554 3rd Street NW

554 3rd St NW, Elk River, MN 55330, USA

Listing Details

  • Property Type: Office
  • Listing Type: For Sale or For Lease
  • Office: 6,528 SF Above Ground, 9,792 SF Including Lower Level
  • PID/RE Tax: PID #75-405-1960/$15,620 Real Estate Tax (2019)
  • NOI/Cap Rate:Approximately $68,000 in Place NOI/8.6% Cap Rate*
  • Zoning: C-1 Central Commercial District
  • Lease Details: Units 544-013, 544-014, 544-015: $300/month,  each 200 SF

* (3) lower level suites available at $300 each creating potential fully occupied Cap Rate of 9.9%

Features

  • Great multi-tenant office building investment opportunity.
  • Excellent downtown Elk River location.
  • Seller is replacing the main roof, and all the asphalt shingled mansard roof spring 2020.
  • Two above ground levels, and one lower level.
  • Common areas include 2 stairwells, elevator, and 6 restrooms.
  • Well maintained building with brick front, architectural mansard roof, and arched window openings.
  • Well maintained HVAC.
  • The parking lot is in good shape, and has ample parking with approximately 32 spots.
  • On street parking available as well.
  • Building signage included for tenants.