14091 Baxter Drive, Baxter, MN

Retail for Sale - $4,954,000 - 58,197 Sq. Ft. on 7 acres


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Agent Info

NameColter Johnson

Property Info

CIMLS #1023594
Location14091 Baxter Drive
Baxter MN 56425
Last UpdatedAugust 15th, 2018
TypeRetail
Price$4,954,000
Building58,197 Sq. Ft.
Land7 acres
DemographicsView data

Contact


Property Description

Wakota Commercial Advisors in conjunction with Marcus & Millichap is pleased to exclusively present for your acquisition review Westport Center, a Westgate Mall shadow anchored shopping center comprised of two buildings totaling 79,176 square feet in Baxter, Minnesota. The center is positioned along MN-210 just East of MN-371 With Great visibility, and tenancy.

Westport Center is currently 89 percent occupied with 3 units with a total of 7,917 square feet of releasable vacancy upside. The tenant base consists of a complimentary mix of local tenants and National tenants (Pizza Hut, Keller Williams, & Anytime Fitness) that provides consumers with a wide range of products and services including restaurants, discount goods, and much more. Along with the Westgate Mall, additional retail traffic drivers within the area include McDonalds, Wendy’s, Walgreens, Super One Foods, Kohls, Mills Fleet Farm, Costco, Cub Foods, and Home Depot.

The Westgate Mall Shadow anchored center benefits from its strategic location off of MN-210, a four-lane, east/west highway that feeds into downtown Baxter which boasts a population of 8,198 and leads directly into the heart of Brainerd one mile away which has a population of 13,349. Baxter is located in North central Minnesota 64 miles straight North of Saint Cloud, Minnesota.

This Center offers an incoming investor the opportunity to acquire a stabilized shopping center with upside opportunity in a submarket with limited competition.


Financials

Scheduled Gross Income: $528,178

Tax Reimbursement: $72,172

Insurance Reimbursement: $7,850

CAM Reimbursement: $86,979

Admin. Reimbursement: $12,147

Total Income: $707,326

Actual Vacancy: $54,586 7.72%

Gross Operating Income: $652,740

Less Expenses: $256,665

Net Operating Income: $396,075 8.00%

Capital Reserves: $11,639 ($.20)

Loan Payments: $256,764

Pre Tax Cash Flow: $127,672 10.31%

Plus Principal Reduction: $78,287

Total Return Before Taxes: $205,959 16.63%


Location