This feature is unavailable at the moment.
We apologize, but the feature you are trying to access is currently unavailable. We are aware of this issue and our team is working hard to resolve the matter.
Please check back in a few minutes. We apologize for the inconvenience.
- LoopNet Team
thank you
Your email has been sent!
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
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
MAJOR TENANTS
- Tenant
- Industry
- SF OCCUPIED
- RENT/SF
- Lease Type
- Lease End
This is a local chinese restaurant located in Fairmont, MN
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.
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.
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
Parcel Number | 230391080 | Improvements Assessment | £336,454 (2024) |
Land Assessment | £859,913 (2024) | Total Assessment | £1,196,366 (2024) |
PROPERTY TAXES
Presented by
Five Lakes Centre - Value-Add Regional Center | 308 S State St
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.