Leased Multi-Tenant Retail
For Sale
Contact for pricing
18170 Zane St NW, Elk River, MN 55330
100% leased retail asset anchored by Subway and Batteries Plus with defined 5-year options and annual rent escalations.
Property Size3,860 SF
Price / SF$427.46
Days on Market139
Property Features for 18170 Zane St NW
General Information
Standard status
Active
Size
3,860 SF
Property subtype
RETAIL
Occupancy
100%
Building Details
Tenancy
Multi
Listing Agency:
Upland Real Estate Group, Inc
(612) 332-6600
Listed By:
Joshua Huempfner
(612) 227-0757
Source:
Moodyscre
Added: Apr 21
Changed: Aug 15
Last Checked: Jul 22 at 7:21AM
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 Upland Real Estate Group, Inc
Investment Insights
Based on property information with market context.
This multi-tenant retail asset is 100% leased and operates with a dual income stream across two service-oriented national tenants. The property includes Subway and Batteries Plus, providing diversified retail exposure within a single ownership.
Subway is expected to exercise a 5-year option with 2% annual increases. Batteries Plus includes a 5-year option with 3% annual increases. The offering is for sale at 18170 Zane St NW in Elk River, Minnesota, totaling 3,860 square feet.
Subway is expected to exercise a 5-year option with 2% annual increases. Batteries Plus includes a 5-year option with 3% annual increases. The offering is for sale at 18170 Zane St NW in Elk River, Minnesota, totaling 3,860 square feet.
Key Highlights
- 100% leased multi‑tenant retail asset anchored by Subway and Batteries Plus
- Two service‑oriented users create a dual income stream
- Subway has an expected 5‑year option with 2% annual rent increases
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
$47,541
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
2.88%
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%
$950,820
$950.8K
Cap Rate 7%
$679,157
$679.2K
Cap Rate 9%
$528,233
$528.2K
Market Conditions
NOI Build-Up for 3,860 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
$73.2K $18.96/SF
− Vacancy
−$5.3K −$1.37/SF
EGI
$67.9K $17.59/SF
− OpEx
−$20.4K −$5.28/SF
NOI
$47.5K $12.32/SF
Area
Sherburne County, MN
Vacancy
7.20%
Lease Rate
$18.96 /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%
$950,820
Cap Rate 7%
$679,157
Cap Rate 9%
$528,233
Alternative Uses
Best Use
Retail
$679.2K
$594.3K – $792.4K
NOI $47,541 @ 7.0% cap · market cap 2.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$920.9K
$805.8K – $1.07M
NOI $64,464 @ 7.0% cap · market cap 3.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
586
Businesses Nearby
284k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 33%
Dining 26%
Shops & Services 22%
Home Improvements & Furnishings 14%
Walmart
Superstores
93,270 visits/mo
0.1 miles
The Home Depot
Home Improvements & Furnishings
31,112 visits/mo
0.3 miles
Chipotle Mexican Grill
Dining
17,563 visits/mo
0.2 miles
Holiday Station Store
Shops & Services
17,398 visits/mo
0.2 miles
PetSmart
Shops & Services
14,112 visits/mo
0.2 miles
Demographics for 55330, MN
43,626
Population
16,796
Households
2.6
Avg Household Size
37
Median Age
33%
College-Educated
94%
High-School Grad
106.6 sq mi
ZIP Area
409
Density / Sq Mi
$111,481
Median Household Income
$59,332
Median Earnings
$1,356
Median Rent
$355,200
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 - 100% leased retail asset anchored by Subway and Batteries Plus with defined 5-year options and annual rent escalations.
Where is this retail space located?
The property is located at 18170 Zane St NW Elk River, MN.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: 100% leased multi‑tenant retail asset anchored by Subway and Batteries Plus; Two service‑oriented users create a dual income stream; Subway has an expected 5‑year option with 2% annual rent increases
