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

    700 Armstrong Dr S Fairmont, MN 56031

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Shop condos suitable for commercial or personal use.

    Lot size:
    12.16 Acres

    Property Features for 700 Armstrong Dr S

    General Information

    Standard status
    Active
    Lot size
    12.16 Acres

    Building Details

    Year built
    2024

    We can help!

    Listing Contact
    Paul Determan
    Source: Exitrealty

    Listing Agency: RE/MAX TOTAL REALTY Listing Agent: Paul Determan

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

    Learn more

    Overview

    Versatile Shop Condos For Sale

    These shop condos offer a flexible solution for commercial businesses or personal use, functioning as individual units or combined to create an industrial strip mall. Each unit is equipped with separately metered utilities, including natural gas, water/sewer, and electricity. A service door and a 14’ x 14’ overhead door with an electric opener accommodate vehicles of any size. Additional features include floor drains with flammable waste traps and air exchangers. Fiber optics are available. The property features a hard surface in front of the entire building to facilitate loading and unloading for delivery trucks. These units can be customized with a restroom, mezzanine, and kitchenette. Located in the Fairmont Industrial Park with easy access to I-90, the first building is completed with 3 units available, each measuring 1960 sq ft (60’ deep x 32’ wide). Units range from 1960 sq ft up to 9600 sq ft, with future phases planned. The largest continuous space available measures 60’ deep x 160’ wide. Ownership of a unit is structured similarly to a residential condominium, with HOA dues covering ground maintenance, snow removal, exterior insurance, and some utilities.
    Location Intelligence

    Current Use by Public Records

    Flex space

    Suggested Use

    Building Supply Auto Repair Shop Big Box & Wholesale Store Hotel & Motel Pharmacy Gym & Fitness Center Accounting Firm Storage Facility Electrical Service Plumbing Service

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

    Location Insight

    • Map
    • Local Demand
    City
    Fairmont
    County
    Martin
    State
    Minnesota
    Longitude
    -94.506473
    Latitude
    43.656909

    Nearby Similar for Sale

    • Contact for pricing

      Flexible Office Space Available

      Office space for lease in a prime location.
      757 S State St, Fairmont, MN 56031
      View Details
    • Contact for pricing

      Former Starbucks with Drive-Thru

      Versatile building, previously Starbucks, suitable for various retail uses.
      1140 Torgerson Dr, Fairmont, MN 56031
      View Details
    • $469,900
      8,974 SF

      Established Candle Business & Building

      Profitable, turnkey candle supply business with building.
      805 10Th St, Fairmont, MN 56031
      View Details
    • Contact for pricing
      13,968 SF

      Five Industrial Warehouses For Sale

      Five recently built industrial warehouses in thriving industrial park.
      1131 Indus St, Fairmont, MN 56031
      View Details
    • $365,000
      4,600 SF

      Fairmont Commercial Building & Land

      Prime Location, Multi-Use Potential, High Visibility
      411 State St, Fairmont, MN 56031
      View Details
    • $400,000
      7,166 SF

      Fairmont Multi-Unit Property Investment

      Nine-unit complex, 7,166 sq ft, 1.6 acres
      111 Dorothy St, Fairmont, MN 56031
      View Details
    • $220,000
      1,920 SF

      Fairmont Shop Condos: Prime Location

      Flexible Commercial/Personal Space
      700 Armstrong Dr, Fairmont, MN 56031
      View Details
    • $220,000
      1,920 SF

      Fairmont Shop Condos For Sale

      Flexible Commercial/Personal Space
      700 Armstrong Dr, Fairmont, MN 56031
      View Details
    • $220,000
      1,920 SF

      Fairmont Shop Condos: Prime Location

      Flexible Commercial/Personal Space
      700 Armstrong Dr, Fairmont, MN 56031
      View Details
    • $220,000
      1,960 SF

      Fairmont, MN Industrial Condos

      New Shop Condos, Flexible Sizes
      700 Armstrong Dr, Fairmont, MN 56031
      View Details

    FAQs

    What type of property is this?
    Flex space - Shop condos suitable for commercial or personal use.
    Where is this flex space located?
    The property is located at 700 Armstrong Dr S Fairmont, MN.
    What are key features of this property?
    This property features: - Versatile shop condo suitable for commercial business or personal use (dream garage/storage).; - Units can be combined to create larger spaces.; - Each unit has separately metered utilities and essential features (service door, 14’ x 14’ overhead door, floor drains, air exchangers).
    (507) 235-5666
    Request Owner's contact information
    700 Armstrong Dr S Fairmont, MN 56031
    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.
    700 Armstrong Dr S
    Fairmont, MN 56031
    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
    700 Armstrong Dr S Fairmont, MN 56031
    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
    Paul Determan
    (507) 235-5666
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!