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    Profitable Fun Park on Highway Title is generated by Realmo AI

    190 Progress Way, Spicer, MN 56288

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    For Sale
    $1,250,000

    Family entertainment venue with year-round growth opportunities in Spicer, Minnesota.

    Type:Shopping Center / Retail
    Property size:
    3,333 SF
    Price / SF:
    $375/SF
    Added:
    Sep 25, 2025
    Days on Market:
    239
    Last Refresh:
    Apr 5 at 8:17 pm

    Property Features for 190 Progress Way

    General Information

    Standard status
    Active
    Size
    3,333 SF
    Property subtype
    Shopping Center / Retail

    Building Details

    Year Built
    2007

    We can help!

    Listing Contact
    Mark Hulsey
    Mark Hulsey

    Listing agent Mark Hulsey License #40169559

    Listing office RE/MAX

    Listing date Sep 25, 2025

    Source Remaxcommercial

    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 RE/MAX

    HighLights

    • Strong year‑over‑year Net Operating Income (NOI) makes this an attractive investment opportunity.
    • Proven business model with sales growth every year for the past 8 years.
    • Located on 4.49 acres on Highway 23, a primary highway with high traffic, surrounded by retail and hospitality businesses.
    • Diverse revenue streams from miniature golf, go‑karts, bumper boats, Godfather's Pizza Express franchise, and other food sales.
    • Located near Green Lake, a popular tourist destination, and a new world‑class golf course (Tepetonka) opening in 2024.
    • Opportunity for new ownership to grow the business in multiple ways.

    Overview

    Big Kahuna Fun Park is a family entertainment venue located in Spicer, Minnesota. Situated on 4.49 acres, the property includes 3 buildings and is zoned B2 Highway Commercial. The park is positioned on Highway 23, a primary thoroughfare, surrounded by retail and hospitality businesses. The park features an 18-hole miniature golf course, go-karts, and bumper boats. Food options are available on-site, including a Godfather’s Pizza Express franchise and ice cream. The business operates with a seasonal staff. The property is located near Green Lake in Kandiyohi County, part of the Willmar Lakes Area, a tourism destination in Central Minnesota. A new private golf course is under development and planned to open in Summer 2024 minutes from Big Kahuna Fun Park. The property presents an investment opportunity with potential for growth. The existing business has experienced sales growth each year for the past 8 years. The property is suitable for an owner-operator or investment group. The property is located approximately two hours from the Twin Cities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Godfather's Pizza Express ... Restaurant Big Kahuna Fun ... Arcade & Gaming Center

    Suggested Use

    Restaurant Real Estate Agency Law Firm Spa & Massage Center Building Supply Dental Office Auto Repair Shop Nail Salon Hotel & Motel Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Spicer
    County
    Kandiyohi
    State
    Minnesota
    Longitude
    -94.9418
    Latitude
    45.2273

    FAQs

    What type of property is this?
    Amusement park - Family entertainment venue with year-round growth opportunities in Spicer, Minnesota.
    Where is this amusement park located?
    The property is located at 190 Progress Way Spicer, MN.
    What is the asking price?
    The asking price for this property is $1,250,000.
    What are key features of this property?
    This property features: Strong year‑over‑year Net Operating Income (NOI) makes this an attractive investment opportunity.; Proven business model with sales growth every year for the past 8 years.; Located on 4.49 acres on Highway 23, a primary highway with high traffic, surrounded by retail and hospitality businesses.
    (651) 256-7404
    We can help!
    Listing Contact
    Mark Hulsey
    Mark Hulsey
    Real Estate License ID: 40169559
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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