Walgreens Retail Drug
For Sale
$4,200,000
18267 Carson Ct NW, Elk River, MN 55330
Walgreens drug store situated in a high-traffic retail corridor within the Minneapolis MSA.
Property Size14,721 SF
Days on Market144
Property Features for 18267 Carson Ct NW
General Information
Standard status
Active
Size
14,721 SF
Property subtype
Commercial
Lease Term
±10 YRS
Net Operating Income
$315,000
Additional Details
Traffic Count
57,000 vehicles/day
Building Details
Building Size
14,721 SF
Year Built
2005
Listing Agency:
Matthews
Listed By:
Christian Becker · License #License No. 794055
(512) 430-4466
Source:
Matthews
Added: Apr 13
Changed: Sep 3
Last Checked: Sep 2 at 1:11PM
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 Matthews
Investment Insights
Based on property information with market context.
This Walgreens drug store is offered as a commercial retail property in Elk River, Minnesota, within the Minneapolis MSA. The property information identifies the site at 18267 Carson Ct NW.
The location is associated with a retail corridor generating more than 57,000 vehicles per day. Area population growth is listed at 10%, and the lease terms include 5% rent increases.
The location is associated with a retail corridor generating more than 57,000 vehicles per day. Area population growth is listed at 10%, and the lease terms include 5% rent increases.
Key Highlights
- Walgreens drug store in the Minneapolis MSA
- More than 57,000 VPD
- 10% population growth
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
$217,944
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
5.19%
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%
$4,358,880
$4.4M
Cap Rate 7%
$3,113,486
$3.1M
Cap Rate 9%
$2,421,600
$2.4M
Market Conditions
NOI Build-Up for 14,721 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
$309.1K $21.00/SF
− Vacancy
−$18.5K −$1.26/SF
EGI
$290.6K $19.74/SF
− OpEx
−$72.6K −$4.94/SF
NOI
$217.9K $14.81/SF
Area
Sherburne County, MN
Vacancy
6.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
25.00%
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%
$4,358,880
Cap Rate 7%
$3,113,486
Cap Rate 9%
$2,421,600
Alternative Uses
Best Use
Specialty Retail
$3.11M
$2.72M – $3.63M
NOI $217,944 @ 7.0% cap · market cap 5.19%
Second Best
Retail
$2.59M
$2.27M – $3.02M
NOI $181,310 @ 7.0% cap · market cap 4.32%
Theoretical Best
Office A
$3.51M
$3.07M – $4.10M
NOI $245,849 @ 7.0% cap · market cap 5.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
57,000 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
779
Businesses Nearby
326k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 39%
Superstores 29%
Shops & Services 19%
Home Improvements & Furnishings 10%
Walmart
Superstores
93,270 visits/mo
0.3 miles
The Home Depot
Home Improvements & Furnishings
31,112 visits/mo
0.5 miles
McDonald's
Dining
29,077 visits/mo
0.5 miles
Chipotle Mexican Grill
Dining
17,563 visits/mo
0.1 miles
Holiday Station Store
Shops & Services
17,398 visits/mo
0.1 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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Drug store - Walgreens drug store situated in a high-traffic retail corridor within the Minneapolis MSA.
Where is this drug store located?
The property is located at 18267 Carson Ct NW Elk River, MN.
What is the asking price?
The asking price for this property is $4,200,000.
What are key features of this property?
This property features: Walgreens drug store in the Minneapolis MSA; More than 57,000 VPD; 10% population growth
