Park Plaza

Park Plaza is located along 10th Ave. between Highway 23 and 2nd Street in Waite Park. This is a strong development area because of the rapid expansion and growth within the immediate area.

The site consists of 4.66 acres more or less, along with two office & retail buildings consisting of approximately 25,500 Sq. Ft. Building A is approximately 16,500 square feet, and is 100% occupied. The second building B, consists of 8,800 square feet is vacant. Of the vacant building, 5,000 square feet is an open area that could be used for an arena, classroom, shop, or any number of uses.

Rent for building B is projected to be $5.00 per square foot net plus cam. Building A rents range from $7.00 to $10 net. For the finishing’s of building A these rent levels are low and broker suggests adjusting the rent upwards as leases turn and renew.

The owner has elected not to enter into long-term leases because of the flexibility involving a potential sale. However, at the present rental income, its broker’s belief that most of the tenants would accept a net rent increase for the stability and a long-term ownership/tenant relationship a new owner would add.

Broker has provided an income analysis that uses the full purchase price of all buildings and land, yet only the income of the existing buildings. The land if sold separately or developed for another use would reduce the overall purchase price by at least $1 million and would drastically increase the operating income. The excess land easily has a value of $1.5 million. Especially if you utilize in that land sale the 8800 square foot building situated on the rear of the site.

On the street side of the subject property there is approximately 1 acre that would be ideal for a restaurant site, especially in light of the hotel, motel, and convention centers development. And a possible amphitheater.

Buyer is requesting all-cash. However, for a strong investor, developer, owner financing would be considered.

The site in its entirety can also be split to different buyers. However, the owner has requested that the entire parcel be sold in its entirety, rather than split prior to closing the sale.

This site has tremendous potential as well as existing income that will cover the existing debt obligation. However, until such time as the remaining land is developed, and the rear building is leased, cash flows are marginal, at best.

Broker’s comments are based on information supplied by the owner, taxing authorities, and county records. While the information provided is accurate, broker requests that buyer perform due diligence to verify the information provided. Co brokers believed to be Robert C Abel/Kevin Schmitz.

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:

50-74 10th Avenue S.
Waite Park, MN 56387
  • Rapid Expansion Area
  • 4.66 Acres/25,500 SF
  • Bldg A 100% Occupied
  • Bldg B 8,800 SF. Vacant.

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