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    Versatile Commercial Building in Blue Earth Title is generated by Realmo AI

    311 S Nicollet Street, Blue Earth, MN 56013

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    For Sale
    $800,000

    Commercial - Blue Earth, MN

    Added:
    Nov 25, 2025
    Days on Market:
    177
    Last Refresh:
    May 21 at 8:06 am

    Property Features for 311 S Nicollet Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Parking features
    Driveway
    Interior features
    Fully Wheelchair, Wheelchair Ramp, No Stairs External, Hallways 42" Plus, Door Level Handles, Grab Bars In Bathroom
    Accessibility
    Accessible Approach with Ramp
    Appliances
    Dishwasher, Range, Refrigerator, Washer
    Standard status
    Active
    APN
    21.272.0630

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    7706

    Utilities

    Heating system
    Baseboard, Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    1990
    Building materials
    Brick
    Roof type
    Asphalt, Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    KARA DRAKE

    Listing agent KARA DRAKE

    Listing office OLSON NELSON REALTY 415 S Grove Street, Blue Earth, MN

    Listing date Nov 25, 2025

    MLS# 7039134 Listing URL

    Copyright © 2026 Realtor Association of Southern Minnesota. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Versatile 5,500+ sq ft commercial building, suitable for retreat center, office, or apartments.
    • Fourteen individual rooms, each with a half bath and closet. One room features a full bath.
    • Full commercial kitchen with dedicated supply/workspace room.
    • Spacious central living area boasts a gas fireplace and abundant natural light.
    • Accessibility features include wide hallways with handrails, wheelchair ramp, and accessible approach.
    • Situated on a corner lot with a concrete circular driveway and covered portico.

    Overview

    Located on a corner lot in Blue Earth, this commercial building offers over 5,500 sq ft of space suitable for various purposes. Constructed in 1990, the building features vinyl siding with brick on the front and includes a covered porch. A concrete circular driveway with a covered portico provides weather-protected access. Previously an assisted living facility, the layout is adaptable for a retreat center, office conversion, or apartment-style living. The building contains fourteen individual rooms, each equipped with baseboard heat, a closet, and a private half bath; one room includes a full bath. The central living area features a gas fireplace and a wall of windows. Adjacent to this is a dining area and a full commercial kitchen with a supply and workspace room. Additional amenities include a private office, a full bath with a walk-in shower, and a room with a hair-washing station. Wide hallways are equipped with handrails for accessibility. A secondary entrance with a ramp and its own driveway facilitates deliveries. Mechanical features include a partial basement for storage, crawl-space access, two HVAC units, two water heaters (one being replaced Dec 2025), a water softener, and an HRV ventilation system.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Nicollet Place Nursing Home

    Suggested Use

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

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

    Similar Places Nearby

    • Nicollet Place — 311 S Nicollet St, Blue Earth, MN 56013
    • Friendship Court — 1228 S Rice St, Blue Earth, MN 56013
    • Elm Homes — 108 W 14th St, Blue Earth, MN 56013

    Location Insight

    • Map
    • Local Demand
    City
    Blue Earth
    County
    Faribault
    State
    Minnesota
    Longitude
    -94.103418
    Latitude
    43.63621

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    FAQs

    What type of property is this?
    Assisted living facility - Adaptable 5,500+ sq ft commercial building with many potential uses.
    Where is this assisted living facility located?
    The property is located at 311 S Nicollet Street Blue Earth, MN.
    What is the asking price?
    The asking price for this property is $800,000.
    What are key features of this property?
    This property features: Versatile 5,500+ sq ft commercial building, suitable for retreat center, office, or apartments.; Fourteen individual rooms, each with a half bath and closet. One room features a full bath.; Full commercial kitchen with dedicated supply/workspace room.
    (507) 525-0360
    We can help!
    Listing Contact
    KARA DRAKE
    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.

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