Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search

    111 Grove St E Caledonia, MN 55921

    Sponsored
    For Sale
    $595,000

    Commercial - Caledonia, MN

    Lot size:
    0.16 Acres
    Days on Market:
    35
    Last Refresh:
    Jan 18 at 6:06 am

    Property Features for 111 Grove St E

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Zoning
    Business/Commercial
    APN
    R210025000
    Parking features
    Driveway
    Exterior features
    Brick/Stone
    Lot size
    0.16 Acres

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    1910
    Architectural style
    Other

    We can help!

    Listing Contact
    Kelly Meyer
    Kelly Meyer

    Keller Williams Premier Realty Rochester (507) 424-4422 [email protected]

    Listing agent Kelly Meyer (507) 424-4422

    Listing date Dec 15, 2025

    MLS# 6789259 Listing URL

    Copyright © 2026 Regional Multiple Listing Service of Minnesota [NorthStarMLS]. 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

    Turnkey Mixed-Use Commercial Building

    This renovated mixed-use commercial building is located in the heart of downtown. The property features three rentable units, complete with a laundry area and a relaxation space suitable for long-term tenants or short-term rental potential. The main floor hosts a full-service salon, which will remain in operation as part of the sale, providing an immediate source of rental income. The salon’s lease is a requirement for purchase. An additional finished space offers flexibility for various uses, such as an event venue, boutique retail shop, office, or creative studio. The entire building was renovated a few years ago, blending modern updates with the charm of a downtown historic property. The property is zoned for commercial and residential use and has great parking for tenants and customers. It is situated in a high-visibility, high-traffic area. The upstairs units have Airbnb potential or long-term rental flexibility. The lot size is 0.16 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Tamiko's Salon Beauty Salon A Touch of Tranquility Massage Therapist

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Caledonia
    County
    Houston
    State
    Minnesota
    Longitude
    -91.496535
    Latitude
    43.633787

    Nearby Similar for Sale

    • $399,000
      0.83 Acres

      Restaurant and Bar with Home

      Successful restaurant/bar with separate ranch home on 0.83 acres.
      5349 County 249, Caledonia, MN 55921
      View Details
    • $149,900
      0.17 Acres

      Established Laundromat Business Opportunity

      Successful laundromat business with updates in downtown Caledonia, Minnesota.
      118 W Grove St, Caledonia, MN 55921
      View Details
    • $299,000
      12,856 SF

      Caledonia Mixed-Use Investment Opportunity

      Historic Building, High Visibility, 14 Units
      102 Kingston St, Caledonia, MN 55921
      View Details
    • $399,000
      1,936 SF

      Successful Caledonia Restaurant & Home

      Established Restaurant/Bar with Ranch Home
      5349 County 249, Caledonia, MN 55921
      View Details
    • $299,000
      12,856 SF

      Caledonia Commercial Investment Opportunity

      Historic building, mixed-use, high visibility.
      102 Kingston St, Caledonia, MN 55921
      View Details
    • $149,900
      1,500 SF

      Caledonia Laundromat: Prime Location

      Profitable laundromat, updated, downtown Caledonia.
      118 Grove St, Caledonia, MN 55921
      View Details
    • $399,000
      1,936 SF

      Little Miami Restaurant - Caledonia, MN

      Established Restaurant w/ Ranch Home - $399,000
      5349 County 249, Caledonia, MN 55921
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Renovated mixed-use property with income potential in downtown Caledonia.
    Where is this mixed-use property located?
    The property is located at 111 Grove St E Caledonia, MN.
    What is the asking price?
    The asking price for this property is $595,000.
    What are key features of this property?
    This property features: - Turnkey commercial property with **three rentable units** in a high-visibility, high-traffic downtown location.; - Immediate and steady rental income from a thriving full-service salon with an existing lease.; - Fully renovated building blending modern updates with historic charm.
    (507) 450-9395
    Request Owner's contact information
    111 Grove St E Caledonia, MN 55921
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    111 Grove St E
    Caledonia, MN 55921
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    111 Grove St E Caledonia, MN 55921
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Kelly Meyer
    Kelly Meyer
    Real Estate License ID: S61385
    (507) 450-9395
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.