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    1013 Overlook Drive Preston, MN 55965

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    Claim this Listing
    For Sale
    $77,599

    Lots & Land - Preston, MN

    Lot size:
    0.25 Acres
    Added:
    Jan 25, 2025
    Days on Market:
    468
    Last Refresh:
    May 8 at 10:06 am

    Property Features for 1013 Overlook Drive

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    Residential-Single Family
    Standard status
    Active
    APN
    170701000
    Lot size
    0.25 Acres

    Taxes and HOA fees

    Tax Year
    2026
    Tax Annual Amount
    308

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Kelsey Bergey
    Kelsey Bergey

    Listing agent Kelsey Bergey

    Listing office RE/MAX Select Properties 25 W Center St, Harmony, MN

    Listing date Jan 25, 2025

    MLS# 6653150 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

    • Stunning views from spacious hilltop lots in a peaceful, dead‑end street location.
    • City of Preston Building Incentive Program available with no association fees or assessments.
    • Free Dream Home Designing services from the developer/engineer included with purchase.
    • Choose your own builder for a fully custom home.
    • Completed blacktop streets, utilities, city sewer, and water connections for easy building.
    • Located in Preston, offering access to the Root River Trail and a welcoming community.

    Overview

    Charming Subdivision Lot in Preston

    Located in the Blue Jay Ridge subdivision in Preston, this property offers a canvas for building a home. Situated on a hilltop at the end of a dead-end street, the neighborhood provides spacious lots with views. Design options include walkout basement or slab-on-grade designs. The City of Preston Building Incentive Program is available, and there are no association fees or assessments. Completed blacktop streets, utilities, city sewer, and water connections are in place. The purchase includes Dream Home Designing services from the developer/engineer. All lots are surveyed and marked. Located in Preston, this property offers access to the Root River Trail and a welcoming community.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Gym & Fitness Center Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Preston
    County
    Fillmore
    State
    Minnesota
    Longitude
    -92.0956613
    Latitude
    43.6798668

    Nearby Similar for Sale

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    • $80,000

      Residential Lots in Blue Jay Ridge

      Spacious lots with stunning views in Preston, MN.
      1024 Overlook Drive, Preston, MN 55965
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    • $77,500

      Preston MN Residential Land

      Scenic hilltop lots in Preston, ready for your dream home.
      929 Overlook Drive, Preston, MN 55965
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    • $77,500

      Residential Land in Blue Jay Ridge

      Scenic residential lots in Preston's charming new subdivision.
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    FAQs

    What type of property is this?
    Residential land & home lot - Scenic lot perfect for building your dream home.
    Where is this residential land & home lot located?
    The property is located at 1013 Overlook Drive Preston, MN.
    What is the asking price?
    The asking price for this property is $77,599.
    What are key features of this property?
    This property features: Stunning views from spacious hilltop lots in a peaceful, dead‑end street location.; City of Preston Building Incentive Program available with no association fees or assessments.; Free Dream Home Designing services from the developer/engineer included with purchase.
    (507) 251-0281
    We can help!
    Listing Contact
    Kelsey Bergey
    Kelsey Bergey
    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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