Building Details

Building Size 3,657 SF

Year Built 1900

Buildings 1

Units 3

Listing Agency: Counselor Realty Inc of Alex

Listed By: Rebecca R Whiting Show Phone

Source: Getyoumoved

Added: Oct 19 Changed: Oct 23 Last Checked: Oct 23 at 2:24PM

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Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Counselor Realty Inc of Alex

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Investment Insights

Based on property information with market context.

Built in 1900, this mixed-use property contains three units, each with its own entrance. The upper level includes a two-bedroom apartment; previous uses have included office space. A wheelchair ramp serves one unit, and a stone sign stands at the corner.

The property occupies a corner lot on Broadway, also designated State Hwy 29, with stoplights at the intersection. Walgreens is across the street. An alley-access parking lot accommodates approximately 10 cars.

Key Highlights

• Three units, each with a separate entrance
• Upper‑level 2 BR apartment
• Corner property on Broadway, also State Hwy 29

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$36,204

Cap Rate

8.52%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$724,080 $724.1K

Cap Rate 7%

$517,200 $517.2K

Cap Rate 9%

$402,267 $402.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,657 SF

Gross rent

$65.8K $18.00/SF

− Vacancy

−$7.9K −$2.16/SF

EGI

$57.9K $15.84/SF

− OpEx

−$21.7K −$5.94/SF

NOI

$36.2K $9.90/SF

Area

Douglas County, MN

Vacancy

12.00%

Lease Rate

$18.00 /SF/Yr

Expense Ratio

37.50%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$724,080

Cap Rate 7%

$517,200

Cap Rate 9%

$402,267

Alternative Uses

Best Use

Retail

$1.08M

$941.6K – $1.26M (±1% cap)

NOI $75,331 @ 7.0% cap · market cap 17.72%

Second Best

Mixed Use

$517.2K

$452.6K – $603.4K (±1% cap)

NOI $36,204 @ 7.0% cap · market cap 8.52%

Theoretical Best

Specialty Retail

$1.15M

$1.01M – $1.35M (±1% cap)

NOI $80,712 @ 7.0% cap · market cap 18.99%

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

Property Analytics

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Current Use

Storefront properties

Suggested Use

Top Pick Bakery Storage Facility HVAC Service Grocery & Convenience Store Carpet & Flooring Store Garden Center

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

1,218

Businesses Nearby

Explore this area Business Placement

Demographics for 56308, MN

26,391

Population

14,350

Households

1.8

Avg Household Size

44

Median Age

33%

College-Educated

96%

High-School Grad

155.9 sq mi

ZIP Area

169

Density / Sq Mi

$76,831

Median Household Income

$43,999

Median Earnings

$921

Median Rent

$307,600

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

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Three independently accessed units include commercial spaces and an upper-level apartment.

Where is this mixed-use property located?

The property is located at 1002 Broadway Street Alexandria, MN.

What is the asking price?

The asking price for this property is $425,000.

What are key features of this property?

This property features: Three units, each with a separate entrance; Upper‑level 2 BR apartment; Corner property on Broadway, also State Hwy 29