Upon sale the current owner will sign a three-year lease on the entire building at a triple net rate of $2,800 per month, or $33,600 annually. This equates to a 7.64% capitalization rate. This is a two-story office building with the ground floor entrance on First Street South facing Division Street in downtown St. Cloud. The second floor is accessible from the south entry or on the north side off of St. Germain Street opposite the Paramount Theater via Mahowald Plaza. This entry is at grade.
The building has high visibility from Division Street ( State Hwy 23). The average daily traffic on Division Street is 31,500 vehicles. Signage capabilities our outstanding!
The owner currently occupies the ground floor of the building and sublets the second floor.
There is a 453 square foot parcel adjacent to the south of the property which is currently owned by the City of St. Cloud and the property owner uses it for parking up to 3 vehicles. This property may be available for purchase from the city at a modest price.