INVESTMENT PROPERTY · Community Center/YMCA is an anchor to the centers and bring an average of...

PROPERTY FEATURES • Two retail centers totaling 36,496 square feet

• Growing area of more than 125,000 residents and $112,100 estimated average annual income

• Located across from Oakdale Middle School as well as the Andover Community Center/YMCA

• Strong demand in a community with limited commercial real estate supply

PHONE: 763-862-2005

WEB: premiercommercialproperties.com

OUR LOCATION: Coon Rapids, MN

INVESTMENT PROPERTY

HANSON COMMONS I & II 1573 — 1574 154th Avenue NW, Andover, MN

MEET HANSON COMMONS I & IIOFFERING MEMORANDUMAbout the PropertyHanson Commons I and II are excellent locations for service-related

retailers seeking close proximity to the Andover community. The

properties are positioned on the east side of Hanson Boulevard, a

major thoroughfare in Andover, Minnesota. They are adjacent to a

number of substantial residential developments and across the street

from Andover Middle School. Hanson Commons I and II are service-

driven centers. Each has a strong mix of independent retailers and

national brands, including Snap Fitness, Mathnasium Tutoring Center,

and a music school. Several medical-related tenants drive a diverse

mix of customers into the buildings.

About Andover, MinnesotaThe City of Andover boasts a strong school system that attracts

families, causing a boom in new housing developments. Positioned

across Hanson Boulevard from Hanson Commons I and II, the Andover

Community Center/YMCA is an anchor to the centers and bring

an average of 750,000 visitors per year to the immediate area. The

Community Center is at capacity and undergoing a major expansion.

The YMCA is considering expanding as well.


PHONE: 763-862-2005



TRADE AREA DEMOGRAPHICS

1 MILE 3 MILES 5 MILES

Estimated Average Income $120,972 $117,437 $101,150

Estimated Population 6,836 29,371 92,113

Estimated Number of Households 2,110 9,517 32,069

Source: Costar 2018

ANDOVER COMMUNITY CENTER

OAK VIEW MIDDLE SCHOOL

HANSON COMMONS I & II


PHONE: 763-862-2005



HANSON COMMONS I

TENANCYSUITE TENANT SF

101 Sweet Toppings 1,644

102 Andover Chiropractic 1,280

103 Vacant 690

104 Storechak 1,017

105 Rensch Becker - Ortho 2,406

106 MC Trans 1,063

107 Sweet Tooth Dentist 2,088

108 Mathnasium 1,440

109 Chanticlear Pizza 1,080

Hanson Commons I is a 12,708 square foot center built in 2004. It sits on a 1.6 acre site. Hanson Commons

I has nine suites, two of which are vacant as of October 2019. The center is anchored by two large

medical tenants, Rensch Becker Orthodontics (2,406 SF) and Sweet Tooth Dentist (2,088 SF).

TOTAL SF: 12,708ANNUAL BASE RENT: $148,732.21MONTHLY BASE RENT: $12,394.35

Mathnasium


PHONE: 763-862-2005



HANSON COMMONS IIHanson Commons II is a 23,788 square foot center built in 2004. It sits on a 2.89 acre site. Hanson Commons II

has nine suites, one of which is vacant as of October 2019. The center is anchored by Snap Fitness (3,948 SF),

Canine Crossing Vet and Pet Store (2,880 SF), and Inspire Academy of Music (2,880 SF).

TENANCYSUITE TENANT SF

101 Subway 2,007

101B Vacant 724

102 Chopsticks 1,191

103 Snap Fitness Expansion 1,240

104 Snap Fitness 4,708

105 Inspire Music 2,880

105A K-9 Kutters 952

106 National Karate 1,920

107A Advanced Eyecare 1,440

107B Boardwalk DIY Studio 1,440

108 Canine Crossing 2,880

109 Andover Physical Therapy 2,406

Wells Fargo ATM

TOTAL SF: 23,788ANNUAL BASE RENT: $302,234.56MONTHLY BASE RENT: $25,186.21

103Snap Fitness Expansion1,240 SF


PHONE: 763-862-2005



HANSON COMMONS I & II FINANCIAL ANALYSIS

RENT ROLL

SF SCHEDULED ANNUAL BASE RENT

SCHEDULED MONTHLY BASE RENT

Hanson Commons I 12,708 $148,732.21 $12,394.35

Hanson Commons II 23,788 $302,234.56 $25,186.21

Wells Fargo ATM - $16,800.00 $1,400.00

TOTAL 36,496 $450,966.77 $36,631.66

INVESTMENT SUMMARYRentable Square Feet 36,496

Current Vacancy 3.9%

Scheduled Net Income $450,966.77

Average Base Rent Per Sq. Ft. $12.36

Cap Rate Based on Scheduled Income 7.78%

Sale Price $5,800,000

Price Per Sq. Ft. $158.92


PHONE: 763-862-2005



HANSON COMMONS I & II AT-A-GLANCEProperty DescriptionHanson Commons I and II are excellent locations for service-related

retailers that seek close proximity to the Andover community. Each has a

strong mix of independent retailers and national brands. Several medical-

related tenants drive a diverse mix of customers into the buildings.

• Constructed 2004

• 36,496 total square feet

• 4.49 acres

Tenancy• 18 suites between two centers

• Anchors include Snap Fitness (4,708 SF), Canine Crossing Vet and Pet Store (2,880 SF), and Inspire Academy of Music (2,880 SF), Rensch Becker Orthodontics (2,406 SF), and Sweet Tooth Dentist (2,088 SF)

• $36,631.66 monthly base rent between two centers

Pricing• Scheduled Net Income: $450,966.77

• Cap Rate: 7.78%

• Purchase Price: $5,800,000

OAK VIEW MIDDLE SCHOOLANDOVER COMMUNITY CENTER

HANSON COMMONS I & II


PHONE: 763-862-2005



INVESTMENT PROPERTY · Community Center/YMCA is an anchor to the centers and bring an average of...

Documents

Transcript of INVESTMENT PROPERTY · Community Center/YMCA is an anchor to the centers and bring an average of...