Add Listing
    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

    1619 Main Street West Albert Lea, MN 56007

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $250,000

    1.5 acre retail pad for redevelopment near I-90.

    Type:Land
    Property size:
    1 SF
    Added:
    Nov 21, 2025
    Days on Market:
    135
    Last Refresh:
    Apr 1 at 10:59 pm

    Property Features for 1619 Main Street West

    General Information

    Standard status
    Active
    Size
    1 SF
    Property subtype
    Land

    We can help!

    Listing Contact
    David Schooff
    David Schooff

    Listing agent David Schooff License #MN #40137517

    Listing office NAI North Star

    Listing date Nov 21, 2025

    Source Naiglobal

    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 NAI North Star

    Overview

    Retail Pad off I-90

    Approximately 1.5 acres of land are available for redevelopment as a retail pad. The site is located off I-90, near a new 50+ unit multi-family development, Skye Lofts, Bomgaars, and a local liquor store. The property benefits from excellent traffic, visibility and pedestrian access. Shared parking is available. The site has highway and main street frontage with direct two-way (four lane) access. Buildout incentives are negotiable for the right user. The parcel is located in Albert Lea, Minnesota, 4 miles west of Interstate 90. Multi-family developers of former Skyline Mall are selling the lot for redevelopment of a retail pad. Owners can assist in construction if needed. Revolving Loan Fund potential is available.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Albert Lea
    County
    Freeborn
    State
    Minnesota
    Longitude
    -93.3874
    Latitude
    43.6446

    Nearby Similar for Sale

    • $549,000
      2,400 SF

      Albert Lea Commercial Building Opportunity

      Freestanding commercial property with car wash on 1.38 acres.
      1311 West Front St, Albert Lea, MN 56007
      View Details
    • $649,000

      Albert Lea Commercial Property For Sale

      Commercial property with office, retail, and warehouse space available.
      404 Airport Road, Albert Lea, MN 56007
      View Details
    • $975,000

      Prime Commercial Land I-35 Frontage

      6.5± acre commercial land with utilities and flexible zoning.
      21133 775th St, Albert Lea, MN 56007
      View Details
    • $575,000

      Prime Commercial Land I-35 Frontage

      7-acre commercial land parcel with IDD zoning and utilities.
      21135 775th Ave, Albert Lea, MN 56007
      View Details
    • $325,000

      Versatile Commercial Property with Residential Space

      Operating car service station with updated residential living space above.
      226 E Clark Street, Albert Lea, MN 56007
      View Details
    • $325,000

      Prime Development Opportunity in Albert Lea

      Commercial land parcel on a busy street near Northbridge Mall.
      Bridge Avenue N, Albert Lea, MN 56007
      View Details
    • $1,293,600

      Productive Farm Land Opportunity

      161.7 acre farm with tillable land and hunting.
      720xx 255th Street, Albert Lea, MN 56007
      View Details
    • $249,000

      Albert Lea Vacant Land Opportunity

      4.73 acres of residential land on Bridge Street.
      TBD Bridge Ave, Albert Lea, MN 56007
      View Details
    • $299,000

      Residential Land in Albert Lea

      3.62 acres of residential land ready for development.
      TBD Stevens St, Albert Lea, MN 56007
      View Details
    • $549,000
      2,400 SF

      High-Visibility Commercial Property on Front Street

      Freestanding commercial property with car wash in key retail corridor.
      1311 West Front St, Albert Lea, MN 56007
      View Details
    • $35,000

      Residential Lot in Quiet Neighborhood

      Residential lot in Albert Lea, Minnesota, totaling 1.174 acres.
      1629 Seath Drive, Albert Lea, MN 56007
      View Details

    FAQs

    What type of property is this?
    Commercial land - 1.5 acre retail pad for redevelopment near I-90.
    Where is this commercial land located?
    The property is located at 1619 Main Street West Albert Lea, MN.
    What is the asking price?
    The asking price for this property is $250,000.
    What are key features of this property?
    This property features: 1.5 acre retail pad available off I‑90 for redevelopment.; Adjacent to a new 50+ unit multi‑family development (Skye Lofts).; Excellent traffic, visibility, and pedestrian access.
    (507) 380-7340
    We can help!
    Listing Contact
    David Schooff
    David Schooff
    Real Estate License ID: MN #40137517
    Learn More
    Request Owner's contact information
    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.
    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
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!