EAST VILLAGE SHOPPING CENTER
1370 15th Ave. S.E. St. Cloud, MN 56301
Sherburne County
ROBERT ABEL, RCA REAL ESTATE
[email protected]
320-253-9746/320-267-6003
WWW.RCA-RE.NET
1
EAST VILLAGE SHOPPING CENTER
PROPERTY OVERVIEW
ADDRESS:
LOCATION/
AREA:
1370 15TH AVE. S.E.
ST. CLOUD, MN 56304
SHERBURNE COUNTY
RETAIL SUITES
CEILING HEIGHTS:
LIGHTING:
~ACROSS FROM TALAHI ELEMENTARY
~600 APT UNITS WITHIN BLOCKS
~CITY MAINTENANCE FACILITY NEXT DOOR
~ACCESS TO HWY 10 - N *COMMUTER RAIL
~STRONG NEIGHBORHOOD LOCATION
10’ FINISHED - 14’ TO
DECK
FLOURESCENT FIXTURES
THROUGHOUT
BUILDING
TYPE:
CLASS A SINGLE STORY- STRIP CENTER
HVAC:
93% EFFICIENCY
ROOF-TOP HV/AC UNITS
NEW 2016
TOTAL SF:
14,040
POWER:
12 SERVICE ENTRIES,
100 AMP EACH
MINIMUM
DIVISIBLE:
593 SF - 2,000 SF RETAIL SUITES
TELE
COMMUNICATIONS: ALL SERVICE
PROVIDERS ON SITE
SITE SIZE:
1.83 ACRES - 79,843 SQUARE FEET
TAX PARCEL ID:
85-416-0151,
85-416-0150,
85-416-0152
YEAR BUILT:
1980
EXTERIOR:
BRICK, STONE, GLASS
AND STUCCO
PARKING:
70+ SURFACE PARKING SPACES
INCL ROOF:
AND MAJOR REPAIR
2006
2016 TAX/OPS: $2.98 PSF AND $39,104 ANNUAL
ROBERT ABEL, RCA REAL ESTATE
[email protected]
320-253-9746/320-267-6003
WWW.RCA-RE.NET
ASKING NET RENTS: $10.00 - $12.00 PSF
2
EXECUTIVE SUMMARY
Location:
1330-1370 15th Avenue SE
Property Type:
Retail Strip Center
Land Size:
79,843 Square Feet or 1.83 acres
Gross Bldg Area:
14,080 Square Feet
Net Rentable Area:
13,649 Square Feet
Building Efficiency:
97%
Occupancy:
30%
Year Built:
1980
Zoning:
C-2, Neighborhood Commercial District
Date of Variation:
January 15, 2016
Date of Inspection:
January 15, 2016
Legal Description:
Lot 9, Block 1, East Village, Sherburne County, MN.
2015 Taxes:
$39,104
Highest and Best Use
As Improved:
As improved with a free standing retail strip center.
ROBERT ABEL, RCA REAL ESTATE
[email protected]
320-253-9746/320-267-6003
WWW.RCA-RE.NET
3
22 WILSON AVE. NE, STE. 14 - PO BOX 6009
ST. CLOUD, MN 56302-6009
PH: 320-253-9746 FAX: 320-253-1030
E-MAIL: [email protected]
COMPANIES
R E A L
E S T A T E
A Trusted Name in Real Estate
N V E S T M E N T S
EAST VILLAGE SHOPPING CENTER
1370 15the Ave. S.E.
St. Cloud, MN 56304
Sherburne County
BROKER'S COMMENTS
East Village Shopping Center was a design that was common in the 1980's.
Knoblach Builders built a number of these projects through-out the city of St. Cloud, all
were identical, serving the needs of the immediate neighborhoods.
The structure is masonry block, brick and stucco façade, built up roof with roof
top heating and cooling units.
East Village presently is experiencing a large vacancy primarily due to the
changing interests of the ownership group. The property is presently less than 30%
leased, and in both cases the existing leases are not economic as to present rents.
JM Oil leases the end cap on a fixed lease until 2018. Their space occupies
3,585 square feet paying $4.79 per square foot net, plus CAM rent rate. Also includes
gas pump canopy.
Broker's recommendation would be to renegotiate with JM Oil, and enter into a
lease that represents the current value of leased space. A benefit to JM Oil would be a
longer lease term and the property owner would get increased rents.
Classic Image Salon is on a month to month lease, 753 square feet. Classic is
paying $5.04 per square foot net plus CAM. These two spaces comprise 4,337 square
feet of the 14,080 square feet for a total vacancy rate of 30%. The remaining 9,700
square feet should effectively command a net rent of not less than $10 per square foot.
Many of the spaces are in need of minor upgrading and the owner would have to inject
cash to finish the vacant spaces which are subpar vanilla shell.
The roof has repair needs. After an inspection by McDowell Company's, the roof
should be serviceable with minor corrections for the next few years. The HVAC systems
have all been replaced on the roof and are new, with warranties.
An investor/owner/operator could take advantage of buying the property on a
fairly relaxed equity requirement, on a short term installment sale.
Owner carry back financing would benefit a new owner to allow them to develop
additional rental income until the property becomes stabilized, and then refinance.
4
Broker’s Comments Continued
Terms would run three years to correspond with a release of prepayment obligations
from the present owners.
The upside of this property is it can be bought at a discount, and will have a relaxed
lead time to stabilize before financing is required. This property was sold in 2007 for
$1, 5000, 000.00 and in 2006 the selling group spend over $250, 000.00 in upgrades
and improvements before the sale.
ASKING PRICE:
$650, 000.00
FINANCING TERMS:
~
~
~
~
~
SELLER CARRY BACK: $550, 000.00
CONTRACT FOR DEED
INTEREST RATE:
$6.5% PER ANNUM
AMORTIZATION
20 YEARS
BALLOON:
3 YEARS
ROBERT ABEL, RCA REAL ESTATE
[email protected]
320-253-9746/320-267-6003
WWW.RCA-RE.NET
5