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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1501 Broadway St New Ulm, MN 56073

    • Drive through restaurants
    • 1,362 SF
    For Lease
    View listing
    $9 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US46-2612889
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Drive through restaurants

    Property Details for 1501 Broadway St

    Year built
    1967
    Property size
    1,362 SF
    Zone code
    C2
    Property type
    Drive through restaurants
    APN
    001.001.090.01.010
    APU
    100109001010

    Description

    This exceptional retail or restaurant opportunity is located at 1501 N Broadway St, New Ulm, MN 56073, on a 0.38-acre corner lot at the intersection of Broadway Street and 15th Street. The property boasts high visibility and excellent traffic counts, with a current daily average of 15,890 vehicles passing by. The property consists of two single-story buildings totaling 3,084 square feet, currently vacant and ready for immediate occupancy. Built in 1967, the property is classified as Class B and offers a flexible layout suitable for a variety of uses, including professional services, restaurants, retail, or office space. The ample 32-parking space lot ensures convenient access for customers and employees. The property's single-tenant occupancy provides a unique opportunity for a business seeking a prominent location with high traffic exposure. The ease of build-out makes this an attractive option for businesses looking to quickly establish their presence in a thriving community. This is a rare chance to secure a prime location in a high-traffic area with significant potential for growth.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    New Ulm
    County
    Brown
    State
    Minnesota
    Longitude
    -94.475
    Latitude
    44.3273
    CBSA code
    35580
    CBSA name
    NEW ULM, MN MICROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $4,678
    $93,100
    $136,400
    $229,500
    -
    $93,100
    $136,400
    $229,500

    Comparable in this City

    • Value Estimation by Request
      1,100 SF

      315 Minnesota St

      DRIVE-THRU RESTAURANT, FAST FOOD • 1,100 SF
      315 Minnesota St, New Ulm, MN 56073-1733
      View Details
    • Value Estimation
      $1,395,000
      3,948 SF

      1922 Broadway St

      DRIVE-THRU RESTAURANT, FAST FOOD • 3,948 SF
      1922 Broadway St, New Ulm, MN 56073-3753
      View Details
    • Value Estimation by Request
      2,148 SF

      1301 Broadway St

      DRIVE-THRU RESTAURANT, FAST FOOD • 2,148 SF
      1301 Broadway St, New Ulm, MN 56073-3474
      View Details
    • Value Estimation by Request
      3,274 SF

      1404 Broadway St

      DRIVE-THRU RESTAURANT, FAST FOOD • 3,274 SF
      1404 Broadway St, New Ulm, MN 56073-3764
      View Details
    • Value Estimation by Request
      2,236 SF

      701 Minnesota St

      DRIVE-THRU RESTAURANT, FAST FOOD • 2,236 SF
      701 Minnesota St, New Ulm, MN 56073
      View Details
    • Value Estimation by Request
      2,966 SF

      1710 Westridge Rd

      DRIVE-THRU RESTAURANT, FAST FOOD • 2,966 SF
      1710 Westridge Rd, New Ulm, MN 56073-2337
      View Details

    Similar Nearby for Sale

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    • $239,900

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      Tbd Somsen St, New Ulm, MN 56073
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      Nice looking property in Downtown New Ulm, MN
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    • Contact for pricing
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      Prime New Ulm Commercial Land

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    Similar Nearby for Lease

    • $9 SF/Yr
      3,084 SF

      Prime New Ulm Retail Space

      High-visibility corner lot, 3,084 sq ft.
      1501 Broadway St, New Ulm, MN 56073
      View Details
    • $10 SF/Yr
      2,720 SF

      Retail Space on Broadway Street

      Retail property for rent with customizable work areas.
      2015 Broadway St S, New Ulm, MN 56073
      View Details
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    1501 Broadway St
    New Ulm, MN 56073
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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.

    More about this property
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