Listing Agency: Inventure Real Estate Show Phone

Listed By: Jacob Cleveland · License #40793812 Show Phone

Source: Moodyscre

Added: Jan 31, 2025 Changed: Sep 10 Last Checked: Oct 4 at 8:10AM

Report an Issue

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 Inventure Real Estate

Investment Insights

Based on property information with market context.

This Class A office building is located in Andover, Minnesota, with frontage on Bunker Lake Boulevard, which sees over 15,000 vehicles per day. The property is a single-tenant, state-of-the-art office building. Andover is located in Anoka County, which has been ranked as one of the top 10 fastest-growing counties in Minnesota since 2010. The property is suitable for the residential real estate business. The building has a property size of 13,600 square feet.

Key Highlights

• Single tenant, Class A office building.
• Located in Andover, Minnesota.
• Tenant is Re/Max Results, the largest/most productive Re/Max franchise in the U.S.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$188,653

Cap Rate

3.61%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,773,060 $3.8M

Cap Rate 7%

$2,695,043 $2.7M

Cap Rate 9%

$2,096,144 $2.1M

Market Conditions

NOI Build-Up for 13,600 SF

Gross rent

$339.5K $24.96/SF

− Vacancy

−$87.9K −$6.46/SF

EGI

$251.5K $18.50/SF

− OpEx

−$62.9K −$4.62/SF

NOI

$188.7K $13.87/SF

Area

Anoka County, MN

Vacancy

25.90%

Lease Rate

$24.96 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,773,060

Cap Rate 7%

$2,695,043

Cap Rate 9%

$2,096,144

Alternative Uses

Best Use

Office B

$2.70M

$2.36M – $3.14M (±1% cap)

NOI $188,653 @ 7.0% cap · market cap 3.61%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$3.78M

$3.31M – $4.41M (±1% cap)

NOI $264,436 @ 7.0% cap · market cap 5.07%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Unlock full access to Insights Subscribe to Realmo Intelligence

Open Analytics

Current Use

Office buildings

Suggested Use

Top Pick Law Firm Dental Office Restaurant Building Supply Hair Salon Spa & Massage Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

25

Businesses Nearby

Explore this area Business Placement

Market

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this office buildings located? What is the asking price? Find similar properties What are key features of this property?

Similar For Sale Nearby

Church and Event Center

13545 Martin St NW, Andover, MN 55304

$3,477,777

20,792 SF

View details

Andover Industrial Building For Sale

1671 139th Lane Northwest, Andover, MN 55304

Contact for pricing

51,200 SF

View details

Frequently Asked Questions

What type of property is this?

Office building - Single tenant office building in a growing Minnesota community.

Where is this office building located?

The property is located at 2677 Bunker Lake Blvd NW Andover, MN.

What is the asking price?

The asking price for this property is $5,219,128.

What are key features of this property?

This property features: Single tenant, Class A office building.; Located in Andover, Minnesota.; Tenant is Re/Max Results, the largest/most productive Re/Max franchise in the U.S.