Church and Event
New
For Sale
$3,477,777
13545 Martin St NW, Andover, MN 55304
Includes a commercial kitchen, high ceilings, and broad open areas for group gatherings.
Property Size20,792 SF
Price / SF$167.27
Days on Market6
Property Features for 13545 Martin St NW
General Information
Standard status
Active
Size
20,792 SF
Building Details
Year Built
2000
Buildings
1
Listing Agency:
ROCK SOLID Companies
(612) 435-7770
Listed By:
Ron Touchette
Source:
Vibemn
Added: Aug 25
Changed: Aug 28
Last Checked: Aug 29 at 12:27PM
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 ROCK SOLID Companies
Investment Insights
Based on property information with market context.
Built in 2000, this 20,792-square-foot property combines event-center functionality with a prior church use. The building includes high ceilings, expansive open congregational areas, and a full commercial restaurant and catering kitchen. It was used for church services on Sundays and religious holidays until a few months ago.
Located at 13545 Martin St NW in Andover, Minnesota, the property sits within the city’s retail and community activity areas. Its existing layout supports continued event use, religious occupancy, or other business operations suited to the building’s open gathering spaces and food-service improvements.
Located at 13545 Martin St NW in Andover, Minnesota, the property sits within the city’s retail and community activity areas. Its existing layout supports continued event use, religious occupancy, or other business operations suited to the building’s open gathering spaces and food-service improvements.
Key Highlights
- 20,792‑square‑foot building constructed in 2000
- Previously used as a church on Sundays and religious holidays
- Full commercial restaurant and catering kitchen
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
$225,878
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
6.49%
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%
$4,517,560
$4.5M
Cap Rate 7%
$3,226,829
$3.2M
Cap Rate 9%
$2,509,756
$2.5M
Market Conditions
NOI Build-Up for 20,792 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
$336.8K $16.20/SF
− Vacancy
−$14.1K −$0.68/SF
EGI
$322.7K $15.52/SF
− OpEx
−$96.8K −$4.66/SF
NOI
$225.9K $10.86/SF
Area
Anoka County, MN
Vacancy
4.20%
Lease Rate
$16.20 /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%
$4,517,560
Cap Rate 7%
$3,226,829
Cap Rate 9%
$2,509,756
Alternative Uses
Best Use
Industrial
$3.23M
$2.82M – $3.76M
NOI $225,878 @ 7.0% cap · market cap 6.49%
Second Best
Specialty Retail
$3.11M
$2.72M – $3.63M
NOI $217,536 @ 7.0% cap · market cap 6.26%
Theoretical Best
Office A
$5.78M
$5.05M – $6.74M
NOI $404,276 @ 7.0% cap · market cap 11.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
569
Businesses Nearby
260k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 62%
Shops & Services 24%
Dining 12%
Beauty & Spa 1%
Walmart
Superstores
97,114 visits/mo
0.3 miles
Target
Superstores
63,753 visits/mo
0.1 miles
Kwik Trip
Shops & Services
37,909 visits/mo
0.2 miles
Dollar Tree
Shops & Services
15,431 visits/mo
0.5 miles
Pizza Ranch
Dining
13,276 visits/mo
0.3 miles
Demographics for 55304, MN
49,128
Population
17,318
Households
2.8
Avg Household Size
40
Median Age
37%
College-Educated
96%
High-School Grad
68.6 sq mi
ZIP Area
716
Density / Sq Mi
$127,145
Median Household Income
$60,835
Median Earnings
$1,628
Median Rent
$402,600
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?
Church & religious facility - Includes a commercial kitchen, high ceilings, and broad open areas for group gatherings.
Where is this church & religious facility located?
The property is located at 13545 Martin St NW Andover, MN.
What is the asking price?
The asking price for this property is $3,477,777.
What are key features of this property?
This property features: 20,792‑square‑foot building constructed in 2000; Previously used as a church on Sundays and religious holidays; Full commercial restaurant and catering kitchen
