BP To Go, Hibbing, Minnesota

12070 US-169 no-imageVIEW MAP

Property Information

Price: $1,032,573

Cap Rate: 5.75%
NOI: $59,373
Lease Term: 15 Years
Lease Type: Absolute NNN
Building Size: Approximately 253 Square Feet
Year Built: 2000/2020
Status: Under Contract
Lead Broker Information:

Randy Bell



Property Description

Investment Highlights

  • 15 Year Absolute NNN Lease with 14 Years Remaining – Four (5-Year) Options to Renew, Creating a Stable Cash Flow Asset with No Landlord Responsibilities Whatsoever
  • 10% Rent Increases Every 5 Years Throughout the Initial Term and in Each of the Option Periods, Providing a Strong Hedge Against Inflation
  • Lease Guaranteed by Montfort Companies Parent Entity – Montfort is the Largest 7-Eleven Franchisee and Growing C-Store Operator Under the BP Brand, Which Has a Strong Presence in Minnesota with Over 150 Locations in the State
  • Convenience Stores Have Been Designated an “Essential Business” by the Department of Homeland Security
  • Recession and Internet Resistant Use – C-Stores Generate “Daily Needs” Business and Have a Stable Consumer Base
  • Strategically Positioned at the Entrance to Walmart Supercenter with Two Points of Ingress/Egress and Prominent Highway Visibility – Adjacent to the 251,000 Square Foot Irongate Mall Anchored by JC Penney and JoAnn Fabrics
  • High Traffic Location – Over 9,900 Vehicles Per Day Directly in Front of the Site on US Highway 169 which is the Most Heavily Trafficked Roadway in the Market
  • Approximately 2.5 Miles from the 73-Bed Fairview Range Medical Center with Over $272 Million in Total Patient Revenue in 2020
  • Located 3 Miles from Hibbing Community College with More Than 1,950 Students Enrolled
  • Approximately 6 Miles from Range Regional Airport, Which Supports Over 263 Local Jobs and Generates Over $36 Million in Annual Economic Activity to the Area