Address: 1416 East College Drive, Marshall, Minnesota, United States 56258
Type: Net Leased Coffee Chain
Cap Rate: 6.25%
Lease Type: Double Net (NN)
Annual Rent: $104,550
Net Operating Income: $140,550
Lease Term Remaining: 7.5 Years
Rental Increases: 10% Every 5 Years
Options: Two, Five Year Options
Rentable Sq/Ft: 2,559 SF
Rent Sq/Ft: $40.86
Price Sq/Ft: $654
Marcus & Millichap is pleased to present the exclusive listing for a Caribou Coffee located at 1416 East College Drive in Marshall, Minnesota. The site consists of roughly 2,559 rentable square feet of building space and has 7.5 years left on a double-net (NN) lease. The initial annual rent will be$104,550, which is scheduled to increase throughout the base term and continuing through the two (2), five (5)-year tenant renewal options.
The subject Caribou Coffee is located on East College Drive in Marshall, Minnesota. The subject property is located in an area that has seen continuous and substantial development for the past years.
The subject property is situated on East College Drive, which boasts an average daily traffic counts exceeding 11,000 vehicles. East College Drive intersects and serves as an access road to Minnesota State Highway 23, which brings an additional 10,600 vehicles into the immediate area per day. There are more than 13,680 individuals residing within a three-mile radius of the subject property and more than 14,560 individuals within a five-mile radius of the property.
The property is well positioned in a dense retail corridor with many national and local tenants, shopping centers and hospitals, as well as numerous hospitality accommodations. Major national tenants include: McDonald’s, Burger King, Applebee’s, Taco Bell, Subway, Casey’s General Store, Domino’s, Larson’s Home Furnishings, Borch’s Sporting Goods, as well as many more. The subject property benefits from being located in direct proximity to Avera Marshall Regional Medical Center, a 56-bed general medical and surgical facility that serves Lyon and the surrounding communities. A few miles north of the property is Southwest Minnesota State University. SMSU is a public, four-year university that is part of the Minnesota State Colleges and Universities System. It is divided into two major colleges, the College of Arts, Letters, and Sciences, and the College of Business, Education, and Professional Studies. SMSU is accredited by the Higher Learning Commission. Southwest Minnesota Regional Airport is located less than three miles west of the subject property. Southwest Minnesota Regional Airport is a general aviation airport located less than one mile west of the central business district. Lastly, the subject property is located in close proximity to several hospitality accommodations. Traveler’s Lodge, Quality Inn, Ramada by Wyndham Marshall, Super 8 by Wyndham and Sleep Inn & Suites are all located within a one mile radius of the subject property.
Marshall is a city in Lyon County, Minnesota. The city is located in a predominantly rural and agricultural area that was originally an expanse of northern tallgrass prairie. U.S. Highway 59 and Minnesota State Highways 19, 23, and 68 are four of the main routes within the city. Marshall was platted in 1872 when the railroad was extended to that point. Lake Marshall Township had been established in the area two years earlier, and included a post office and several farms. Marshall has a mayor and city council that meet twice monthly. The city is divided into three wards, with two council members for each ward. The mayor and council members are elected for four year terms. The elected officials govern in coordination with a city administrator and city attorney. The mayor divisions of city hall are City Administration, Community Services, Economic Development, General Services, Public Safety and Public Works.
Broker of Record: Matthew Hazelton – License # 40449423