, Baxter, MN 56425 (MLS# 6386974)

Overview

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.

General Property Information

Lot Measurement: Acres
Multiple PIDs?: No
Other Parking Spaces: 88
Owner Occupied: No
Year Built: 1995
Yearly/Seasonal: Yearly
Zoning: Business/Commercial
Foundation Size: 6732
For Sale or Lease: For Sale
Acres: 1.38
Lot Dimensions: 399x150x400x150
Garage Stalls: 0

Property Features

Accessible: No Stairs External Air Conditioning: Central Air CMU Style: Freestanding; Office Construction Status: Previously Owned Current Use: Commercial; Office Exterior: Stucco Financing Terms: Conventional Fuel: Natural Gas Heating: Forced Air Internet Options: Fiber Optic Location Description: Free Standing Lock Box Type: None Miscellaneous Information: Three Phase On Site Utilities: Electric Common; Heating Common; Hot Water Common Parking Characteristics: Uncovered/Open Potential Use: Office Road Frontage: City Street; Paved Streets; Storm Sewer Roof: Age 8 Years or Less; Flat Sewer: City Sewer/Connected Stories: Two Topography: Level Water: City Water/Connected

Contract Information

Digitally Altered Photos: No
Off Market Date: 2023-12-20
Closed Date: 2023-12-20
Sales Close Price: 1725000
Contingency: None
ListPrice: 2000000
Owner is an Agent?: No

Location Tax and Other Information

Postal City: Baxter
County: Crow Wing
State: MN
Zip Code: 56425
Complex/Dev/Subdivision: Second Add Johnson Centre

Assessments

Assessment Balance: 10455.08
Tax With Assessments: 33766

Building Information

Building Finished SqFt: 13464
Building SqFt: 13464
Ceiling Height: 8-10

More Information

Lease Details

Land Leased: Not Applicable

Miscellaneous Information

Homestead: No
Three Phase: Yes

Ownership

Fractional Ownership: No

Public Survey Info

Range#: 28
Section#: 5
Township#: 133

Sale Options

Sale Includes: Building, Land, Leases

Unit Details

Total Units: Yes

Office/Member Info

Association: GLAR
MLSID: RMLS

Location, Tax and Other Information

Legal Description: LOT 1 BLOCK 1
Listing City: Baxter
Map Page: 999
Rental License?: No
School District: Brainerd
School District Phone: 218-454-6900
Zip Plus 4: 9803
Property ID Number: 034320010010009
Tax Year: 2023
Tax Amount: 23310.92
In Foreclosure?: No
Potential Short Sale?: No
Lender Owned?: No

Directions & Remarks

Public Remarks: 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.
Directions: From Hwy 210/371 intersection in Baxter - North on Hwy 371 - East Exit at Design Road - North on Dellwood Drive (Frontage Road) - East on Universal Road - Property in on the South in the middle of the block

Accessible

No Stairs External: Yes

Air Conditioning

Central Air: Yes

Construction Status

Previously Owned: Yes

Exterior

Stucco: Yes

Financing Terms

Conventional: Yes

Fuel

Natural Gas: Yes

Heating

Forced Air: Yes

Internet Options

Fiber Optic: Yes

Lock Box Type

None: Yes

Parking Characteristics

Uncovered/Open: Yes

Road Frontage

City Street: Yes
Paved Streets: Yes
Storm Sewer: Yes

Roof

Age 8 Years or Less: Yes
Flat: Yes

Sewer

City Sewer/Connected: Yes

Stories

Two: Yes

Topography

Level: Yes

Water

City Water/Connected: Yes

On Site Utilities

Electric Common: Yes
Heating Common: Yes
Hot Water Common: Yes

CMU Style

Freestanding: Yes
Office: Yes

Current Use

Commercial: Yes
Office: Yes

Location Description

Free Standing: Yes

Potential Use

Office: Yes

Baxter, MN 56425