Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Development Lots in Hastings, MN Title is generated by Realmo AI

    306 5th Street W, Hastings, MN 55033

    View on Map
    Claim this Listing
    For Sale
    $85,000

    Lots & Land - Hastings, MN

    Lot size:
    0.21 Acres
    Added:
    Apr 1, 2026
    Days on Market:
    48
    Last Refresh:
    May 18 at 4:06 am

    Property Features for 306 5th Street W

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    Residential-Single Family
    Standard status
    Active
    APN
    193215026082
    Lot size
    0.21 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    828

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    James M. Wrich, GRI

    Listing agent James M. Wrich, GRI

    Listing office Counselor Realty, Inc 3200 NW Main Street Suite 365, Coon Rapids, MN

    Listing date Apr 1, 2026

    MLS# 7047259 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

    • Two adjacent lots in Hastings offer development potential.
    • Zoned R‑2 (Medium Density Residence District) allows for various construction options.
    • Potential uses include single‑family, multi‑family, twin home, neighborhood commercial, and residential care facility.
    • One lot is zoned commercial.
    • One lot is zoned residential R2.
    • Lots are listed separately.

    Overview

    These two adjacent lots, situated in Hastings, present a development opportunity. The lots are zoned R-2 (Medium Density Residence District) and offer potential uses such as single-family homes, multi-family twin home construction, neighborhood commercial spaces, and residential care facilities. One lot is zoned commercial, while the other is zoned residential R2. The combined area of the lots is 0.21 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    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
    Hastings
    County
    Dakota
    State
    Minnesota
    Longitude
    -92.855527
    Latitude
    44.741471

    Nearby Similar for Sale

    • $395,000
      3,060 SF

      Renovated Commercial Property on Highway

      Versatile, renovated commercial property with high traffic exposure.
      2324 Vermillion Street, Hastings, MN 55033
      View Details
    • $750,000
      6,000 SF

      Historic Hastings Restaurant Opportunity

      Two-level commercial building in historic downtown Hastings, Minnesota.
      100 Sibley Street, Hastings, MN 55033
      View Details
    • $1,200

      Hastings Professional Building Office Space

      Office space for lease in a highly visible Hastings location.
      1250 N Frontage Road, Hastings, MN 55033
      View Details
    • $750,000
      6,000 SF

      Historic Hastings Restaurant Opportunity

      Two-level, 6,000 SF building ideal for restaurant or retail.
      100 Sibley St, Hastings, MN 55033
      View Details
    • $410,000
      3,060 SF

      Hastings Retail or Mixed-Use Opportunity

      4,560 SF building in Hastings, MN, ideal for retail.
      2324 Vermillion St, Hastings, MN 55033
      View Details
    • $499,950

      Denmark Township Land for Sale

      11.8 acres of land in Denmark Township, Minnesota.
      Tbd 60th Street S, Denmark Twp, MN 55033
      View Details
    • $85,000

      Lots & Land - Hastings, MN

      4xx Spring Street, Hastings, MN 55033
      View Details
    • $799,000
      2,800 SF

      Auto Building Approved For Auto

      Auto building suitable for dealership, body shop, or service.
      2124 Vermillion St, Hastings, MN
      View Details
    • Contact for pricing
      4,320 SF

      Adaptable Flex Space with Showroom

      Flex space featuring offices, showroom, and climate-controlled warehousing.
      800 10th St E, Hastings, MN
      View Details
    • $95,000

      Residential Land in Hastings, MN

      Residential land available in Hastings, Minnesota.
      2745 General Sieben Drive, Hastings, MN 55033
      View Details
    • $215,000

      Wooded Homesite in Wyndham Hills

      Private, wooded 1.24-acre homesite in Hastings, MN.
      2685 Woodcliffe Trl, Hastings, MN 55033
      View Details
    • $165,000

      Wooded Homesite in Wyndham Hills

      Private, wooded 0.66 acre homesite in Hastings, Minnesota.
      1730 River Shore Drive, Hastings, MN 55033
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - Two adjacent lots with development potential in Hastings, Minnesota.
    Where is this residential land & home lot located?
    The property is located at 306 5th Street W Hastings, MN.
    What is the asking price?
    The asking price for this property is $85,000.
    What are key features of this property?
    This property features: Two adjacent lots in Hastings offer development potential.; Zoned R‑2 (Medium Density Residence District) allows for various construction options.; Potential uses include single‑family, multi‑family, twin home, neighborhood commercial, and residential care facility.
    (651) 779-6000
    We can help!
    Listing Contact
    James M. Wrich, GRI
    Learn More
    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
    306 5th Street W, Hastings, MN 55033
    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!