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    Versatile Commercial Property with Residential Space Title is generated by Realmo AI

    226 E Clark Street, Albert Lea, MN 56007

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    Claim this Listing
    For Sale
    $325,000

    Commercial - Albert Lea, MN

    Property size:
    11,200 SF
    Lot size:
    0.28 Acres
    Price / SF:
    $29/SF
    Added:
    Jul 7, 2025
    Days on Market:
    320
    Last Refresh:
    May 22 at 2:06 pm

    Property Features for 226 E Clark Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Business/Commercial,Residential-Single Family
    Parking features
    Driveway, Garage, Garage - Attached, Guest, Heated, Parking Lot, Unassigned
    Exterior features
    Brick/Stone, Metal
    Appliances
    Dishwasher, Dryer, Garbage Disposer, Microwave, Range, Refrigerator, Washer
    Standard status
    Active
    APN
    340011420
    Size
    11,200 SF
    Lot size
    0.28 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    2819

    Utilities

    Heating system
    Forced Air, Other (Heating)

    Building Details

    Year built
    1938
    Architectural style
    Other

    We can help!

    Listing Contact
    Rick Witt

    Listing agent Rick Witt

    Listing office Homes Plus Realty 7 9th St NE, Rochester, MN

    Listing date Jul 7, 2025

    MLS# 6748544 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

    • Fully operating 8,200 sq ft 4‑bay car service station with existing customer database.
    • Enjoy over 3,000 sq ft of updated residential living space with 4 bedrooms and 2 bathrooms.
    • Option to continue auto service operation or convert commercial space for different use.
    • Includes newer windows and appliances, gas fireplace, and billiard room with pool table.
    • Full 3,000+ sq ft basement level for conversion to living or shop space.
    • Most tools and equipment in the car service station can stay.

    Overview

    This versatile property features an 8,200 sq ft, 4-bay car service station with over 3,000 sq ft of updated residential living space above. Situated in Albert Lea, MN, the property is zoned for both business/commercial and residential-single family use. The 0.277-acre lot houses a building with over 14,000 total sq ft. The upper-level residence includes 4 bedrooms and 2 bathrooms, newer windows and appliances, a large open kitchen, a gas fireplace, and a billiard room with a pool table and hidden laundry room access. A full basement level with over 3,000 sq ft offers potential for additional living or shop space. The property presents options to continue the fully staffed auto service operation with its existing customer database or to convert the commercial area for a different use. Most tools and equipment can remain with the property, offering a turnkey business opportunity or flexible space with income potential.
    Property Profile Location Intelligence

    Current Use by Public Records

    Auto shops

    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.

    Similar Places Nearby

    • Sanderson Auto / RV and Trailer Repair Service & Parts — 131 W College St, Albert Lea, MN 56007
    • Broadway Automotive Inc — 803 S Broadway Ave, Albert Lea, MN 56007
    • Albert Lea Radiator & Cooling — 214 Elizabeth Ave, Albert Lea, MN 56007
    • Sanderson Auto Repair — 131 W College St, Albert Lea, MN 56007
    • Sales Jims Auto — 319 W Main St, Albert Lea, MN 56007

    Location Insight

    • Map
    • Local Demand
    City
    Albert Lea
    County
    Freeborn
    State
    Minnesota
    Longitude
    -93.370768
    Latitude
    43.64994

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    FAQs

    What type of property is this?
    Auto shop - Operating car service station with updated residential living space above.
    Where is this auto shop located?
    The property is located at 226 E Clark Street Albert Lea, MN.
    What is the asking price?
    The asking price for this property is $325,000.
    What are key features of this property?
    This property features: Fully operating 8,200 sq ft 4‑bay car service station with existing customer database.; Enjoy over 3,000 sq ft of updated residential living space with 4 bedrooms and 2 bathrooms.; Option to continue auto service operation or convert commercial space for different use.
    (507) 358-3193
    We can help!
    Listing Contact
    Rick Witt
    Request Owner's contact information
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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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