45,050 SF Retail
For Sale
Contact for pricing
15135 Galaxie Ave, Apple Valley, MN 55124
Retail asset with long-term LA Fitness lease and 7.50% cap.
Property Size45,050 SF
Price / SF$309.42
Days on Market311
Property Features for 15135 Galaxie Ave
General Information
Standard status
Active
Size
45,050 SF
Property subtype
Retail
Zoning
PD-244-2
Building Details
Year Built
2007
Listing Agency:
Bang Realty
(888) 737-2264
Listed By:
Brian Brockman · License #378952
Source:
Crexi
Added: Oct 13, 2025
Changed: Aug 8
Last Checked: Aug 8 at 6:34AM
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 Bang Realty
Investment Insights
Based on property information with market context.
This is a 45,050 square foot retail asset. The property has a 7.50% cap rate and a long-term lease with LA Fitness.
Key Highlights
- 45,050 SF Retail Asset
- Long‑Term LA Fitness Lease in place
- 7.50% Cap Rate
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
$475,106
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
3.41%
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%
$9,502,120
$9.5M
Cap Rate 7%
$6,787,229
$6.8M
Cap Rate 9%
$5,278,956
$5.3M
Market Conditions
NOI Build-Up for 45,050 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
$810.9K $18.00/SF
− Vacancy
−$132.2K −$2.93/SF
EGI
$678.7K $15.07/SF
− OpEx
−$203.6K −$4.52/SF
NOI
$475.1K $10.55/SF
Area
Dakota County, MN
Vacancy
16.30%
Lease Rate
$18.00 /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%
$9,502,120
Cap Rate 7%
$6,787,229
Cap Rate 9%
$5,278,956
Alternative Uses
Best Use
Retail
$6.79M
$5.94M – $7.92M
NOI $475,106 @ 7.0% cap · market cap 3.41%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$11.09M
$9.70M – $12.93M
NOI $776,031 @ 7.0% cap · market cap 5.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,529
Businesses Nearby
579k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 36%
Shops & Services 22%
Dining 15%
Apparel 14%
Target
Superstores
109,402 visits/mo
0.3 miles
Sam's Club
Superstores
98,978 visits/mo
0.5 miles
Kohl's
Apparel
52,971 visits/mo
0.4 miles
The Home Depot
Home Improvements & Furnishings
42,010 visits/mo
0.3 miles
Kwik Trip
Shops & Services
29,146 visits/mo
0.3 miles
Demographics for 55124, MN
56,353
Population
21,894
Households
2.6
Avg Household Size
39
Median Age
46%
College-Educated
96%
High-School Grad
16.9 sq mi
ZIP Area
3,334
Density / Sq Mi
$99,354
Median Household Income
$54,786
Median Earnings
$1,676
Median Rent
$354,200
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?
Retail space - Retail asset with long-term LA Fitness lease and 7.50% cap.
Where is this retail space located?
The property is located at 15135 Galaxie Ave Apple Valley, MN.
What is the asking price?
The asking price for this property is $13,939,200.
What are key features of this property?
This property features: 45,050 SF Retail Asset; Long‑Term LA Fitness Lease in place; 7.50% Cap Rate
