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    Former Goodyear Tire Building For Sale Title is generated by Realmo AI

    5500 W Broadway, Crystal, MN 55428

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

    Type:Retail
    Property size:
    6,650 SF
    Price / SF:
    $161/SF
    Added:
    Oct 12, 2023
    Days on Market:
    954
    Last Refresh:
    May 12 at 10:02 pm

    Property Features for 5500 W Broadway

    General Information

    Standard status
    Active
    Size
    6,650 SF
    Property subtype
    Retail

    Building Details

    Year Built
    1981

    We can help!

    Listing Contact
    Mark Hulsey

    Listing agent Mark Hulsey License #MN 40169559

    Listing office Results Commercial

    Listing date Oct 12, 2023

    Source Crexi

    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 Results Commercial

    HighLights

    • Redevelopment opportunity with 86 apartment units already approved.
    • Excellent high‑traffic, high‑visibility corner location.
    • Located in a designated Opportunity Zone.
    • 6,650 SF former Goodyear Tire building suitable for owner‑user or redevelopment.
    • Workshop with 6 bays and overhead doors, plus 1 bay and overhead door in the back.
    • Ample parking with 16 spots in the front and additional room in the rear.

    Overview

    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.

    Financial Insights

    Value Estimation Calculated for Retail

    Conservative
    $817.9K
    NOI $73,610 @ 9.00% cap · cautious / downside scenario
    Moderate
    $1.05M
    NOI $73,610 @ 7.00% cap · market / base-case scenario
    Aggressive
    $1.47M
    NOI $73,610 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Retail

    Component $ $/SF
    Gross rent $113.3k $17.04
    − Vacancy −$8.2k −$1.23
    EGI $105.2k $15.81
    − OpEx −$31.5k −$4.74
    NOI $73.6k $11.07
    6,650 SF · lease $17.04/SF/yr · vacancy 7.20% · expense 30.00%

    Alternative Use Scenarios

    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 local authorities.
    Location Intelligence

    Current Use by Public Records

    Auto shops

    Similar Places Nearby

    • AVEwR la grange — 610 sσùth la grange rσad FP 86Q83J2G+PM là gràñge 60525 ¡l, New Hope, MN 55428
    • Jnf Services — 5747 w broadway ave # 212, minneapolis, mn 55428
    • Midas — 5604 Winnetka Ave N, New Hope, MN 55428
    • Precision Tune Auto Care — 5600 Winnetka Ave N, New Hope, MN 55428
    • Ray's Independence Auto — 8811 E Research Center Rd, New Hope, MN 55428

    Map

    City
    Crystal
    County
    Hennepin
    State
    Minnesota
    Longitude
    -93.3804
    Latitude
    45.0617

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    FAQs

    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.
    (651) 256-7404 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Mark Hulsey
    Real Estate License ID: MN 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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