700 S 13th St - Storefront FOR SALE


Norfolk, NE 68701
$2,869,437 USD
248-646-9999
700 S 13th St, Norfolk, NE for Sale
$2,869,437 USD
Storefront - FOR SALE
1/17
null | 6.75% Cap Rate

700 S 13th St
Norfolk, NE 68701


OVERVIEW

Alrig USA is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a 100% occupied, 2-tenant, retail strip investment property located in Norfolk, NE. The offering features a strong food and retail-based tenant lineup of Starbucks and T-Mobile, making this a prime and e-commerce resistant asset. Both tenants feature a weighted average lease term of 7+ years remaining with additional option periods to extend, providing limited short-term rollover. In addition, both tenants have scheduled rental increases throughout their initial terms and at the beginning of each option period, growing NOI and hedging against inflation. Starbucks is equipped with an end-cap drive-thru lane, providing ease and convenience for customers. The subject is strategically located at the signalized, hard corner intersection of 13th Street and Pasewalk Avenue, averaging a combined 28,500 vehicles passing by daily. The property also benefits from nearby access onto U.S. Highway 275 (17,600 VPD) and State Highway 35 (11,400 VPD), making it a centralized location with easy access. The strip is ideally situated within a dense retail trade area and lies as an outparcel to Pasewalk Plaza, a 35K+ SF Neighborhood Center with a strong mix of national and regional tenants. The surrounding tenants in the area include Walmart Supercenter, Harbor Freight, Hy-Vee, DaVita Dialysis, Target, Menards, CVS Pharmacy, and others. The strong tenant presence drives a loyal, local customer base to the area, promoting crossover exposure and contributing to the economy. Furthermore, the property is near numerous single-family communities and multi-family complexes including Oak Park (64 units), Odd Fellow Manor (92 units), Woodwinds Apartments (50 units), and others, providing a direct residential consumer base. The 5-mile trade area is supported by over 29,500 residents and 21,500 daytime employees with a healthy average household income of $84,581.

FOR SALE DETAILS

PRICE

$2,869,437 USD

PRICE/SF

$667 USD /SF

CAP RATE

6.75%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Storefront

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2023

SPRINKLERS

-

PARKING SPACES

69

LAND DETAILS

LAND ACRES

1.24 AC

LAND SF

54,014 SF

ZONING

C-3

APN/PARCEL ID

590297341

ASK ABOUT THIS PROPERTY

Vincent PipiaAlrig USAMore Info
248-646-9999

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Vincent PipiaAlrig USAMore Info
248-646-9999

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