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    108 W Center Street Lake City, MN 55041

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    Claim this Listing
    New
    For Sale
    $375,000

    Commercial - Lake City, MN

    Lot size:
    0.08 Acres
    Added:
    Apr 13, 2026
    Days on Market:
    4
    Last Refresh:
    Apr 16 at 3:06 pm

    Property Features for 108 W Center Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Business/Commercial
    Exterior features
    Brick/Stone, Stucco
    Standard status
    Active
    APN
    R220037506
    Lot size
    0.08 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    11802

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    1973
    Roof type
    Flat
    Architectural style
    Other

    We can help!

    Listing Contact
    Diane Schurhammer
    Diane Schurhammer

    Listing agent Diane Schurhammer

    Listing office Schurhammer Real Estate, LLC 212 S. Washington St., Lake City, MN

    Listing date Apr 13, 2026

    MLS# 7052965 Listing URL

    Copyright © 2026 Northstar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Downtown Lake City Commercial Building

    Located in downtown Lake City, Minnesota, this commercial building is currently configured as office space. The property is situated in a busy location, offering proximity to Lake Pepin and various downtown shops and restaurants. The main floor features seven offices, two handicap-accessible bathrooms, a large conference room, a work area suitable for making copies and assembling presentations, and a community break room. The two front offices include large windows facing the street and sidewalk, providing visibility. The second floor contains three additional offices, cubical space, and a bathroom. An unfinished full basement offers storage space for files, inventory, and supplies. This property presents an opportunity for workspace and the potential to rent out other spaces for additional income.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    JMC Inc. (Bike/Boat/Book/etc) Store Svoboda Law Law Firm Kemp Real Estate, ... Real Estate Agency Larry Hawe - Thrivent Financial Advisor J M & C ... (Bike/Boat/Book/etc) Store

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lake City
    County
    Wabasha
    State
    Minnesota
    Longitude
    -92.266139
    Latitude
    44.448656

    Nearby Similar for Sale

    • $395,000

      Lake City Landmark For Sale

      Well-maintained commercial building in downtown Lake City, Minnesota.
      100 S Washington Street, Lake City, MN 55041
      View Details
    • $1,500,000
      18,000 SF

      Versatile Commercial Property on 7th Street

      Well-built commercial property with flexible office and warehouse spaces.
      1215 N 7th Street, Lake City, MN 55041
      View Details

    FAQs

    What type of property is this?
    Office building - Commercial building in downtown Lake City near Lake Pepin.
    Where is this office building located?
    The property is located at 108 W Center Street Lake City, MN.
    What is the asking price?
    The asking price for this property is $375,000.
    What are key features of this property?
    This property features: Prime downtown location in Lake City, near Lake Pepin, shops, and restaurants.; Income‑producing potential through renting out office spaces.; **Main floor features 7 offices, 2 handicap accessible bathrooms, conference room, work area, and break room.**
    (507) 251-1666
    We can help!
    Listing Contact
    Diane Schurhammer
    Diane Schurhammer
    Learn More
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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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