324 Lowell Avenue NW, Elk River, MN 55330 (MLS# 6431730)
$1,400,000
Elk River, MN 55330
MLS# 6431730
Status: Closed
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Property Description
6.79% Cap Rate. 2022 built Caribou Cabin with prime Hwy 10 frontage. Triple net lease with 8.5 years remaining of the initial 10-year term. 10% rent increase after year 5. Three additional 5-year options with 10% rent increases after the initial 10-year term.
Details
Maps
Contract Information
Status: Closed
Off Market Date: 2024-11-25
Current Price: 1325000
Closed Date: 2024-11-25
Sales Close Price: 1325000
Contingency: None
ListPrice: 1400000
List Date: 2023-09-12
Owner is an Agent?: Yes
Auction?: No
General Property Information
Multiple PIDs?: No
Other Parking Spaces: 19
Owner Occupied: No
Year Built: 2022
Yearly/Seasonal: Yearly
Zoning: Business/Commercial
Foundation Size: 605
For Sale or Lease: For Sale
Acres: 0.55
Lot Dimensions: 179x150x141x155
Location Tax and Other Information
House Number: 324
Street Name: Lowell
Street Suffix: Avenue
Street Direction Suffix: NW
Postal City: Elk River
County: Sherburne
State: MN
Zip Code: 55330
Complex/Dev/Subdivision: Village Elk River
Assessments
Tax With Assessments: 4444
Building Information
Building Finished SqFt: 605
Building SqFt: 605
Income and Expenses
Annual Gross Income: 95000
Annual Net Income: 95000
Lease Details
Land Leased: Not Applicable
Miscellaneous Information
Homestead: No
Ownership
Fractional Ownership: No
Public Survey Info
Range#: 26
Section#: 34
Township#: 33
Sale Options
Sale Includes: Building, Land, Leases
Unit Details
Total Units: 1
Property Features
Accessible: No Stairs Internal
Air Conditioning: Central Air
CMU Style: Single Occupancy
Construction Status: Previously Owned
Current Use: Food Service
Exterior: Brick/Stone; Cement Board; Metal; Wood
Financing Terms: Other
Fuel: Natural Gas
Heating: Forced Air
Loan Terms: Cash; Conventional
Lot Description: Corner Lot
On Site Utilities: Electric Separate; Heating Separate; Hot Water Separate
Parking Characteristics: Parking Lot
Road Frontage: City Street; Paved Streets
Road Responsibility: Public Maintained Road
Roof: Metal
Sewer: City Sewer/Connected
Tenant Pays: All Utilities; Insurance; Lawn; Maintenance/Repair; Snow Removal; Taxes; Other
Water: City Water/Connected
Listing Office: Acuity Group
Last Updated: November - 26 - 2025
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