Sign Up Successful!
You now have access to more from Realmo!
    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

    2202 1St Ave Hibbing, MN 55746

    Loading data...
    Loading data...
    Loading data...
    For Sale
    $99,000

    Prime Corner Lot, 1960 sq ft, Huge Potential

    Property Features for 2202 1St Ave

    General Information

    Property type
    Investment properties
    Lot Size
    7,841 SF

    Building Details

    Year Built
    1980

    We can help!

    Listing Contact
    Chad Baucom

    Listing Agency: Village Realty Listing Agent: Chad Baucom

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    This exceptional commercial property, located at 2202 1st Ave in the heart of Hibbing, Minnesota's downtown district, presents a truly remarkable business opportunity. The building encompasses a generous 1,960 square feet and sits on a highly visible corner lot, offering excellent street frontage and exposure. Ample on-site parking is available, accommodating ten or more vehicles, a significant advantage for customers and employees. Previously utilized as a gas station and convenience store, the interior features existing stationary freezers and coolers, along with a large service counter. These fixtures can be easily removed to create a flexible and expansive open floor plan, ideal for a wide range of commercial ventures. The 0.18-acre lot provides ample space for outdoor activities or expansion. Priced affordably at $99,000, this property represents an unparalleled chance to establish a thriving business in a vibrant downtown location. The combination of size, location, and parking makes this a rare find in the Hibbing market. Don't miss this exceptional opportunity to own a piece of Hibbing's thriving commercial landscape. Schedule a viewing today.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Calumet Gas Station Short Stop Grocery & Convenience Store LibertyX Bitcoin ATM Atm

    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
    Hibbing
    County
    St. Louis County
    State
    Minnesota
    Longitude
    -92.94141
    Latitude
    47.42494

    Nearby Similar for Sale

    • $129,900
      15,619 SF

      Versatile Former Church in Hibbing

      Spacious Hibbing commercial building with redevelopment potential.
      2201 2Nd Ave E, Hibbing, MN 55746
      View Details
    • $129,900
      2,006 SF

      Hibbing Duplex with Two Units

      Spacious Hibbing duplex featuring separate utilities and a two-stall garage.
      2511 3Rd Ave E, Hibbing, MN 55746
      View Details
    • $850,000
      8,576 SF

      Hibbing Car Wash For Sale

      State-of-the-art car wash with self-serve bays and pet wash.
      4019 E 12Th Ave, Hibbing, MN 55746
      View Details
    • Contact for pricing
      58,000 SF

      Former Foundry: Manufacturing Opportunity

      Sprawling manufacturing facility with office space and ample parking.
      555 W 25Th St, Hibbing, MN 55746
      View Details
    • $149,900
      0.08 Acres

      Downtown Hibbing Mixed-Use Property

      Live & Work in Hibbing's Heart!
      2016 1St Ave, Hibbing, MN 55746
      View Details
    • Contact for pricing
      2,563 SF

      Hibbing Retail Space - Hwy 169

      Prime Retail Space, High Traffic Area
      105 9Th Ave, Hibbing, MN 55746
      View Details
    • $279,900
      782 SF

      Downtown Hibbing Commercial Garage

      Spacious Garage, Office Space, High Character
      620 Howard St, Hibbing, MN 55746
      View Details

    FAQs

    What type of property is this?
    Investment property - Prime Corner Lot, 1960 sq ft, Huge Potential
    Where is this investment property located?
    The property is located at 2202 1St Ave Hibbing, MN.
    What is the asking price?
    The asking price for this property is $99,000.
    (218) 966-0783
    Request Owner's contact information
    2202 1St Ave Hibbing, MN 55746
    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.
    2202 1St Ave
    Hibbing, MN 55746
    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
    2202 1St Ave Hibbing, MN 55746
    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

    We can help!
    Listing Contact
    Chad Baucom
    Real Estate License ID: 40098236
    (218) 966-0783 (218) 263-8877
    Learn more
    Google sign-in failed. Please try again or use another login method.