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4080 W Broadway Ave

Robbinsdale, MN 55422

$9,100,000

Freestanding For Sale  •  95,967 Sq Ft

Property Details

  • Property Type Freestanding
  • Total Building Size 95,967 Sq Ft
  • Lot Size 3.89 ac
  • Building Class C
  • Year Built 1988
  • Cap Rate 7.81 %
  • Tenancy Multiple
41 Transit Score
81 Walk Score

Description

VALUE ADD OPPORTUNITY
Property NOI will grow by $57,743 after the first year (8.4% Year 2 cap rate on asking price) with additional value add due to below-market rents and 10% vacancy.

BELOW REPLACEMENT COST INVESTMENT
Pricing at $104 PSF, an infill location and underground parking, offers a very low basis with high going-in yields in an up and coming submarket.

FRONTAGE ALONG BOTH BOTTINEAU & BROADWAY 
Only property in Downtown Robbinsdale with frontage along both Bottineau and Broadway (Main Street). Rare opportunity to own a large central site of 3.9 acres (two thirds of an entired city block) in a rapidly growing suburban downtown only minutes from Minneapolis.

OPPORTUNITY ZONE
Located in an Opportunity Zone as part of the Federal Tax Incentive Program, allowing investors to defer capital gains and reduce tax payments for qualified investments going into these communities, creating higher post-tax returns for long term value-add buyers.

FUTURE LIGHT RAIL LOCATION
Bottineau Line (Blue Line Extension) is planned to pass just one block behind the property, connecting downtown Minneapolis to Robbinsdale and other northwest suburbs. Expected to open 2024.

NEW DEVELOPMENT
Downtown Robbinsdale is transforming with new development:
        •  Hy-Vee Grocery Store (2018)
        •  Birdtown Flats 152-Unit Market Rate Apartment (2019)
        •  36th & France 197-Unit Market Rate Apartment (2020)

Financial Summary

Cap Rate: 7.81 %

Major Tenants

Tenant SF Occupied Lease End Date
BJAM Management 3,300 SF
Farmers Insurance - Erin Janke 4,798 SF
Robin Center Chiropractic 4,023 SF 4/30/2024
Subway 6,718 SF
US Healthworks 4,000 SF

Amenities

  • Bus Line
  • Dedicated Turn Lane
  • Pylon Sign
  • Signage
  • Signalized Intersection

Public Transportation

Commuter RailDriveWalkDistance
Target Field Station Commuter Rail (Northstar Corridor) 12 min - 4.8 mi
Fridley Station Commuter Rail (Northstar Corridor) 11 min - 5.9 mi
AirportDriveWalkDistance
Minneapolis–Saint Paul International Airport 30 min - 20.7 mi

Parking Details

Parking Available: Yes
Reserved: No
Spaces Provided: 160
Type: Surface
Included in Rent: Yes
Jeff Budish 952-897-7755 Colliers International
Jeff Budish 952-897-7755 Colliers International