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    1923 Dover Street Worthington, MN 56187

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    For Sale
    $999,900

    Commercial - Worthington, MN

    Lot size:
    1.24 Acres
    Added:
    Jan 2, 2026
    Days on Market:
    126
    Last Refresh:
    May 8 at 10:06 am

    Property Features for 1923 Dover Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Business/Commercial
    Parking features
    Garage, Garage - Attached, Parking Lot, Paved or Surfaced
    Exterior features
    Steel Siding, Vinyl
    Appliances
    Range, Refrigerator
    Standard status
    Active
    APN
    311412000
    Lot size
    1.24 Acres

    Taxes and HOA fees

    Tax Year
    2026
    Tax Annual Amount
    14892

    Utilities

    Heating system
    Baseboard
    Cooling system
    Ductless

    Building Details

    Year built
    1963
    Building materials
    Block, Frame
    Architectural style
    Other

    We can help!

    Listing Contact
    Virginia Drost

    Listing agent Virginia Drost

    Listing office Re/Max Premier Realty 1626 Oxford St, Worthington, MN

    Listing date Jan 2, 2026

    MLS# 7003233 Listing URL

    Copyright © 2026 Northstar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Prime location in a high‑traffic area of Worthington, MN, offering excellent visibility and accessibility.
    • 36 furnished studio apartments, each equipped with essential appliances and individual climate control.
    • Includes an owner/manager suite with 3 bedrooms, kitchen, living room, bath, basement, and a 2‑car attached garage.
    • Multiple buildings on the property, offering diverse rental opportunities.
    • Recent updates within the last 2 years, suggesting improved condition.
    • Office attached to the front building, suitable for on‑site management or business operations.

    Overview

    Worthington Hotel/Apartment Investment Opportunity

    This commercial property in Worthington, MN, presents an investment opportunity with three buildings. The front and back units are rented out for short or long-term occupancy. There are 36 furnished rooms, each equipped with a stove, refrigerator, microwave, dresser, bed, and individual heat and AC. The property includes an owner's/manager's suite featuring 3 bedrooms, a kitchen, a living room, a bath, a basement, and a 2-car attached garage, which can also be rented to tenants. An office is attached to the front building. The property has undergone numerous updates in the last 2 years. Situated in a high-traffic area, this property spans 1.239 acres and is zoned for business/commercial use. Measurements for the several buildings will be provided at appointments.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Hotels

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Skin Care Clinic Accounting Firm

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

    Location Insight

    • Map
    • Local Demand
    City
    Worthington
    County
    Nobles
    State
    Minnesota
    Longitude
    -95.580813
    Latitude
    43.629519

    Nearby Similar for Sale

    • $509,000

      Corner Commercial Property in Worthington

      3,200 sq ft building on a 0.26-acre lot.
      724 Oxford Street, Worthington, MN 56187
      View Details
    • $269,900

      Worthington Commercial Space For Sale

      Commercial space on a high-traffic street, suitable for various businesses.
      713 10th Street, Worthington, MN 56187
      View Details
    • $1,400,000
      20,253 SF

      Spacious Worthington Property with Basement

      2.46 acres, 13,433 SF main level, full basement, many rooms.
      965 Mcmillan Street, Worthington, MN 56187
      View Details

    FAQs

    What type of property is this?
    Hotel - Hotel/apartment property with 36 rooms, manager's suite, prime location.
    Where is this hotel located?
    The property is located at 1923 Dover Street Worthington, MN.
    What is the asking price?
    The asking price for this property is $999,900.
    What are key features of this property?
    This property features: Prime location in a high‑traffic area of Worthington, MN, offering excellent visibility and accessibility.; 36 furnished studio apartments, each equipped with essential appliances and individual climate control.; Includes an owner/manager suite with 3 bedrooms, kitchen, living room, bath, basement, and a 2‑car attached garage.
    (507) 370-0084
    We can help!
    Listing Contact
    Virginia Drost
    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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