Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Prime Commercial Land in Lakeville Title is generated by Realmo AI

    20830 Keokuk Avenue, Lakeville, MN 55044

    View on Map
    Claim this Listing
    For Sale
    $1,120,000

    Lots & Land - Lakeville, MN

    Lot size:
    1.83 Acres
    Added:
    Feb 20, 2026
    Days on Market:
    91
    Last Refresh:
    May 22 at 9:06 pm

    Property Features for 20830 Keokuk Avenue

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    Business/Commercial
    Standard status
    Active
    APN
    224434001033
    Lot size
    1.83 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    0

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Bonnie H. Nguyen
    Bonnie H. Nguyen

    Listing agent Bonnie H. Nguyen

    Listing office eXp Realty 4525 White Bear Parkway, White Bear Lake, MN

    Listing date Feb 20, 2026

    MLS# 7024234 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.

    HighLights

    • Excellent visibility and monument signage along Ke

    Overview

    Located in Lakeville, the 1.83-acre property at 20830 Keokuk Ave presents an investment opportunity in a growing community. Positioned along a well-traveled corridor, the site offers visibility and access to transportation routes, including Interstate 35. The City of Lakeville anticipates a multi-tenant commercial building at this location, suitable for businesses such as a sandwich shop, coffee shop, boutique retail, service-oriented businesses, or a medical office, to serve the surrounding community. The City is willing to work with a prospective buyer to relocate the existing stormwater treatment area, currently positioned at the rear of the property near the highway, beneath a future parking lot. This would increase the site’s buildable area and design efficiency. The property is zoned C-3, General Commercial, and includes electrical service, sanitary sewer, water, and storm sewer utilities all stubbed to the property. The site features monument signage along Keokuk Avenue and Interstate 35.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Lakeville
    County
    Dakota
    State
    Minnesota
    Longitude
    -93.29758
    Latitude
    44.647231

    Nearby Similar for Sale

    • $782,000

      Mixed-Use Property on 2.6+ Acres

      Versatile commercial property with garage, bonus space, and on-site home.
      9775 215th Street W, Lakeville, MN 55044
      View Details
    • $11,120

      Lakeville Office Suite For Sale

      Professional office suite in high-visibility Lakeville corridor, ideal for medical.
      16372 Kenrick Avenue, Lakeville, MN 55044
      View Details
    • $194,900

      Residential Lot in Berres Ridge

      Vacant lot in Lakeville's desirable Berres Ridge neighborhood.
      8031 196th Street W, Lakeville, MN 55044
      View Details
    • $450

      Lakeville Office Space For Sale

      Single office space in high-traffic Lakeville commercial area.
      16372 Kenrick Avenue, Lakeville, MN 55044
      View Details
    • $400

      Lakeville Office Space For Sale

      Professional office space in high-traffic Lakeville commercial area.
      16372 Kenrick Avenue, Lakeville, MN 55044
      View Details
    • $850,000

      Lakeville Land with Shop/Hanger

      13.54 acres with shop/hanger near I-35 in Lakeville.
      Xxx Judicial Road, Lakeville, MN 55044
      View Details
    • $250,000

      Acreage Lots in Rice Lake

      Two 2.5+ acre lots perfect for building your dream home.
      23804 Hall Drive, New Market Twp, MN 55044
      View Details
    • $265,000

      Acreage Lots in Rice Lake

      Over 2.5 acre lots perfect for building your dream home.
      23858 Hall Drive, New Market Twp, MN 55044
      View Details
    • $275,000

      Lakeville Buildable Acreage with Freedom

      4.02-acre lot near Lakeville South High School, no covenants.
      224xx Dodd Boulevard, Lakeville, MN 55044
      View Details
    • $250,000

      Spacious Lot in Orchard Gardens

      1.66-acre lot in Lakeville's Orchard Gardens neighborhood.
      Tbd 162 Street W, Lakeville, MN 55044
      View Details
    • $795,000

      Lakeville Land For Sale

      Land available in Lakeville, Minnesota, zoned for office/residential transition.
      20026 Icenic Trail, Lakeville, MN 55044
      View Details
    • $550,000

      Acreage in Lakeville

      Expansive lot with mature trees, perfect for a dream home.
      7264 230th Street E, Lakeville, MN 55044
      View Details

    FAQs

    What type of property is this?
    Commercial land - 1.83 acre commercial land with high visibility in Lakeville.
    Where is this commercial land located?
    The property is located at 20830 Keokuk Avenue Lakeville, MN.
    What is the asking price?
    The asking price for this property is $1,120,000.
    What are key features of this property?
    This property features: Excellent visibility and monument signage along Ke
    (612) 532-7445
    We can help!
    Listing Contact
    Bonnie H. Nguyen
    Bonnie H. Nguyen
    Request Owner's contact information
    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.
    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
    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

    Thank You for Inquiry
    20830 Keokuk Avenue, Lakeville, MN 55044
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!