Featured Listing
LIST PRICE: $685,000

An exceptional opportunity to develop a restaurant event venue immediately next to the Twin Cities’ Top Golf. Results Commercial is proud to represent the City of Brooklyn Center to market and identify a local or national restaurant development group to take advantage of this unique destination location next to Top Golf. For more information
please contact Mark Hulsey or Hayden Hulsey, CCIM .

**Click the video below to check out the drone footage of this listing!**
Establishing List Price:
Underwriting the Asset
Establishing List Price: Underwriting the Asset

As commercial real estate (CRE) brokers focused on taking investment properties-to-market, it’s critical we approach each building or asset the same way a lender would. Before we establish a list price with our client, Results Commercial brokers must underwrite the asset. In other words, we must take the ‘offering’ apart, piece by piece to study it and be sure it all makes sense as we get ready to turn around package it up.
True underwriting from a lender’s perspective goes well beyond the numbers and includes verification of zoning & use, tenancy, environmental issues, survey, or title considerations. But as we consider a property’s disposition value and how to set a list price, this is where diligent financial analysis and underwriting is required – just like an appraisal.

It really boils down to this for selling commercial investment properties – if the numbers don’t work, it’s not selling. That means if you cannot service the debt, meet cash-flow expectations, hit cap-rate goals, or have required capital improvement reserves, it doesn’t really matter what price you put on the property. Pro-formas are a great tool, but they only get you so far when we need to underwrite to the actual asset performance.

It’s just simply not good enough to tell a property owner of a 5,000 sf, Class B, office building that it should trade for $104 sf. If it’s 50% vacant, we have a problem. If it needs a new roof and HVAC or the anchor tenant is moving out in 15 months, we have a problem. All building and tenant issues are costly to property owners and directly affect the NOI which directly correlates to disposition value.

All these issues must be understood BEFORE listing the property for sale. Often, there are underlying issues that can be easy glossed over with traditional market and income analysis. This is where digging-in deeper early-on, can make all the difference for a successful sale later.

In addition to market & income financial analysis to understand disposition value, Results Commercial brokers prepare a ‘Buyer Term’ spreadsheet that will put debt in-place with current market terms. This is how we better understand the numbers from a Debt Service Coverage point of view – a critical underwriting measurement verifying the income more than covers all building expenses plus debt service. Within this debt service analysis, we can also factor capital improvement costs, tenant improvement allowances, leasing commissions, or holding costs.

Like most industries today, in CRE it’s all about the data. Commercial brokers must have current and accurate market data readily at hand to provide the guidance clients require. Commercial data does not come easy or cheap. It’s a pay-to-play business. Ultimately, the data not only gives us the information we need, but it allows property owners and brokers to make educated decisions on critical commercial investments. The data can get complicated – it’s the CRE broker’s job to extrapolate for relevance.

At Results Commercial we’ve learned over the years it’s essential to put the time in on the front-end of prepping the listing for sale. It’s better to understand the financial upside and challenges to each investment asset we’re selling early-on, instead of seeing a property languish on the market or a deal fall apart down the road due to issues that should have been discovered when establishing the list price.

Mark Hulsey
Managing Broker
Meet Our Group!
Sawyer Hulsey,
Associate Broker

Sawyer has been working with RE/MAX Results Commercial Group since 2014 when he also received his Minnesota real estate license. Sawyer has his undergraduate degree in marketing from University of Wisconsin, River Falls.

Sawyer’recently completed CCIM 101 and works in both sales and leasing of commercial real estate.

When not working in the CRE business, Sawyer is an avid outdoorsman. Very comfortable & accomplished on the water and in the woods.

Office:  651.256.7404
SOLD - NNN Retail
915 Wildwood Dr., White Bear Lake

Net-Lease Investment Sale. $6,240,000 . Cap Rate 6.15%. 14,820 SF. 13 years remaining of lease. Mark Hulsey, Broker of Record for Listing Side.
SOLD - Flex Office/Industrial
293 Come Ave, St. Paul

51,000 SF - Industrial Commercial Investment Sale. $950,000
Excellent opportunity to reposition and stabilize this asset for professional investment buyer. Hayden Hulsey, CCIM and Mark Hulsey handled the full transaction.
SOLD - Northeast Mixed Use
1627 Washington St NE, Minneapolis

$1,050,000 . Prime Northeast Minneapolis Investment Mixed-Use Sale. 21,254 SF. Hayden Hulsey, CCIM represented the Seller and is part of a 1031 Tax Exchange Results Commercial is handling.
SOLD - Non-Profit Office
4367 Thomas Ave, Minneapolis

2,888 SF North Minneapolis, Victory Neighborhood office building sale. Local business purchased the building for their chocolate business.
SOLD - Dental Office
1604 Randolph Ave, St. Paul

Off-market dental clinic building sale with seller lease-back. Great St. Paul location for small commercial investment.
Active Listings
4 Unit Gas Station
16777 Marketplace Dr., Big Lake

$1,195,000. 4 unit retail - Real Estate + Gas Station, Convenience Store, Car Wash Business For Sale. 5,327 SF Gas Station/Convenience Store, 2,635 SF Former Restaurant , and 2 vacant retail storefronts totaling 2,376 SF. Total building: 10,338 SF + 2,190 SF Car Wash = 12,528 Total SF.Contact Hayden Hulsey, CCIM for details.
Net Lease Investment
7479 Egan Dr, Savage

$2,234,000. 7.0% CAP rate with 5.5 years remaining on the lease.Lease Expiration - 2/29/2024. Excellent market, location & intrinsic real estate value.Excellent Retail Synergy – Site is positioned among three large grocery anchors – multiple restaurants, banks, medical & dental
Contact Mark Hulsey for details.
Successful St. Paul Bar
981 University Ave - St. Paul

$699,900. Johnny Baby's Bar. Long time established bar on University Ave in St. Paul. Very well run business front to back. Good corner location with parking and loyal customer base. Contact Mark Hulsey or Douglas Harris for details or NDA to review financials.
Turn Key Dental Office
17 E. 38th Street, Minneapolis

$450,000. Turn-key South Minneapolis dentist office. Sale includes FF&E and other business assets. Two off-street parking spots. Good floorplan and finish. Perfect satellite dentist office for growing practice looking for expansion possibility. Contact Mark Hulsey for details.
PRE-MARKET - Inver Grove Heights Land

Convenient SE metro location. Land site is located on Upper 55th Street, directly across the street from the very popular Gerten's, Applebee's and AmericInn. Zoned PUD. Many great possibilities for this site! Contact Mark Hulsey for details.
Prime Office/Retail Location
7424 Lyndale Ave S, Richfield

2,019 SF. Zoned GE-General Business. Excellent Visibility on large .52 acre lot. Contact Mark Hulsey for details.
RE/MAX Results – Commercial Group
RE/MAX Results – Commercial Group, founded in 2003, is a Top-Rated, Commercial & Investment Real Estate Brokerage Firm based in Minneapolis/St. Paul, Minnesota. Our seasoned and CCIM trained Brokers focus on Office, Retail, Industrial, Multi-Family / Apartments, Land, and Net-Lease Investments.
Primary Offices:
748 Grand Ave, St. Paul, MN 55105
1609 Hennepin Ave, Minneapolis, MN 55403
5201 Eden Ave, Edina, MN 55436
604 Bielenberg Dr #100, Woodbury, MN 55125
11200 W 78th St, Eden Prairie, MN 55344
125 Lake St W, Wayzata, MN 55391