united states postal service - loopnet · 2020. 6. 4. · tenant united states postal service...
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UNITED STATES POSTAL SERVICEOffering Memorandum // 508 Main St, Tower, MN 55790touchstone
C O M M E R C I A L P A R T N E R S
JAMIE HARRISON415.539.1106
www.uspsinvestments.comTOUCHSTONE COMMERCIAL PARTNERS
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PROPERTYOVERVIEW
DEAL POINTS ASKING PRICE$215,000
CAP RATE7.5%
BUILDING SIZE+/- 2,160 Square Feet
LOT SIZE +/- 7,000 Square Feet
YEAR BUILT 1970
BUILDING ATTRIBUTES
TENANT United States Postal Service
ADDRESS 508 Main St., Tower, MN 55790
RENT PSF $8.80/ Square Foot
LEASE TYPE LL Maintenance RiderUSPS Tax Reimbursement Rider
LEASE TERM November 1, 2019 - October 31, 2024
OPTION Nov 1, 2019 - Oct 31, 2024 @ $20,910 Nov 1, 2019 - Oct 31, 2024 @ $23,000
TERMINATION 180 Days
GROSS INCOME .....................................................................$$19,008TAXES ................................................................................. ReimbursedINSURANCE ...................................... $654 AUSPL Insurance EstimateMAINTENANCE & RESERVES ................................................... $2,160NET OPERATING INCOME ....................................................... $16,194
LAKE VERMILLION, MN9.4 mi. from subject property
www.uspsinvestments.comTOUCHSTONE COMMERCIAL PARTNERS 3
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USPS ELY, MNDIST: 21.5 miles
USPS VIRGINIA, MNDIST: 27.1 miles
NEARBY USPS LOCATIONS
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NEARBYLOCATIONS
USPS: ELY, MN1
USPS: VIRGINIA, MN2
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20 MILE RADIUS
AREADEMOGRAPHICS
508 Main St
POPULATION
13,181 6,357 $69,352HOUSEHOLDS INCOME
5 Mile Radius 10 Mile Radius 15 Mile Radius
PO
PU
LA
TIO
NH
OU
SEH
OLD
SIN
CO
ME
Estimated Population (2019) 1,677 2,928 4,949
Projected Population (2024) 1,700 2,967 5,017
Census Population (2010) 1,685 2,927 4,945
Census Population (2000) 1,730 3,074 5,296
Projected Annual Growth (2019 to 2024) 0.3% 0.3% 0.3%
Historical Annual Growth (2000 to 2019) -0.2% -0.3% -0.3%
Projected Households (2024) 874 1,484 2,461
Census Households (2010) 815 1,379 2,288
Census Households (2000) 785 1,361 2,278
Projected Annual Growth (2019 to 2024) 0.6% 0.6% 0.6%
Historical Annual Growth (2000 to 2019) 0.4% 0.3% 0.3%
Estimated Average Household Income (2019) $76,096 $75,829 $76,864
Estimated Median Household Income (2019) $60,311 $59,389 $60,155
2019 Estimated Per Capita Income $38,546 $37,352 $37,167
www.uspsinvestments.comTOUCHSTONE COMMERCIAL PARTNERS 5
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AREAOVERVIEW
Tower is the the eastern gateway to beautiful Lake Vermilion. Here, visitors and residents alike can experience some of the most captivating scenery in Northeastern Minnesota. The vivid colors accompanying each season, the natural beauty of Lake Vermilion, the breathtaking sunsets...along with the area’s scenerey comes a great variety of reactional activities, making each season enjoyable. Surrounded by the Superior National Forest, Burntside State Forest and the Kabetogama State Forest, Lake Vermilion-Soudan Underground Mine State Park has long been a favorite stop on the way to the Boundary Waters Canoe Area Wilderness and Voyageurs National Park
On the southeast shore of Minnesota’s 5th largest lake, Lake Vermilion, it’s a twenty minute drive west from Tower-Soudan on beautiful Highway 169. 2018 marked the opening of the new campground at Lake Vermilion-Soudan Underground Mine State Park, a 3,000-acre $50 million venture that features group campsites, 33 drive-in sites, running water and Wi-Fi . State officials are expecting more than 400,000 visitors a year. The state is anticipated to fund another $50 million for amenities, a visitors center and more trails and campsites.
Services are here for every vacationer...resorts, campgrounds, marinas - with accommodations ranging from deluxe plans, budget camping, to excellent fishing, exhilarating water-skiing, boating, hiking, biking, touring the Soudan State park to snowmobiling, ice-fishing and cross-country skiing...Tower and Lake Vermilion has it all.
“THE EASTERN GATEWAY TO LAKE VERMILLION”
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The United States Postal Service employs some 617,000 workers, making it the third-largest civilian employer in the United States behind the federal government and Wal-Mart. In a 2006 U.S. Supreme Court decision, the Court noted: “Each day, according to the Government’s submissions here, the United States Postal Service delivers some 660 million pieces of mail to as many as 142 million delivery points.” As of 2014, the USPS operates 31,000 post offices and locations in the U.S., and delivers 155 billion pieces of mail annually.
In October 2016, the Postal Service released Future Ready, a five-year plan required by law starting in 1993. The plan outlines the Postal Service’s goals for the next five years.
1. Deliver a world-class customer experience.2. Equip, empower, and engage employees.3. Innovate faster to deliver value.4. Invest in our future platforms.
TENANTPROFILE
Touchstone Commercial Partners presents 508 Main St, Tower, MN 55790 (“Property”) for your acquisition. Touchstone Commercial Partners and owner provides the material presented herein without representation or warranty. A substantial portion of information was obtained from sources other than actual knowledge and not all sources can be absolutely confirmed. Moreover, all information is subject to changes by the parties involved as to price or terms before sale, to withdrawal of the Property from the market, and to other events beyond the control of Touchstone Commercial Partners or owner. No representation is made as to the value of this possible investment other than hypothetical scenarios. It is encouraged that you or any of your affiliates consult your business, tax and legal advisors before making a final determination of value or suitability of the Property for acquisition. As a condition of Touchstone Commercial Partners’ consent to communicate the information contained herein–as well as any information that may be communicated to you subsequently either verbally or in writing by Touchstone Commercial Partners, owner or agents of either of these parties regarding the Property–it is required that you agree to treat all such information confidentially.
JAMIE [email protected] CA DRE # 01364847
touchstoneC O M M E R C I A L P A R T N E R SCorp. Lic. 01112906www.tcpre.com
USPS OFFERING MEMORANDUM