Building Details

Building Size 5,200 SF

Year Built 1988

Units 4

Listing Agency: Re/Max Advantage Plus

Listed By: James L. Emond Jr. · License #20033626 Show Phone

Source: Getyoumoved

Added: Oct 19 Changed: Oct 23 Last Checked: Oct 23 at 2:26PM

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Investment Insights

Based on property information with market context.

This 5,200-square-foot retail center contains three units and was built in 1988. The property is fully occupied and carries Business/Commercial zoning.

At 10-14 Church Street in Elko New Market, the center is adjacent to a liquor store.

Key Highlights

• Three retail units; all are currently occupied
• 5,200 square feet
• Built in 1988

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$64,045

Cap Rate

3.77%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,280,900 $1.3M

Cap Rate 7%

$914,929 $914.9K

Cap Rate 9%

$711,611 $711.6K

Is this asking price fair?

Market Conditions

NOI Build-Up for 5,200 SF

Gross rent

$98.6K $18.96/SF

− Vacancy

−$7.1K −$1.37/SF

EGI

$91.5K $17.59/SF

− OpEx

−$27.4K −$5.28/SF

NOI

$64.0K $12.32/SF

Area

Scott County, MN

Vacancy

7.20%

Lease Rate

$18.96 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,280,900

Cap Rate 7%

$914,929

Cap Rate 9%

$711,611

Alternative Uses

Best Use

Retail

$914.9K

$800.6K – $1.07M (±1% cap)

NOI $64,045 @ 7.0% cap · market cap 3.77%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.24M

$1.09M – $1.45M (±1% cap)

NOI $86,843 @ 7.0% cap · market cap 5.11%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Strip malls

Suggested Use

Top Pick Dental Office Law Firm Building Supply Hair Salon Big Box & Wholesale Store Pharmacy

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

129

Businesses Nearby

2k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Dining 100%

Domino's Pizza Dining

2,040 visits/mo 0.1 miles

Demographics for 55054, MN

2,489

Population

939

Households

2.7

Avg Household Size

34

Median Age

41%

College-Educated

96%

High-School Grad

1.0 sq mi

ZIP Area

2,489

Density / Sq Mi

$151,845

Median Household Income

$64,937

Median Earnings

$2,311

Median Rent

$399,300

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Frequently Asked Questions

What type of property is this?

Strip mall - All three retail units are currently occupied.

Where is this strip mall located?

The property is located at 10-14 Church Street Elko New Market, MN.

What is the asking price?

The asking price for this property is $1,699,900.

What are key features of this property?

This property features: Three retail units; all are currently occupied; 5,200 square feet; Built in 1988