Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search

    W Richway Dr Albert Lea, MN 56007

    Loading data...
    Loading data...
    Loading data...
    For Sale
    $491,500

    Land with natural beauty ideal for custom-built homes.

    Lot size:
    49.15 Acres

    Property Features for W Richway Dr

    General Information

    Lot size
    49.15 Acres

    We can help!

    Listing Contact
    Gerald Gerry Norton
    Source: Moodyscre

    Listing Agent: Gerald Gerry Norton

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

    Learn more

    Overview

    Land for Custom-Built Homes

    This land provides an ideal setting for custom-built homes. The location offers natural beauty, parks, and lakes. It is located in Albert Lea, MN. The price is $10,000 per acre.
    Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    Albert Lea
    County
    Freeborn
    State
    Minnesota
    Longitude
    -93.369719
    Latitude
    43.664782

    Nearby Similar for Sale

    • $325,000
      11,200 SF

      Versatile Commercial Property with Residential Space

      Operating car service station with updated residential living space above.
      226 E Clark St, Albert Lea, MN 56007
      View Details
    • $1,374,450
      161.70 Acres

      Productive Farm with Hunting Potential

      161.7 acre farm with tillable land and hunting.
      720xx 255Th St, Albert Lea, MN 56007
      View Details
    • $280,000

      Updated Condo with Lake Views

      Updated 2 bed, 2 bath condo near downtown amenities.
      212 Broadway Ave N, Albert Lea, MN 56007
      View Details
    • $375,000
      15,000 SF

      Mixed-Use Building in Community Heart

      15,000 SF building with retail and office spaces.
      302 S Broadway Ave, Albert Lea, MN 56007
      View Details
    • $1,000,000
      17,200 SF

      Raw Office Space Near Clinic

      Large office building near Mayo Clinic with business opportunities.
      210 N St Mary Ave, Albert Lea, MN
      View Details
    • Contact for pricing
      49,271 SF

      Northbridge Mall Retail Space

      Albert Lea, MN Shopping Center Redevelopment
      2590 Bridge Ave, Albert Lea, MN 56007
      View Details

    FAQs

    What type of property is this?
    Land - Land with natural beauty ideal for custom-built homes.
    Where is this land located?
    The property is located at W Richway Dr Albert Lea, MN.
    What is the asking price?
    The asking price for this property is $491,500.
    What are key features of this property?
    This property features: - Premium location in Albert Lea.; - Ideal setting for custom-built homes.; - Abounding natural beauty, parks, and lakes.
    (612) 386-8433
    Request Owner's contact information
    W Richway Dr Albert Lea, MN 56007
    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.
    W Richway Dr
    Albert Lea, MN 56007
    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
    W Richway Dr Albert Lea, MN 56007
    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
    Gerald Gerry Norton
    (612) 386-8433
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.