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    215 S 5th Street Montevideo, MN 56265

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    Claim this Listing
    For Sale
    $899,900

    Commercial - Montevideo, MN

    Lot size:
    0.53 Acres
    Added:
    Jan 16, 2026
    Days on Market:
    105
    Last Refresh:
    May 1 at 6:06 pm

    Property Features for 215 S 5th Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Residential-Multi-Family
    Parking features
    Driveway, Garage, Garage - Detached, Paved or Surfaced
    Exterior features
    Brick/Stone
    Appliances
    Dishwasher, Dryer, Microwave, Range, Refrigerator, Washer, Water - Softener
    Standard status
    Active
    APN
    703750320
    Lot size
    0.53 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    8392

    Building Details

    Year built
    1910
    Flooring type
    Carpet, Linoleum, Vinyl, Wood
    Building materials
    Frame
    Roof type
    Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    Jason Dowdey
    Jason Dowdey

    Listing agent Jason Dowdey

    Listing office Weichert,Realtors-Tower Properties 17122 State Hwy 371, Brainerd, MN

    Listing date Jan 16, 2026

    MLS# 7009752 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

    Multifamily Property with Historic Charm

    This is a rare opportunity to acquire a well-maintained 9-unit multifamily property featuring two separate buildings on one parcel. The main turn-of-the-century home offers seven units and retains much of its original historic charm, blending character with modern updates. A second building provides an additional two units, creating a versatile unit mix. Most units have been renovated, offering updated interiors while preserving classic architectural details. Property amenities include on-site coin laundry, a three-car garage, ample off-street parking, and a fenced yard with outdoor features. Situated on a 0.528-acre lot, the property offers a strong 7% cap rate, making it an attractive option for investors seeking stable income. The combination of historic appeal, functional updates, and on-site amenities contributes to long-term value and broad rental appeal. The property is located in Montevideo, MN.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Wildwood Apartments Housing Complex

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Montevideo
    County
    Chippewa
    State
    Minnesota
    Longitude
    -95.7208992
    Latitude
    44.9437876

    Nearby Similar for Sale

    • $325

      Downtown Montevideo Office Building

      3500 SF office building in Montevideo's historical downtown.
      416 N 1st Street, Montevideo, MN 56265
      View Details
    • $924,900
      8,619 SF

      Montevideo Multifamily Investment Opportunity

      Nine-unit multifamily property in Montevideo's stable rental market.
      215 S 5th St, Montevideo, MN 56265
      View Details
    • $325
      3,584 SF

      Downtown Montevideo Office Building

      3,500 SF office building in Montevideo's historical downtown.
      416 N 1st Street, Montevideo, MN 56265
      View Details
    • $499,000
      5,800 SF

      Montevideo Residential Income Property

      5,800 SF residential income property in Montevideo, Minnesota.
      1806 Lincoln Ave, Montevideo, MN 56265
      View Details

    FAQs

    What type of property is this?
    Apartment building - Well-maintained 9-unit multifamily property with historic charm and modern updates.
    Where is this apartment building located?
    The property is located at 215 S 5th Street Montevideo, MN.
    What is the asking price?
    The asking price for this property is $899,900.
    What are key features of this property?
    This property features: Strong 7% Cap Rate for Stable Income; Nine Units in Two Buildings on One Parcel; Renovated Units with Updated Interiors
    (218) 825-7787
    We can help!
    Listing Contact
    Jason Dowdey
    Jason Dowdey
    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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    215 S 5th Street, Montevideo, MN 56265

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