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    11024-11038 183Rd Cir NW Elk River, MN 55330

    View on Map
    Sponsored
    For Sale
    $2,650,000

    Commercial - Elk River, MN

    Lot size:
    1.78 Acres
    Days on Market:
    2
    Last Refresh:
    Mar 17 at 8:06 am

    Property Features for 11024-11038 183Rd Cir NW

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Zoning
    Residential-Single Family
    Rooms
    Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5
    Bedrooms
    16
    APN
    75009040105
    Parking features
    Driveway, Garage, Garage - Attached, Paved or Surfaced
    Exterior features
    Brick/Stone, Metal, Vinyl
    Appliances
    Dishwasher, Dryer, Garbage Disposer, Microwave, Range, Refrigerator, Washer
    Lot size
    1.78 Acres

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    2020
    Flooring type
    Carpet, Vinyl
    Roof type
    Asphalt, Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    Dustin Heggem
    Dustin Heggem

    Acuity Group (763) 633-3535

    Listing agent Dustin Heggem (763) 633-3535

    Listing date Mar 16, 2026

    MLS# 7037372 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.

    Learn more

    Property Insight Report

    Overview

    Elk River Investment Opportunity

    This is a 55+ 1-Level rental community constructed in 2020, presenting a hard-to-find investment opportunity. The community comprises 4 twin homes, which include 8 units. Each unit has a separate PID, allowing for a residential versus commercial property tax rate. This also provides ease in forming an association if the owner wishes to sell the units individually. The units feature a well-appointed floorplan. The property benefits from a stable and loyal tenant base that has been taking great care of their respective units. The property is conveniently located on a quiet cul-de-sac and is close to local shopping and the Hwy 101/169 corridor. The lot size is 1.78 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Elk River
    County
    Sherburne
    State
    Minnesota
    Longitude
    -93.548706
    Latitude
    45.302443

    Nearby Similar for Sale

    • New
      $925,000
      7,550 SF

      Elk River Industrial Property

      7,550 SF industrial property with office and shop space.
      11090 173Rd Ave NW, Elk River, MN 55330
      View Details
    • Contact for pricing
      63,934 SF

      Elk River Industrial Facility

      63,934 SF industrial facility in Elk River, Minnesota.
      19178 Industrial Blvd NW, Elk River, MN 55330
      View Details

    FAQs

    What type of property is this?
    Duplex - 55+ 1-Level rental community built in 2020.
    Where is this duplex located?
    The property is located at 11024-11038 183Rd Cir NW Elk River, MN.
    What is the asking price?
    The asking price for this property is $2,650,000.
    What are key features of this property?
    This property features: - 55+ 1-Level rental community built in 2020; - Investment opportunity with 8 units (4 twin homes); - Each unit has separate PID for tax benefits and future sale flexibility
    (763) 633-3535
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    11024-11038 183Rd Cir NW Elk River, MN 55330
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    Elk River, MN 55330
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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
    11024-11038 183Rd Cir NW Elk River, MN 55330
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    We can help!
    Listing Contact
    Dustin Heggem
    Dustin Heggem
    Real Estate License ID: 40416985
    (763) 633-3535 (612) 242-1653
    Learn more
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