Building Details

Year Built 1981

Buildings 1

Stories 1

Units 1

Listing Agency: Results Commercial m***@resultscommercial.com Show Phone

Listed By: Mark Hulsey · License #MN 40169559

Source: Crexi

Added: Oct 12, 2023 Changed: Aug 13 Last Checked: Aug 20 at 6:36AM

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Investment Insights

Based on property information with market context.

This 6,650 SF building, formerly a Goodyear Tire shop, is available for sale in Crystal, MN. Situated on a high-traffic, high-visibility corner of West Broadway Avenue and 55th Avenue North, the property offers convenient highway access and is surrounded by established retailers. The building is zoned TC - Town Center Core District and presents opportunities for a new owner-user or redevelopment, with 86 apartment units already approved by the city. The layout includes a large retail storefront, two offices, a workshop with six bays and overhead doors, and an additional bay with an overhead door at the rear, along with storage space. There are three bathrooms, with two located in the retail/office area and one in the workshop. The property provides ample parking with 16 spaces in the front and additional parking available in the rear. Located at 5500 W Broadway Avenue, the building is situated within a designated Opportunity Zone, intended to encourage community and neighborhood investment. The building is currently vacant and ready for its next phase.

Key Highlights

• Redevelopment opportunity with 86 apartment units already approved.
• Excellent high‑traffic, high‑visibility corner location.**
• Located in a designated Opportunity Zone.

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

$73,610

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

6.85%

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%

$1,472,200 $1.5M

Cap Rate 7%

$1,051,571 $1.1M

Cap Rate 9%

$817,889 $817.9K

Market Conditions

NOI Build-Up for 6,650 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

$113.3K $17.04/SF

− Vacancy

−$8.2K −$1.23/SF

EGI

$105.2K $15.81/SF

− OpEx

−$31.5K −$4.74/SF

NOI

$73.6K $11.07/SF

Area

Hennepin County, MN

Vacancy

7.20%

Lease Rate

$17.04 /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%

$1,472,200

Cap Rate 7%

$1,051,571

Cap Rate 9%

$817,889

Alternative Uses

Best Use

Retail

$1.05M

$920.1K – $1.23M (±1% cap)

NOI $73,610 @ 7.0% cap · market cap 6.85%

Second Best

Industrial

$1.03M

$903.1K – $1.20M (±1% cap)

NOI $72,244 @ 7.0% cap · market cap 6.72%

Theoretical Best

Office A

$1.59M

$1.39M – $1.85M (±1% cap)

NOI $111,059 @ 7.0% cap · market cap 10.33%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Auto shops

Suggested Use

Top Pick Law Firm Real Estate Agency Garden Center Dental Office Cafe & Coffee Shop Skin Care Clinic

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

500

Businesses Nearby

10k

Monthly Visits Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 100%

Speedway Shops & Services

6,809 visits/mo 0.3 miles

Midas Shops & Services

2,776 visits/mo 0.5 miles

Precision Tune Auto Care Shops & Services

537 visits/mo 0.5 miles

Demographics for 55428, MN

31,896

Population

13,495

Households

2.4

Avg Household Size

37

Median Age

29%

College-Educated

90%

High-School Grad

8.1 sq mi

ZIP Area

3,938

Density / Sq Mi

$69,004

Median Household Income

$43,173

Median Earnings

$1,291

Median Rent

$277,900

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Questions? Ask Rey

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What type of property is this? Where is this auto shops located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Auto shop - 6,650 SF building in Crystal, MN, excellent high-traffic location.

Where is this auto shop located?

The property is located at 5500 W Broadway Crystal, MN.

What is the asking price?

The asking price for this property is $1,075,000.

What are key features of this property?

This property features: Redevelopment opportunity with **86 apartment units already approved.**; Excellent high‑traffic, high‑visibility corner location.**; Located in a designated Opportunity Zone.