Modern Fuel Station with Repair
For Sale
$265,000
Pending
3 E Sheridan St, Ely, MN 55731
Fuel sales, automotive service, tire sales, compressed air, and propane filling support multiple on-site revenue functions.
Property Size1,200 SF
Days on Market3390
Property Features for 3 E Sheridan St
General Information
Standard status
Pending
Size
1,200 SF
Additional Details
Service Bays
3
Taxes and HOA fees
Annual Taxes
$2,856
Amenities
canopied island roof
compressed air service
propane filling station
Listing Agency:
Canoe Capital Realty, LLC
(218) 343-1318
Listed By:
Jerry Fink
(218) 343-1318
Source:
Exprealty
Added: May 9, 2017
Changed: Aug 13
Last Checked: Aug 18 at 2:25PM
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 Canoe Capital Realty, LLC
Investment Insights
Based on property information with market context.
This modern gas station combines fuel and oil sales with automotive service capabilities. The property includes 3 repair bays for engine and vehicle work, along with tire sales and full-service tire care. A canopied island roof covers the fueling area, while additional services include compressed air and propane filling.
Located at 3 E Sheridan St in Ely, MN, the property brings fueling, vehicle maintenance, and convenience-oriented services together in one commercial operation. The 1200 property size is included in the listing information without a stated unit of measure.
Located at 3 E Sheridan St in Ely, MN, the property brings fueling, vehicle maintenance, and convenience-oriented services together in one commercial operation. The 1200 property size is included in the listing information without a stated unit of measure.
Key Highlights
- Modern fuel station at 3 E Sheridan St, Ely, MN
- 3 repair bays for engine and automotive service
- Canopied island roof over the fueling area
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
$11,340
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
4.28%
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%
$226,800
$226.8K
Cap Rate 7%
$162,000
$162.0K
Cap Rate 9%
$126,000
$126.0K
Market Conditions
NOI Build-Up for 1,200 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
$18.0K $15.00/SF
− Vacancy
−$1.8K −$1.50/SF
EGI
$16.2K $13.50/SF
− OpEx
−$4.9K −$4.05/SF
NOI
$11.3K $9.45/SF
Area
St. Louis County, MN
Vacancy
10.00%
Lease Rate
$15.00 /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%
$226,800
Cap Rate 7%
$162,000
Cap Rate 9%
$126,000
Alternative Uses
Best Use
Specialty Retail
$465.5K
$407.3K – $543.1K
NOI $32,585 @ 7.0% cap · market cap 12.30%
Second Best
Retail
$162.0K
$141.8K – $189.0K
NOI $11,340 @ 7.0% cap · market cap 4.28%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Service bays
Location Intelligence
Trade Area within ½ mile
503
Businesses Nearby
Explore this area
Business Placement
Demographics for 55731, MN
5,494
Population
4,954
Households
1.1
Avg Household Size
54
Median Age
41%
College-Educated
94%
High-School Grad
1,606.7 sq mi
ZIP Area
3
Density / Sq Mi
$62,900
Median Household Income
$31,840
Median Earnings
$641
Median Rent
$202,900
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Gas station - Fuel sales, automotive service, tire sales, compressed air, and propane filling support multiple on-site revenue functions.
Where is this gas station located?
The property is located at 3 E Sheridan St Ely, MN.
What is the asking price?
The asking price for this property is $265,000.
What are key features of this property?
This property features: Modern fuel station at 3 E Sheridan St, Ely, MN; 3 repair bays for engine and automotive service; Canopied island roof over the fueling area
