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Key Details
Sold Price $1,325,000
Property Type Commercial
Listing Status Sold
Purchase Type For Sale
Subdivision Village Elk River
MLS Listing ID 6431730
Sold Date 11/25/24
Year Built 2022
Annual Tax Amount $4,444
Tax Year 2023
Contingent None
Lot Dimensions 179x150x141x155
Property Description
6.79% Cap Rate. 2022 built Caribou Cabin with prime Hwy 10 frontage. Triple net lease with 8.5 years remaining of the initial 10-year term. 10% rent increase after year 5. Three additional 5-year options with 10% rent increases after the initial 10-year term.
Location
State MN
County Sherburne
Zoning Business/Commercial
Interior
Heating Forced Air
Cooling Central Air
Fireplace No
Exterior
Parking Features Parking Lot
Utilities Available Electric Separate, Heating Separate, Hot Water Separate
Roof Type Metal
Present Use Food Service
Building
Lot Description Corner Lot
Foundation 605
Sewer City Sewer/Connected
Water City Water/Connected
Structure Type Brick/Stone,Fiber Cement,Metal Siding,Wood Siding
Schools
School District Elk River
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