Latitudes Treatment Center

  • $1.5M
1609 Jackson Street, Saint Paul, MN 55117, USA

Latitudes Treatment Center

1609 Jackson Street, Saint Paul, MN 55117, USA
  • $1.5M

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Description

Marketing Description
Thank you for your interest in the Latitudes Treatment Center located in St. Paul, Minnesota. The tenant on the lease is Latitudes Treatment Center, LLC with a guaranty by Meridian Behavioral Health, LLC. Meridian is one of over 100 companies owned by the Audax Group, which has over $16 Billion in assets. This location operated as a chemical dependency center for 20 years. It is extremely challenging to receive zoning approval for chemical dependency centers. The property was also remodeled in 2013. There are 3 ½ years remaining on a NNN lease with 4% annual increases.

Investment Highlights
Meridian Behavioral Health is one of the fastest-growing, leading behavioral healthcare platforms in the country. Meridian’s network of eight brands serves patients at over 30 locations in five states.
The tenant on the lease is Latitudes Treatment Center, LLC with a guaranty by Meridian Behavioral Health, LLC. Meridian is one of over 100 companies owned by the Audax Group, which has over $16 Billion in assets.
This location has operated as a chemical dependency center for 20 years. It is extremely challenging to receive zoning approval for chemical dependency centers.
The property was completely remodeled in 2013, with a large lot size and the ability to expand building size.
3.5 years remain on a NNN lease with annual 4% rent increases. Highly likely to renew the lease due to barriers to entry.
The 5-Mile population of 338,376, and average household income over $77,000.
Saint Paul is the capital of Minnesota and the county seat of Ramsey County. Ramsey is the most densely populated county in Minnesota. Major corporations headquartered in Saint Paul include Ecolab and Securian Financial Group Inc. The 3M Company is often cited as one of Saint Paul’s companies, though it is located in adjacent Maplewood.

Details

Updated on November 15, 2019 at 9:40 pm
  • Property ID: 26452
  • Price: $1.5M
  • Property Size: 6854 sqft
  • Year Built: 1960
  • Property Type: Retail
  • Property Status: For Sale
  • Price Per/Sf: 212.67
  • Lot Size (acres): 1.07
  • Last Remodel Year: 2013
  • Cap Rate: 6.50%
  • Net Operating Income: 94,747
  • Investment Type: Net Lease

Additional details

  • Lease Type: NNN
  • Lease Term: 4 years
  • Rent Commencement: 03/21/2013
  • Lease Expiration: 03/31/2023
  • Remaining Term: 3.4 years
  • Average Rent/Sq Ft: $13
  • Lease Options: One 7-year
  • Address 1609 Jackson Street, Saint Paul, MN 55117, USA
  • City Saint Paul
  • State/county Minnesota
  • Zip/Postal Code 55117
  • Area North of Maryland

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Contact Information

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Keith Sturm
  • Keith Sturm
  • (612) 332-6600612.376.4488

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Keith Sturm
  • Keith Sturm