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308 S State St
Fairmont, MN 56031

$4,000,000 USD

Freestanding For Sale • 192,240 SF

Property Details

Property Type Freestanding
Total Building Size 192,240 SF
Lot Size 17.78 AC
Building Class B
Year Built 1970
Cap Rate 8.85 %
Tenancy Multiple

0 Transit Score

58 Walk Score

                
                    Highlights
                
                                Five Lakes Centre – Value-add Shopping Center Fee Simple Ownership (Land & Building)
                            
                                192,240 Sf Shopping Center – $200k Parking Lot Capital Improvement Completed
                            
                                Attractive Entry Point – Offered at Well-below Replacement Costs
                            
                                Large Lot – Over 17 Acres – Incredible Lease-up Opportunity Opportunity to Substantially Increase Cash Flow
                            
                                Less Than 2 Miles From Interstate 90 – Longest Interstate in the Country – Seattle to Boston
                            
                                Fairmont, Mn – County Seat - Accessible by Plane, Rail & Interstate Travel - Positioned on Area’s Main North/south  Corridor (State St)

Property Flyers

Five Lakes_Centre_Fairmont_MN_OM_

Financial Summary (Actual)

Net Operating Income: $353,945 USD (2023)

Cap Rate:

8.85 %

Major Tenants

Tenant	SF Occupied	Lease End Date
China Buffet Chinese Restaurant	6,600 SF	11/30/2028
Dollar Tree	10,200 SF	2/28/2027
Dunham's Sports	15,283 SF	1/31/2027
Shoe Sensation	5,000 SF
Sterling Pharmacy	16,740 SF	7/31/2027
USPS	7,478 SF	7/21/2025

Spencer O'Donnell 714-400-6267 Charter Realty Company

308 S State St Fairmont, MN 56031