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Perkins Restaurant and Bakery

Albert Lea, Minnesota

Marcus & Millichap is pleased to present the exclusive listing for a Perkins Restaurant and Bakery located at 2215 E Main Street in Albert Lea, Minnesota.

Investment Overview

Marcus & Millichap is pleased to present the exclusive listing for a Perkins Restaurant and Bakery located at 2215 E Main Street in Albert Lea, Minnesota. The site consists of roughly 4,230 rentable square feet of building space on estimated 1.58-acre parcel of land. This Perkins Restaurant and Bakery is subject to a brand new, long term, 20-year absolute triple-net (NNN) lease, which commenced on November 1st, 2019. The current annual rent is $172,550 and is scheduled to increase by 1.50% annually throughout the base term and in each of the four (4), five (5)-year tenant renewal option periods.

Location Overview

The subject property is situated on E Main St, which boasts an average daily traffic counts exceeding 12,150 vehicles. E Main St serves as a feeder road to Interstate-35, which brings an additional 17,000 vehicles into the immediate area daily. There are more than 17,150 individuals residing within a three-mile radius of the subject property and approximately 20,000 individuals within a five-mile radius of the property. The property is well positioned in the main retail corridor with many national and local tenants, shopping centers, car dealerships and hospitality accommodations all within immediate proximity to the site. Major national tenants include: Walmart, Walgreens, The Pet Authority, McDonald’s, KFC, Taco Johns, Burger King, Advance Auto Parts, AutoZone, O’Reilly Auto Parts as well many others. The subject property benefits from being located near many national hotels such as the Holiday Inn Express and Suites, Quality Inn and Suites, The Heritage Hotel, Econo Lodge, Country Inn & Suites by Radisson and more. This Perkins is also located less than four miles from Mayo Clinic Health System, which has 159-staffed beds and operates as a general care hospital. Albert Lea is a city in and is the county seat of Freeborn County, in the southern part of Minnesota. The city is at the junction of Interstates 35 and 90, about 90 miles south of the Twin Cities of St. Paul and Minneapolis. The city lies on the shores of Fountain Lake, Pickerel Lake, Albert Lea Lake, Goose Lake, School Lake, and Lake Chapeau. Known as “The Land Between the Lakes”, boating, fishing, canoeing, and boat tours are popular recreational activities. Other points of interest in the area include Myre-Big Island State Park, and Marion Ross Performing Arts Center. The closest large city to Albert Lea, Minnesota is Rochester. Rochester is a city founded in 1854 in the state of Minnesota and is the county seat of Olmsted County located on the Zumbro Rivers south fork in Southeast Minnesota. It is Minnesota’s third-largest city and the largest city outside the Minneapolis-St. Paul Metropolitan Statistical Area. The city has long been rated as one of the best places to live in the United States by multiple publications such as Money and is one of the most educated cities in the world.   Broker of Record:John Ruzicka License: WI 76173

Key Details

Price:
$2,654,615
Cap Rate:
6.50%
Annual Rent:
$172,550
Address:
2215 E Main Street, Albert Lea, Minnesota 56007 United States
Lease Type:
Triple Net (NNN)

Lot Size:
+/- 1.58
Building Size:
4,230 SF
Tenant:
Perkins Restaurant and Bakery

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