Two-Bay Automotive
For Sale
$149,900
1103 Grant Ave, Eveleth, MN 55734
Includes a private office, storage areas, customer lounge, and half bathroom for daily operations.
Property Size1,488 SF
Price / SF$100.74
Days on Market26
Property Features for 1103 Grant Ave
General Information
Standard status
Active
Size
1,488 SF
Additional Details
Drive-In Doors
2
Service Bays
2
Taxes and HOA fees
Annual Taxes
$1,096
Amenities
customer lounge
half bathroom
Building Details
Buildings
1
Listing Agency:
Messina & Associates Real Estate
(218) 330-7127
Listed By:
Brenna Fahlin
(218) 330-7127
Source:
Exprealty
Added: Aug 6
Changed: Aug 29
Last Checked: Aug 30 at 11:59PM
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 Messina & Associates Real Estate
Investment Insights
Based on property information with market context.
This 1,488 SF automotive shop provides a practical operating layout with two independent garage bays beneath one roof. Each bay has an extra-tall overhead door and substantial ceiling clearance, supporting vehicle service, equipment storage, or other workspace needs. The building also includes a dedicated office, storage throughout, and a front waiting area arranged as a customer lounge with a half bathroom.
Located at 1103 Grant Ave in Eveleth, Minnesota, the property sits across from Northside Park. Its existing configuration supports automotive repair or restoration, while the separate bays and supporting areas can accommodate contractor, trade, fabrication, hobby, or other commercial operations identified in the property information.
Located at 1103 Grant Ave in Eveleth, Minnesota, the property sits across from Northside Park. Its existing configuration supports automotive repair or restoration, while the separate bays and supporting areas can accommodate contractor, trade, fabrication, hobby, or other commercial operations identified in the property information.
Key Highlights
- 1,488 SF automotive shop at 1103 Grant Ave, Eveleth, MN
- Two separate garage bays under one roof
- Extra‑tall overhead doors with substantial ceiling height
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$5,886
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.93%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$117,720
$117.7K
Cap Rate 7%
$84,086
$84.1K
Cap Rate 9%
$65,400
$65.4K
Market Conditions
NOI Build-Up for 1,488 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$8.7K $5.88/SF
− Vacancy
−$341 −$0.23/SF
EGI
$8.4K $5.65/SF
− OpEx
−$2.5K −$1.70/SF
NOI
$5.9K $3.96/SF
Area
St. Louis County, MN
Vacancy
3.90%
Lease Rate
$5.88 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$117,720
Cap Rate 7%
$84,086
Cap Rate 9%
$65,400
Alternative Uses
Best Use
Flex RnD
$500.3K
$437.7K – $583.6K
NOI $35,018 @ 7.0% cap · market cap 23.36%
Second Best
Retail
$200.9K
$175.8K – $234.4K
NOI $14,062 @ 7.0% cap · market cap 9.38%
Theoretical Best
Specialty Retail
$577.2K
$505.1K – $673.4K
NOI $40,405 @ 7.0% cap · market cap 26.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Drive-in doors
2
Service bays
Location Intelligence
Trade Area within ½ mile
161
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 55734, MN
5,964
Population
3,516
Households
1.7
Avg Household Size
46
Median Age
25%
College-Educated
96%
High-School Grad
78.2 sq mi
ZIP Area
76
Density / Sq Mi
$65,750
Median Household Income
$47,015
Median Earnings
$851
Median Rent
$143,700
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Ed's Body Shop — 410 Fayal Rd, Eveleth, MN 55734
- S & S Services Garage — 501 Fayal Rd, Eveleth, MN 55734
- J.M. Auto Service — 1303 Industrial Pkwy, Eveleth, MN 55734
- Lundgren Motors — us-53, eveleth, mn 55734
- Lundgren Ford Service — 900 Old Hwy 53, Eveleth, MN 55734
Frequently Asked Questions
What type of property is this?
Auto shop - Includes a private office, storage areas, customer lounge, and half bathroom for daily operations.
Where is this auto shop located?
The property is located at 1103 Grant Ave Eveleth, MN.
What is the asking price?
The asking price for this property is $149,900.
What are key features of this property?
This property features: 1,488 SF automotive shop at 1103 Grant Ave, Eveleth, MN; Two separate garage bays under one roof; Extra‑tall overhead doors with substantial ceiling height
