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Key Details
Sold Price $1,725,000
Property Type Commercial
Sub Type Office
Listing Status Sold
Purchase Type For Sale
Subdivision Second Add Johnson Centre
MLS Listing ID 6386974
Year Built 1995
Annual Tax Amount $23,311
Tax Year 2023
Lot Size 1.380 Acres
Property Description
Exceptional single-tenant office investment property located at 7651 Universal Road, Baxter MN 56425. Strategically located in Baxter, MN, this property offers a compelling opportunity in a thriving location experiencing significant growth and economic development. The property was newly remodeled in 2023 with a five-year triple net lease with Ascensus, a well-established financial services company. Ascensus is the largest independent recordkeeping services partner, third-party administrator, and government and health savings facilitator in the United States with more than $748 billion assets under administration. The current net lease income is $157,124.88 per year (7.9% cap rate), with 3% annual increases and a lease expiration date of May 31, 2028. Prior to lease commencement, there was an approximate $1 million build-out/remodel of the space mostly paid for by the tenant, further enhancing the property value.
Location
State MN
County Crow Wing
Zoning Business/Commercial
Interior
Heating Forced Air
Cooling Central Air
Exterior
Garage Open
Utilities Available Electric Common, Heating Common, Hot Water Common
Roof Type Age 8 Years or Less,Flat
Building
Story Two
Foundation 6732
Sewer City Sewer/Connected
Water City Water/Connected
Structure Type Stucco
Schools
School District Brainerd
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REMAX TEAM
Full Service Brokerage | License ID: 40471702
Full Service Brokerage License ID: 40471702
FOR SALE on Local Lakes