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SOLD! Downtown Brainerd Investment Opportunity

Listed by Chris Close


Property Description: SOLD! PRICE REDUCED TO $449,000 FROM $475,000! Great investment opportunity in the heart of Downtown Brainerd. Large, 5-tenant retail/office building located on the corner of S 7th Street and Maple Street. Tenants enjoy easy access, great visibility and high traffic counts all in a convenient location! The building is 85% occupied with one approximately 1,127 sq. ft. vacant space. This property provides a great return on investment with a quality tenant mix.

Listing Details

mls: 4764969
CC File #: 1366
Address: 619 Maple Street
City: Brainerd
State: MN
Zip: 56401
Zoning: B3-Central Business District
PID#: 09196069001Z009
Legal Description: The E 115 ft of Lots 1 & 2, Block 69 and the W 35 ft of Lots 1 & 2, Block 69, Town of Brainerd & 1st Addition to Brainerd
Lot Size : Acres: 0.17
Lot Size : Sq.Ft.: 7500
Lot Dimensions: 50' x 150'
Building Size : Total Sq. Ft.: 7,500
Building Size : Main Level Sq. Ft.: 7,500
Building Size : Lower Level Sq. Ft.: 924
Sale Price: $449,000.00
Original Price: $475,000.00
Price Note: PRICE REDUCED TO $449,000 FROM $475,000! Price Includes Land, Building, and Tenant Leases.
Annual Cash Flow: $48,000.00
Cap Rate: 10.7%

Directions: From the Historic Water Tower in Downtown Brainerd (at the intersection of S 6th Street and Washington Street) - South on S 6th Street - East on Maple Street - Property is on the NW corner of S 7th Street & Maple Street

Property Features

Water: City
Sewer: City
Heating: 7 Natural Gas Forced Air Furnaces (1 in each Tenant Space (2 in Hair & Beyond) and 1 in the Basement) Two of the furnaces were replaced in 2016.
Cooling: Central Air - 6 Rooftop Units (1 for each Tenant Space) One is new in 2016 and one was replaced about 7 year ago.
Electric : Amps: Each Tenant Space has a 200 Amp Panel (Each Tenant Space had their electrical updated 10 years ago)
Lighting: Fluorescent
Year Remodeled: All Tenant Spaces have been remodeled in the last 10 years, except for Integra Telecom's space)
Construction: Concrete & Brick
Foundation: Poured Concrete
Roof: Flat Rubber (New in Fall 2014)
Exterior: Brick
Traffic Counts: 10,800 on S 6th Street
Other: All Tenant Spaces have been remodeled in the last 10 years, except for Integra Telecom's space.
Property Tax Year: 2016 (Seller to pay off entire assessment balance at closing)
Annual Property Tax: $6,780.00
Ceiling Height: 8' Suspended
Bathrooms: 3 in Hair & Beyond, and 1 in each of the other Tenant Spaces
Utilities Available: All units have separately metered heat and electric. Landlord pays for water, sewer, hot water and heat to basement in the winter as well as snow removal. Tenants pay for their own heat and electric. A new high-efficiency hot water heater was installed in 2016, which will result in a lowering of Landlord’s gas bill.
High-Speed Internet: Yes
Parking Spaces: 10+ On-Street Spaces Available
Road Frontage: 150' along Maple Street and 50' along S 7th Street
Adjacent Tenants: Building Tenants: Hair & Beyond, Nextera, Brainerd Dental Care, and Integra Telecom
Neighboring Businesses: Businesses nearby include Bremer Bank, TJ's Log Cabin, Lash Out, Pain Ink Tattoo & Piercings, Qwest, Music General, Office Shop, SEH, US Bank, Erickson Law, Shep's, VFW, Open Window, Coco Moon, Northwinds Grille, plus numerous others.
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Information provided by members of Greater Lakes Association of Realtors. Copyright 2009 Greater Lakes Multiple Listings Service. All rights reserved. Information is deemed reliable but not guaranteed.