Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    404 Airport Road Albert Lea, MN 56007

    View on Map
    For Sale
    $649,000

    Commercial - Albert Lea, MN

    Property size:
    13,720 SF
    Lot size:
    0.90 Acres
    Added:
    Feb 13, 2026
    Days on Market:
    51
    Last Refresh:
    Apr 5 at 12:06 pm

    Property Features for 404 Airport Road

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Business/Commercial
    Parking features
    Parking Lot, Paved or Surfaced
    Exterior features
    Steel Siding
    Standard status
    Active
    APN
    342640251
    Size
    13,720 SF
    Lot size
    0.90 Acres

    Taxes and HOA fees

    Tax Year
    2026
    Tax Annual Amount
    14702

    Utilities

    Heating system
    Forced Air

    Building Details

    Year built
    1940
    Architectural style
    Other

    We can help!

    Listing Contact
    Steven Lehner
    Steven Lehner

    Listing agent Steven Lehner

    Listing office Leland Realty 209 9th Ave N, Albert Lea, MN

    Listing date Feb 13, 2026

    MLS# 7021003 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

    Albert Lea Commercial Property For Sale

    This commercial property, located in Albert Lea, MN, offers convenient access to I-90 and proximity to the airport. The property features a total of 13,720 square feet, including 2,440 square feet of office/retail space and 11,280 square feet of warehouse space. The property is zoned for business/commercial use and is situated on a lot of approximately 0.9 acres. The property presents many possibilities for various business ventures.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Big Box & Wholesale Store Auto Repair Shop Nail Salon Hotel & Motel Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Albert Lea
    County
    Freeborn
    State
    Minnesota
    Longitude
    -93.363293
    Latitude
    43.680415

    Nearby Similar for Sale

    • $549,000
      2,400 SF

      Albert Lea Commercial Building Opportunity

      Freestanding commercial property with car wash on 1.38 acres.
      1311 West Front St, Albert Lea, MN 56007
      View Details
    • $325,000

      Versatile Commercial Property with Residential Space

      Operating car service station with updated residential living space above.
      226 E Clark Street, Albert Lea, MN 56007
      View Details
    • $549,000
      2,400 SF

      High-Visibility Commercial Property on Front Street

      Freestanding commercial property with car wash in key retail corridor.
      1311 West Front St, Albert Lea, MN 56007
      View Details
    • Contact for pricing
      49,271 SF

      Albert Lea Retail/Entertainment Opportunity

      Flexible spaces in Northbridge Mall, Albert Lea, Minnesota.
      2510 Bridge Ave, Albert Lea, MN
      View Details
    • Contact for pricing
      49,271 SF

      Northbridge Mall Retail Opportunity

      Large retail space in Albert Lea's Northbridge Mall.
      2590 Bridge Ave, Albert Lea, MN 56007
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Commercial property with office, retail, and warehouse space available.
    Where is this mixed-use property located?
    The property is located at 404 Airport Road Albert Lea, MN.
    What is the asking price?
    The asking price for this property is $649,000.
    What are key features of this property?
    This property features: Easy access to I90; Close proximity to the airport; Total square footage of 13,720
    (507) 391-0195
    We can help!
    Listing Contact
    Steven Lehner
    Steven Lehner
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!