Welcome to 123/125 Main St N in Downtown Cambridge, MN

For Sale: Downtown Cambridge Office Building with Established Tenant! This Main Street property showcases a delightful storefront with display windows, existing signage, two units, two front entrances and two back doors, a shared hallway leading to an ADA bathroom, and a parking lot with 5 assigned spaces accessible from the alley. The current tenant occupies both units but is open to renegotiating their lease, potentially freeing up unit 125 for the buyer's use while the tenant remains in unit 123. Recent interior upgrades in the past five years include new carpet, tile, paint, a renovated ADA bathroom, 6-panel wood doors, and a new furnace and A/C. Interested buyers should reach out to the City of Cambridge for details on zoning rules and restrictions. Don't miss the chance to own, occupy, or invest in this property with a lucrative 8% cap rate.

 

Important Details and Information:

• Verification Responsibilities:

  • Agent/Buyer to verify all measurements, information, and zoning rules and restrictions with the City of Cambridge.

• Lease Details:

  • Current tenant's lease has approximately 9 months remaining.
  • Gross Lease ($1,750/month)
  • Owner Expense: Electric, Fuel, Insurance, Janitorial, Maintenance/Repair, Snow, Taxes, Trash, Water/Sewer
  • Tenant Expense: Internet/Phone

• Expenses and Income:

  • Annual Expenses = $7,700
  • Annual Gross Income = $21,000
  • Annual Net Income = $13,300

• Property Overview:

  • Year Built = 1935
  • Freestanding
  • Total Units = 2 (Unit 123 = 268sf and Unit 125 = 235sf)
  • Building SF = 1,218
  • Finished SF = 609
  • Foundation Size = 609
  • Foundation Dimensions = 21x29
  • Lot Dimensions = 25x125
  • Parking area with 5 assigned spaces on the south side of the parking lot.
  • Half of the parking lot is owned, is included in the lot dimensions and is included in the sale.
  • Parking lot agreement with the building owner to the north exists.
  • 2023 Tax Amount = $2,350
  • Zoning = Business/Commercial
  • Current Use = Professional Service
  • Road Frontage:  City Curbs, Paved Streets, Sidewalks, Storm Sewer, Street Lights

• Lease Modification Option:

  • Current tenant willing to modify lease terms by reducing leased space and monthly rate.
  • Option for the tenant to occupy only unit 123, creating space for the Buyer to occupy unit 125.

• Utilities and Systems:

  • Thermostat for the entire building is located in unit 125.
  • Building interior updated 3-5 years ago: new carpet, tile, paint, ADA bath, 6-panel wood doors, forced air natural gas furnace, and central A/C.
  • Flat rubber roof is approximately 15 years old.
  • Existing security system fixtures do not function.
  • Furnace, water heater, and internet equipment are located in unfinished basement
  • Electric Common, Heating Common, Hot Water Common