Storefront Retail Building with
For Sale
$1,445,000
23554 Smiley Road, Nisswa, MN 56468
Business/commercial-zoned property with showroom, service space, storage, and supplemental outbuildings along State Hwy 371.
Property Size4,400 SF
Lot Size7.00 Acres
Price / SF$328.41
Days on Market285
Property Features for 23554 Smiley Road
General Information
Standard status
Active
Size
4,400 SF
Lot size
7.00 Acres
Property subtype
Commercial
Zoning
Business/Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$13,328
Amenities
finished showroom
service/workshop area
two overhead service doors
inventory storage
breakroom
heated pole shed
two overhead garage doors
concrete floor
overhead door
Building Details
Building Size
4,400 SF
Year Built
2015
Buildings
3
Stories
1
Units
3
Construction
half-log-sided
Listing Agency:
Kurilla Real Estate LTD
(218) 838-9309
Listed By:
Sandy J Smith
(218) 838-9309
Source:
Juverealestate
Added: Nov 10, 2025
Changed: Aug 22
Last Checked: Aug 22 at 4:49AM
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 Kurilla Real Estate LTD
Investment Insights
Based on property information with market context.
This storefront property includes a 4,400-square-foot retail building constructed in 2015. The half-log-sided building combines a finished showroom with a service and workshop area, inventory storage, and a breakroom. Two overhead service doors support the workshop area.
The property encompasses 7 acres with 243+/- feet of frontage on State Hwy 371, positioned just south of Nisswa, Minnesota. Access is available from both northbound and southbound highway lanes. Business/commercial zoning applies to the site.
Additional improvements include a 38-by-30-foot heated pole shed with two overhead garage doors and a concrete floor, plus a 30-by-26-foot pole shed with one overhead door and a concrete floor.
The property encompasses 7 acres with 243+/- feet of frontage on State Hwy 371, positioned just south of Nisswa, Minnesota. Access is available from both northbound and southbound highway lanes. Business/commercial zoning applies to the site.
Additional improvements include a 38-by-30-foot heated pole shed with two overhead garage doors and a concrete floor, plus a 30-by-26-foot pole shed with one overhead door and a concrete floor.
Key Highlights
- 7 acres with 243+/-' of frontage on State Hwy 371
- 4,400 sq ft half‑log‑sided retail building constructed in 2015
- Finished showroom, service/workshop area, inventory storage, and breakroom
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
$40,804
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
2.82%
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%
$816,080
$816.1K
Cap Rate 7%
$582,914
$582.9K
Cap Rate 9%
$453,378
$453.4K
Market Conditions
NOI Build-Up for 4,400 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
$63.4K $14.40/SF
− Vacancy
−$5.1K −$1.15/SF
EGI
$58.3K $13.25/SF
− OpEx
−$17.5K −$3.97/SF
NOI
$40.8K $9.27/SF
Area
Crow Wing County, MN
Vacancy
8.00%
Lease Rate
$14.40 /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%
$816,080
Cap Rate 7%
$582,914
Cap Rate 9%
$453,378
Alternative Uses
Best Use
Retail
$582.9K
$510.1K – $680.1K
NOI $40,804 @ 7.0% cap · market cap 2.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$934.1K
$817.4K – $1.09M
NOI $65,388 @ 7.0% cap · market cap 4.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
98
Businesses Nearby
25k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 71%
Dining 29%
Holiday Station Store
Shops & Services
17,897 visits/mo
0.4 miles
Wendy's
Dining
7,387 visits/mo
0.5 miles
Demographics for 56468, MN
4,525
Population
3,653
Households
1.2
Avg Household Size
53
Median Age
42%
College-Educated
96%
High-School Grad
49.8 sq mi
ZIP Area
91
Density / Sq Mi
$103,698
Median Household Income
$49,531
Median Earnings
$995
Median Rent
$437,000
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.
Frequently Asked Questions
What type of property is this?
Storefront property - Business/commercial-zoned property with showroom, service space, storage, and supplemental outbuildings along State Hwy 371.
Where is this storefront property located?
The property is located at 23554 Smiley Road Nisswa, MN.
What is the asking price?
The asking price for this property is $1,445,000.
What are key features of this property?
This property features: 7 acres with 243+/-' of frontage on State Hwy 371; 4,400 sq ft half‑log‑sided retail building constructed in 2015; Finished showroom, service/workshop area, inventory storage, and breakroom
