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Crystal Retail Center 6316-6408 56th Ave N 28,000 SF 100% Leased Retail Building Minneapolis, MN 55428 $2,995,000 ($106.96/SF) 8.79% Cap Rate
INVESTMENT HIGHLIGHTS
- Located in a dense retail corridor in the first ring suburb Crystal. The property is located just 6 miles Northwest of Downtown Minneapolis.
- Diverse tenant mix at rents significantly below market.
- Property is priced well below replacement cost.
- Retail corridor features national tenants such as Target, Aldi, Starbuck’s and McDonalds.
- Strong going-in cash flow and Cap Rate with significant upside through rent growth and converting to net leases.
- The property is located near two major interstates and two large highways, seeing over 100,000 vehicles per day.
EXECUTIVE SUMMARY
Crystal is a fully-developed, first tier suburban community just west of Minneapolis in Hennepin County, which is situated at about 5 miles from Downtown Minneapolis.
The City of Crystal has more than 240 acres dedicated to parks and open space. The city maintains 26 parks as well as numerous ball fields, courts, playgrounds, trails and activity areas. The Crystal Community Center features an outdoor aquatic center, skate park and little league baseball complex.
Crystal has been awarded the “Minnesota Star City” designation for economic development.
The City of Crystal has more than 240 acres dedicated to parks and open space. The city maintains 26 parks as well as numerous ball fields, courts, playgrounds, trails and activity areas. The Crystal Community Center features an outdoor aquatic center, skate park and little league baseball complex.
Crystal has been awarded the “Minnesota Star City” designation for economic development.
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Building Size
28,000 SF
Building Class
C
Year Built
1952
Price
$2,995,000
Price Per SF
$106.96
Cap Rate
8.79%
NOI
$263,253
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Loading Docks
1 Exterior
Slab To Slab
10’
Building FAR
0.91
Lot Size
0.71 AC
Zoning
C
Parking
70 Spaces (5.19 Spaces per 1,000 SF Leased)
AMENITIES
- Bus Line
- Signage
Walk Score®
Very Walkable (78)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 05-118-21-41-0111 | Improvements Assessment | $306,000 |
| Land Assessment | $75,000 | Total Assessment | $381,000 |
PROPERTY TAXES
Parcel Number
05-118-21-41-0111
Land Assessment
$75,000
Improvements Assessment
$306,000
Total Assessment
$381,000
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Crystal Retail Center | 6316-6408 56th Ave N
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