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    235 - 237 Belgrade Avenue North Mankato, MN 56003

    View on Map
    For Sale
    $2,600,000

    Commercial - North Mankato, MN

    Lot size:
    0.18 Acres
    Added:
    Dec 12, 2025
    Days on Market:
    110
    Last Refresh:
    Apr 1 at 2:06 pm

    Property Features for 235 - 237 Belgrade Avenue

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Business/Commercial
    Bedrooms
    7
    Rooms
    Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5
    Parking features
    Other
    Exterior features
    Brick/Stone
    Standard status
    Active
    APN
    188020130
    Lot size
    0.18 Acres

    Taxes and HOA fees

    TaxYear
    2025
    TaxAnnualAmount
    40792

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    1896
    Architectural style
    Other

    We can help!

    Listing Contact
    Shawna L. Wolfe
    Shawna L. Wolfe

    Listing agent Shawna L. Wolfe

    Listing office Keller Williams Premier Realty 2765 Commerce Dr NW. Suite 100, Rochester, MN

    Listing date Dec 12, 2025

    MLS# 7000269 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

    Modern Mixed-Use Property For Sale

    This elegant, modern mixed-use property is suited for high-end wellness, boutique retail, or professional services. The main level features an upscale retail suite currently operating as a luxury skin and spa clinic, showcasing contemporary finishes, refined décor, and a tranquil, sophisticated atmosphere. Large display windows and thoughtfully curated lighting create a welcoming street presence. The upper levels include five well-appointed apartments, each offering stylish modern design, open layouts, and abundant natural light. These residences provide stable rental income as well as convenience for on-site owners or staff. Situated in North Mankato, Minnesota, the property is located at 235 - 237 Belgrade Avenue, in the 56003 postal code area, within Nicollet County. The lot size is approximately 0.18 acres. This property blends aesthetic appeal with practical functionality, making it suitable for investors, owner-operators, or entrepreneurs seeking a turnkey space in a desirable location. With its elegant design, updated infrastructure, and strong mixed-use potential, this is a rare offering that delivers both luxury and long-term value. The zoning is designated as Business/Commercial.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Retail space

    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.

    Location Insight

    • Map
    • Local Demand
    City
    North Mankato
    County
    Nicollet
    State
    Minnesota
    Longitude
    -94.0074
    Latitude
    44.169839

    Nearby Similar for Sale

    • $15,000

      Modern Mixed-Use Property

      Upscale retail space plus five luxury apartments in North Mankato.
      235 - 237 Belgrade Avenue, North Mankato, MN 56003
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    • $2,600,000

      Mixed-Use Property: Retail & Apartments

      Modern retail space plus five luxury apartments in North Mankato.
      235-257 Belgrade Avenue, North Mankato, MN 56003
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      North Mankato Restaurant Opportunity

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      Retail Redevelopment Site in Mankato

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      23,890 SF

      Spacious Warehouse with Refrigerated Space

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      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Upscale retail space plus five luxury apartments in North Mankato.
    Where is this mixed-use property located?
    The property is located at 235 - 237 Belgrade Avenue North Mankato, MN.
    What is the asking price?
    The asking price for this property is $2,600,000.
    What are key features of this property?
    This property features: Mixed‑use property with modern retail space and five luxury apartments.; Upscale retail suite currently operating as a luxury skin and spa clinic.; Five well‑appointed apartments provide stable rental income.
    (507) 420-1877
    We can help!
    Listing Contact
    Shawna L. Wolfe
    Shawna L. Wolfe
    Real Estate License ID: 20215401
    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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