Redeveloped Retail/Automotive Space on
For Sale
Contact for pricing
38450 Tanger Dr, North Branch, MN
21,000 SF redeveloped space ideal for retail or automotive businesses.
Property Size21,040 SF
Lot Size1.25 Acres
Price / SF$148.53
Days on Market325
Property Features for 38450 Tanger Dr
General Information
Standard status
Active
Size
21,040 SF
Lot size
1.25 Acres
Property subtype
RETAIL
Properties For Sale
at 38450 Tanger Dr Contact us- Floor
- 1
- Size
- 21,040 SF
- Type
- RETAIL
- Lease Type
- NET_NNN
- Availability
- AVAILABLE, Now
- Sublease
- No
Encore @ I-35
Re-Cast into a Bright, Clean, 21,000 SF conversion with heavy power and expansive...
show more
Contact us
Listing Agency:
Fort Inc
(651) 895-3217
Listed By:
Jacob Gerads
(651) 895-3217
Source:
Moodyscre
Added: Sep 29, 2025
Changed: Aug 9
Last Checked: Aug 19 at 3:18PM
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 Fort Inc
Investment Insights
Based on property information with market context.
The property, located in North Branch, features a 21,040 square foot redeveloped space with heavy power and expansive clear heights. It is suitable for moving cars, customers, or kegs. The building has been extensively redeveloped with a modern, bright finish, ready as-is for most sales and service operations, and can be customized as a full build-to-suit for critical medical, retail, or entertainment venues. The building has been transformed into a high-performance workplace, offering heavy power, high clear heights, and drive-in flexibility. Shared parking easements on adjacent lots support growth. It is suitable for auto dealerships and service centers, clinics, retail, or entertainment businesses. The building ownership has material ready for six more drive-in doors.
Key Highlights
- Heavy power, high clear heights, and drive‑in flexibility suitable for various businesses.
- Redeveloped 21,000 SF building with modern, bright finish, ready for sales and service operations.
- Located on I‑35, offering high visibility and accessibility.
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
$259,137
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
8.29%
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%
$5,182,740
$5.2M
Cap Rate 7%
$3,701,957
$3.7M
Cap Rate 9%
$2,879,300
$2.9M
Market Conditions
NOI Build-Up for 21,040 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
$398.9K $18.96/SF
− Vacancy
−$28.7K −$1.37/SF
EGI
$370.2K $17.59/SF
− OpEx
−$111.1K −$5.28/SF
NOI
$259.1K $12.32/SF
Area
Chisago County, MN
Vacancy
7.20%
Lease Rate
$18.96 /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%
$5,182,740
Cap Rate 7%
$3,701,957
Cap Rate 9%
$2,879,300
Alternative Uses
Best Use
Retail
$3.70M
$3.24M – $4.32M
NOI $259,137 @ 7.0% cap · market cap 8.29%
Second Best
Industrial
$3.27M
$2.86M – $3.81M
NOI $228,573 @ 7.0% cap · market cap 7.31%
Theoretical Best
Office A
$5.02M
$4.39M – $5.86M
NOI $351,379 @ 7.0% cap · market cap 11.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
395
Businesses Nearby
191k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 55%
Shops & Services 35%
Apparel 5%
Electronics 1%
Kwik Trip
Shops & Services
39,606 visits/mo
0.3 miles
McDonald's
Dining
25,437 visits/mo
0.4 miles
Holiday Station Store
Shops & Services
16,262 visits/mo
0.4 miles
Starbucks
Dining
14,366 visits/mo
0.4 miles
Caribou Coffee
Dining
12,000 visits/mo
0.5 miles
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?
Showroom - 21,000 SF redeveloped space ideal for retail or automotive businesses.
Where is this showroom located?
The property is located at 38450 Tanger Dr North Branch, MN.
What is the asking price?
The asking price for this property is $3,125,000.
What are key features of this property?
This property features: Heavy power, high clear heights, and drive‑in flexibility suitable for various businesses.; Redeveloped 21,000 SF building with modern, bright finish, ready for sales and service operations.; Located on I‑35, offering high visibility and accessibility.
