3rd Street Plaza & Park Plaza

The property consists of different retail tenants. However, because of the second-tier location rents range from $5 dollars to $11 per square foot on a net basis. Comparable properties along Division Street or Second Street average rents of $14-$25 per square foot. This allows for strong potential growth as land availability is limited in the stronger growth areas. Broker’s assumptions that rents could be increased incrementally and at such time in the future the value of the land could exceed the total asking price for the entire project.

Broker further recommends that a new owner consider demolishing the Eight Plex, even though it has maintained 100% occupancy and has had very low turnover. Brokers assumptions are that the property has more value being developed into a 5000 or 6000 square foot freestanding pad. The present listed price is $5,200,000 for the entire project of which the Eight Plex apartment has a value of $600,000 on its own. Over the years the present ownership has made in excess of $400,000 worth of capital improvements. Recently some of the improvements were upgrades to Pyramid Beauty, Sure Dynamics, and Hirschfield’s, Fireside Hearth, and Golden Eye. All tenants are strong, and stable, and plan to stay long-term.

Presently owners are upgrading the parking lot and creating some new visuals to increase overall property value. In any retail setting such as this, an important element is pylon signage. Present sign on the property is dated and needs upgrading.

Broker is advising some improvements on the part of a new buyer that would improve rent rates and bottom-line value upon a full review of the property we feel that broker can provide additional information to a potential buyer to maximize the return. 8 Unit Apartment Building & 8 Garage Units: Subject property is located at 111 3rd Street NE. The neighborhood is considered to be bordered to the north by the railroad tracks, to the east by Highway 15, to the west by Waite Avenue, and to the south by Division Street. Subject is conveniently located with adequate access to major arterials.
Subjects’ neighborhood is composed of commercial uses consisting of retail and office businesses. The neighborhood is growing with redevelopment on its western part consisting of change from residential to commercial uses. Neighborhood in this study is considered to be those properties, located in close proximity to each other, that share similar economic forces, due to similar main traffic accessibility, governmental regulation, and private developmental forces.

Contact Information:

Robert C. Abel, Broker

Phone: (320) 253-9746

Fax: (320) 253-1030

Cell: (320) 267-6003

Email: babel@rca-re.net

Property Info:

41 3rd St. NE.
Waite Park, MN 56387
  • 4.456 Acres/193,917 SF.
  • 55,200 SF Retail Center
  • 8 Unit Apr Bldg
  • Price: $5,200,000.

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