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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) 9.25% Cap Rate
Investment Highlights
- DENSE RETAIL CORRIDOR - The offering is located in a dense retail corridor in the first ring suburb Crystal.
- RENTS SIGNIFICANTLY BELOW MARKET - The Property is 100% occupied by a diverse tenant mix at rents significantly below market.
- PRICED BELOW REPLACEMENT COST - The property is priced well below replacement cost.
- COMPLIMENTARY AND DIVERSE TENANTS - Retail corridor features national tenants such as Target, Aldi, Starbuck’s and McDonalds.
- STRONG CASH FLOW AND CAP RATE - Strong going-in cash flow and Cap Rate with significant upside through rent growth and converting to net leases.
- METRO BLUE LINE EXTENSION - The property is situated adjacent to a planned future light rail station that should significantly increase the traffic.
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.
The City of Crystal is in the midst of their Town Center Vision Plan which is to establish a compelling and cohesive 25 year vision for the Town Center Area which surround this property. The plan is to explore redevelopment and infrastructure improvement opportunities that support the City’s goals.
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.
The City of Crystal is in the midst of their Town Center Vision Plan which is to establish a compelling and cohesive 25 year vision for the Town Center Area which surround this property. The plan is to explore redevelopment and infrastructure improvement opportunities that support the City’s goals.
Crystal has been awarded the “Minnesota Star City” designation for economic development.
Property Facts
Sale Type
Investment
Property Type
Building Size
28,000 SF
Building Class
C
Year Built
1952
Price
$2,995,000
Price Per SF
$106.96
Cap Rate
9.25%
NOI
$277,026
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
Major Tenants Click Here to Access
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
- House of Beauty
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- -
- -
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Lorem Ipsum
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Jan 0000
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
| House of Beauty | - | - | - | Lorem Ipsum | Jan 0000 |
Moderately walkable
60/100
Exceptionally drivable
100/100
Some public transit
40/100
Moderately bikeable
60/100
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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