132 S Broadway
Are you up for a challenge... Kickstart your new business idea with the Albert Lea Redevelopment Challenge!
Property Details
SQUARE FOOTAGE
Total present basement 2684 ft²
Total present main level 2684 ft²
Total present 2nd floor 1760 ft² accessible only from the roof level west side. The property
is zone B-3.
HISTORY
Originally built in 1880 and is part of Albert Lea’s Historic District.
Total present foot print of structure and lot: 22’ X 122’.
ROOF SYSTEM
Second Story roof consisting of 1760 ft² has a galvanized steel roofing system. Currently has two small intermittent leaks, general roof coating can extend life of the roof.
* Suggest re-roofing that portion within 10 years.
History of Repairs
2013
6” sprinkler and domestic main stubbed into basement off of Broadway Ave.
2018
New rear roof structure including framing, joists, upper wall tuckpointing,roof deck R-27 insulation, and rubber membrane installed. New second floor entry door and lock installed.
2022
Asbestos pipe insulation and floor tile was abated; quantities of e-waste and general demolition and waste material was removed. Except for very limited items, all 3 levels are empty. New electrical service panel installed.
2023
Floor system replaced in west addition. Consisting of approximately 950 square feet.
Typical post and beam floor system approximately 95% completely replaced.
Center steel column consisting of a 3’’ x 14’ section of gas pipe was replaced with a manufactured 4’’ tube steel with welded flanges and 10,000 PSI grout base. Column loading capacity estimated in excess of 45,000 pounds.
New floor system is installed with an estimated capacity in excess of 75 pounds per square foot live load.
Rear entry assembly was replaced complete with frame and insulated door, keyed deadbolt and lever lock hardware.
Plant your dream in Downtown Albert Lea
Opportunity Package
This opportunity consists of a package containing many incentives!
Do YOU have what it takes to utilize these resources? Check them out below.
The sale price starts at $69,000 at closing.
$50,000 Grant
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We're prepared to offer you a $50,000 grant to jumpstart your business journey at 132 S. Broadway. We also offer low interest loans to help fill any gaps in financing to move your project forward.
$50,000 Matched Grant
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As the City of Albert Lea, we're prepared to match you a grant of $50,000. These funds can be used towards roof repairs, facade improvements, etc.
Spotlight Ad in Community Guide
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Get noticed in our Community Guide! We will provide a spotlight ad in our next issue of our Community Guide. This guide is both printed and viewable online and is a popular source of local information.
5 Year Membership
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Gain access to all the perks of being a Chamber of Commerce member for FIVE years at no cost to you. You'll be connected to our network of promotion and outreach as well as community involvement through events and financial incentives such as chamber bucks, cash mob, and so much more.
Marketing Campaign
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We value our historic downtown district, that's why we want to offer you the marketing campaign package. This includes a new facade drawing & $1,000 towards marketing your business. Be it new signage, or social media campaigning, you'll be part of our historic downtown network.
Low Interest Loans
Freeborn Mower Electric Co-op,
City of Albert Lea
Albert Lea Economic Development Agency
Low interest loans available through each of these partners.
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