on Parking Lot Capital Improvements. Fairmont, Mn is the County Government Seat of Martin County Ensuring Long-term Job Stability and Higher Household Incomes. It is One of the State’s Most Affordable Places to Live and Features a Healthy Business Environment With Over 780 Businesses, Some of Which Include the Mayo Clinic Health System, 3m, Hy-vee, Walmart, Fairmont Foods and More. This is a Unique Opportunity to Purchase a Value-add Retail Center, Priced on Actual Income at Well Below Replacement Cost, Sitting on Over 17.78 Acres of Land, Providing an Attractive Entry Point to Reposition the Asset for Future Occupancy and Rental Growth.

Financial Summary (Actual - 2023)

Annual Annual Per SF
Gross Rental Income - -
Other Income - -
Vacancy Loss - -
Effective Gross Income - -
Net Operating Income £276,944 £1.44

Financial Summary (Actual - 2023)

Gross Rental Income
Annual -
Annual Per SF -
Other Income
Annual -
Annual Per SF -
Vacancy Loss
Annual -
Annual Per SF -
Effective Gross Income
Annual -
Annual Per SF -
Net Operating Income
Annual £276,944
Annual Per SF £1.44

Property Facts

Sale Type
Investment
Property Type
Retail
Property Subtype
Freestanding
Building Size
192,240 SF
Building Class
B
Year Built/Renovated
1970/2022
Price
£3,129,800
Price Per SF
£16
Net Initial Yield
8.85%
NOI
£276,987
Percent Leased
57%
Tenancy
Multiple
Number of Floors
1
Building FAR
0.25
Land Acres
17.78 AC

MAJOR TENANTS

  • Tenant
  • Industry
  • SF OCCUPIED
  • RENT/SF
  • Lease Type
  • Lease End
  • Accommodation and Food Services
  • 6,600 SF
  • £4.26
  • Modified Gross
  • Nov 2028

This is a local chinese restaurant located in Fairmont, MN

  • Retailer
  • 10,200 SF
  • £7.04
  • NNN
  • Feb 2027

At Dollar Tree, their customers can expect to find an environment where shopping is fun. They're known for their “thrill-of-the-hunt” shopping experience where customers can discover new, exciting items every week, from everyday essentials to fun craft, seasonal, and party merchandise. Many of the items they carry sell for more elsewhere, which means that their customers can stretch their dollars to get the products they need at an extreme value. They remain fiercely committed to their mission of bringing their customers extreme value every day, along with more thrills, more fun & new items every week! Dollar Tree carries a broad, exciting mix of consumable, variety, and seasonal merchandise that includes many trusted national and regional brands. In the midst of massive growth, Dollar Tree remains committed to their original mission: giving customers extreme value at low prices. With stores in the U.S. and Canada, they are fulfilling that mission more now than ever before.

  • Retailer
  • 15,283 SF
  • £2.74
  • Full Service Gross
  • Jan 2027

THEY ARE… Dunham’s Sports, the Midwest’s largest sporting goods chain! Their roots go back to 1937 in West Bloomfield, MI, when a small shop called Dunham’s Bait & Tackle opened. Over the years with hard work, great customer service and attention to detail they have grown into a full line sporting goods chain serving customers in states, from Wyoming to Maryland. Every one of their stores nationally offers a full line of traditional sporting goods and athletic equipment as well as a wide variety of active and casual sports apparel and footwear. Their motto at Dunham’s Sports is Big Names…Low Prices. That is what they do everyday, gives their customers the choice of the name brands that they want at the lowest prices possible. Customers will notice this in every Dunham’s Sports store they go into where they will find Hot Deals and Sport Values at prices that may be too low to advertise.

  • Retailer
  • 5,000 SF
  • £4.69
  • Full Service Gross
  • -

Shoe Sensation LOVES Shoes!!! Shoe Sensations mission is to provide quality and brand name footwear for the entire family. From toddlers to seniors, Shoe Sensations large selection of shoes has something for everyone as the typical Shoe Sensation will showcase over 10,000 pairs of the latest styles. National brands such as Skechers, Clarks, Crocs, and Easy Street for women are featured as well as an extensive collection of junior shoes from Rocket Dog, Fergalicious, Jellypop, Sperry, Skechers and Bearpaw. Children’s shoes are available in popular brands including Skechers and Nike. Prominent men’s brands include Dockers, Dr. Martens, Timberland, Lugz and Durango. A wide range of athletic shoes – from Under Armour, Nike, New Balance, Adidas, Asics, Puma and others, as well as the latest lifestyle brands like Converse and Vans – are also available at Shoe Sensation, Inc. Shoe Sensations Work and Safety styles include brands such as CAT, Timberland Pro, Wolverine, Skechers Work and more!

  • Sterling Pharmacy
  • Health Care and Social Assistance
  • 16,740 SF
  • £2.68
  • NNN
  • Jul 2027
  • USPS
  • Public Administration
  • 7,478 SF
  • £7.80
  • Full Service Gross
  • Jul 2025
Tenant Industry SF OCCUPIED RENT/SF Lease Type Lease End
Accommodation and Food Services 6,600 SF £4.26 Modified Gross Nov 2028
Retailer 10,200 SF £7.04 NNN Feb 2027
Retailer 15,283 SF £2.74 Full Service Gross Jan 2027
Retailer 5,000 SF £4.69 Full Service Gross -
Sterling Pharmacy Health Care and Social Assistance 16,740 SF £2.68 NNN Jul 2027
USPS Public Administration 7,478 SF £7.80 Full Service Gross Jul 2025

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
230391080
Land Assessment
£859,913 (2024)
Improvements Assessment
£336,454 (2024)
Total Assessment
£1,196,366 (2024)
  • Listing ID: 32031623

  • Date on Market: 05/06/2024

  • Last Updated:

  • Address: 308 S State St, Fairmont, MN 56031

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