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    Red Wing Redevelopment Opportunity Title is generated by Realmo AI

    1412 W 4th St, Red Wing, MN 55066

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    Red Wing Health Center: a redevelopment opportunity near the Mississippi River.

    Type:Multifamily
    Property size:
    86,453 SF
    Lot size:
    1.54 Acres
    Added:
    Apr 3, 2026
    Days on Market:
    66
    Last Refresh:
    Apr 3 at 5:13 am

    Property Features for 1412 W 4th St

    General Information

    Standard status
    Active
    Size
    86,453 SF
    Lot size
    1.54 Acres
    Property subtype
    Multifamily

    We can help!

    Listing Contact
    Tommy Hartwell

    Listing agent Tommy Hartwell License #MN: 41016738

    Listing office Minneapolis Office

    Listing date Apr 3, 2026

    Source Marcusmillichap

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

    All listing content including descriptions, pricing, images are the copyrighted material of Minneapolis Office

    HighLights

    • Compelling redevelopment opportunity in a highly visible location near the Mississippi River.
    • Substantial 86,453 square foot, three‑story building on 1.54 acres, suitable for multifamily or adaptive reuse.
    • Located near major employers like Mayo Clinic Health System, supporting housing demand.
    • Benefits from recent remodeling and capital improvements, reducing near‑term renovation costs.
    • Zoned R‑2 (Two‑Family Residential) with a clear pathway for larger multifamily redevelopment approval.
    • Includes 31 surface parking spaces on a neighboring parcel.

    Overview

    Red Wing Health Center, situated on approximately 1.54 acres in Red Wing, Minnesota, presents a redevelopment opportunity a few blocks from the Mississippi River. The three-story building, totaling roughly 86,453 square feet, is currently configured as a 145-bed skilled nursing facility. The property benefits from strong visibility on a prominent corner site, surrounded by established residential neighborhoods, local services, and amenities. It is also conveniently located near major area employers, including Mayo Clinic Health System in Red Wing. Originally constructed in 1965 with additions completed in 1972 and 1982, the building offers a flexible layout suitable for various redevelopment concepts and unit configurations. The property has undergone significant remodeling in recent years and benefits from numerous recent capital improvements. The site enjoys convenient access along West 4th Street and includes a neighboring parcel across Jackson Street that provides 31 surface parking spaces. Zoned R-2 (Two-Family Residential) within the City of Red Wing, the property has a pathway to support a larger multifamily redevelopment through the City’s approval process. The asset presents a unique opportunity to redevelop the property into a multifamily investment, or pursue another adaptive reuse strategy, subject to obtaining the necessary City approvals.
    Location Intelligence

    Current Use by Public Records

    Bay View Nursing ... Nursing Home Aegis Therapies Medical Clinic Jacalyn Kawiecki Physician King Hotel & Motel

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Red Wing
    County
    Goodhue
    State
    Minnesota
    Longitude
    -92.5480825
    Latitude
    44.5610229

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    FAQs

    What type of property is this?
    Multifamily property - Red Wing Health Center: a redevelopment opportunity near the Mississippi River.
    Where is this multifamily property located?
    The property is located at 1412 W 4th St Red Wing, MN.
    What are key features of this property?
    This property features: Compelling redevelopment opportunity in a highly visible location near the Mississippi River.; **Substantial 86,453 square foot, three‑story building on 1.54 acres, suitable for multifamily or adaptive reuse.**; Located near major employers like Mayo Clinic Health System, supporting housing demand.
    (952) 852-9713
    We can help!
    Listing Contact
    Tommy Hartwell
    Real Estate License ID: MN: 41016738
    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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