2939 Hennepin Ave

Retail: Restaurant

2939 Hennepin Ave, MinneapolisMN 55408

Property Details

Location

Address
2939 Hennepin Ave, MinneapolisMN 55408
County
Hennepin
Submarket
MN - West
In Opportunity Zone
Yes

Building Size

Building Size
10,208 SF

Building Details

Type
 Retail: Restaurant
Number of Buildings
1
Occupancy Type
Single Tenant
Number of Tenants
1
Building Class
Building Status
Existing
Floors
2
Year Built
1913
Sprinklers
Primary Const.
Stucco
Parking Ratio

Land & Utilities

Land (Acres)
0.12 Acres
Land (SF)
5,227 SF
Zoning
C3A
Lot Depth
Lot Width

Contacts

Current Listings

Hoban Korean BBQ

10,208 SF$2,890,000
Cap Rate: 7.42%

Single Tenant Net Lease Investment Property in prime Uptown location in Minneapolis, Minnesota. Hoban Korean BBQ has very strong sales at this location. Hoban invested heavily in their tenant improvements in 2015 and have built a strong customer base that has returned in force post Pandemic. This property offers an investor the opportunity to own a prime property on Hennepin Avenue with a single-tenant, high-performing restaurant in place. Given their sales volume and their significant investment in the property, Hoban will likely exercise their option to renew for five years in 2024 with a 4.7% annual rent increase in 2024, and 4.3% annual rent increase in 2027. Property could be part of future assemblage for a ground build-up development.

Single Tenant Net Lease Investment Property in prime Uptown location in Minneapolis, Minnesota. Hoban Korean BBQ has very strong sales at this location. Hoban invested heavily in their tenant improvements in 2015 and have built a strong customer base that has returned in force post Pandemic. This property offers an investor the opportunity to own a prime property on Hennepin Avenue with a single-tenant, high-performing restaurant in place. Given their sales volume and their significant investment in the property, Hoban will likely exercise their option to renew for five years in 2024 with a 4.7% annual rent increase in 2024, and 4.3% annual rent increase in 2027. Property could be part of future assemblage for a ground build-up development.

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