2610 E Lake St - Freestanding FOR SALE


Minneapolis, MN 55406- Longfellow
$3,520,000 USD
952-210-0484
2610 E Lake St, Minneapolis, MN for Sale
$3,520,000 USD
Freestanding - FOR SALE
1/3
null | 6% Cap Rate

2610 E Lake St
Minneapolis, MN 55406
Longfellow


HIGHLIGHTS

  • INVESTMENT GRADE CREDIT TENANT - Ratings: Moody’s Baa1, Fitch BBB, S&P Global BBB.
  • #1 PLACER.AI RANKINGS - Location ranks #1 out of 66 in Minnesota according to Placer.ai.
  • CORPORATE GUARANTY FROM AUTOZONE, INC. - Publicly traded company, NYSE: AZO.
  • LONG TERM LEASE - 15-year Original Lease with 11 years of term remaining.
  • COMMITMENT TO LOCATION - AutoZone has been onsite since 2011. Rebuilt the facility in 2021 and executed a 15-year lease.
  • BIG BOX RETAIL TRAFFIC DRIVERS - Location is shadow anchored by major big box retail traffic drivers like Target, Cub Foods and Aldi.

OVERVIEW

CBRE is pleased to present qualified investors the opportunity to acquire the AutoZone located in Minneapolis, MN. This single story 10,886 square foot build-to-suit facility was constructed in 2021 and is located on a .75-acre urban infill site. AutoZone has occupied this signalized corner since 2011. In 2021 they rebuilt the building and committed to a long term 15-year lease. AutoZone, Inc. is the leading retailer and distributor of automotive replacement parts and accessories in the United States. The company operates a network of over 7,000 stores across the U.S., Mexico, Puerto Rico, Brazil, and other international markets. AutoZone primarily serves DIY (do-it-yourself) customers, commercial businesses (mechanics and repair shops), and professional installers through its commercial sales program. In 2024, AutoZone reported revenues of $18.49 Billion which represented a growth of 5.92% compared to 2023. The company is publicly traded (AZO) and currently has an investment grade credit rating of BBB (S&P). Minneapolis-St. Paul, collectively referred to as the Twin Cities, is the nation’s 16th largest MSA with approximately 3.6 million residents in a 13-county area. It ranks #1 in fortune 500 companies per million people. The stability and growth of large corporate employers has been complemented by a dynamic small business sector. Over 500,000 people live within a 5-mile radius of the AutoZone site. The location is shadow anchored by major big box retail traffic drivers like Target, Cub Foods and Aldi. With 11 years of lease term remaining, the Minneapolis AutoZone provides steady in-place income with significant 10% rent increases every five years. This income stream is guaranteed by an investment grade credit tenant adding further stability to future cashflow. AutoZone has demonstrated their commitment to this location by rebuilding the facility in 2021 and executing a long term 15-year lease. This site is strategically positioned to meet the increasing demand for Auto Parts in a densely populated trade area.

FOR SALE DETAILS

PRICE

$3,520,000 USD

PRICE/SF

$333 USD /SF

CAP RATE

6%

% LEASED

-

TENANCY

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

AutoZone Auto Parts | Minneapolis

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Freestanding

ADD'L SUBTYPES

Auto Repair

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2021

SPRINKLERS

-

PARKING SPACES

31

LAND DETAILS

LAND ACRES

0.75 AC

LAND SF

32,670 SF

ZONING

C3A

APN/PARCEL ID

36-029-24-43-0060

ASK ABOUT THIS PROPERTY

AJ PrinsCBREMore Info
952-210-0484

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.

AJ PrinsCBREMore Info
952-210-0484

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.