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

    231 Main St NW Elk River, MN

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Professional office space in Elk River's downtown area.

    Type:OFFICE
    Property size:
    3,926 SF
    Lot size:
    1.05 Acres
    Added:
    Oct 29, 2025
    Days on Market:
    186
    Last Refresh:
    Apr 5 at 8:34 pm

    Property Features for 231 Main St NW

    General Information

    Standard status
    Active
    Size
    3,926 SF
    Lot size
    1.05 Acres
    Property subtype
    OFFICE

    Spaces For Lease

    at 231 Main St NW Contact us

    We can help!

    Listing Contact
    Robert (Marty) Fisher

    Listing agent Robert (Marty) Fisher

    Listing office Premier Commercial Properties

    Listing date Oct 29, 2025

    Source Moodyscre

    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 Premier Commercial Properties

    Overview

    Elk River Professional Office Space

    The Elk River Professional Building offers a quality image with its attractive brick exterior and ample glass, situated in a downtown location with convenient access to Highway 169. The available second-floor space measures 3,926 square feet. The layout includes 9 private offices, a conference room, a private restroom, and a break room. The two-story building does not have an elevator but features a main floor with a common reception area, kitchenette, and conference room. Monument signage is available facing Main Street. The property includes 30 marked surface parking stalls and is located adjacent to the Fairview Clinic. Existing office furniture can either remain or be removed.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Elk River
    County
    Sherburne
    State
    Minnesota
    Longitude
    -93.5575
    Latitude
    45.3029

    Nearby Similar for Lease

    • $17 SF/Yr

      Retail Center on Highway 10

      19,544 SF retail center with highway visibility for lease.
      13501 Business Center Dr NW, Elk River, MN
      View Details
    • $17 SF/Yr

      Elk River Retail Space Available

      Retail spaces available in Elk River shopping mall.
      19238-19268 NW Evans St, Elk River, MN
      View Details
    • Contact for pricing

      Retail Space in Elk River

      Retail space in a grocery-anchored center with high traffic.
      19216 Freeport St NW | Elk River, MN 55330
      View Details
    • $7 SF/Yr

      Elk River Warehouse Space

      Warehouse space in Elk River with ample parking.
      15725 Jarvis St NW, Elk River, MN
      View Details
    • Contact for pricing

      Medical Office Space in Elk River

      Medical office space for rent in Elk River, Minnesota.
      501 Main St NW, Elk River, MN 55330
      View Details
    • $7 SF/Yr

      Modern Industrial Space For Rent

      Functional industrial space with office build-out and heavy power.
      17834 Industrial Cir NW, Elk River, MN
      View Details
    • $11 SF/Yr

      Professional Office Building in Elk River

      Professional office building in Elk River with convenient northwest metro location.
      19230 Evans St NW, Elk River, MN
      View Details
    • $7 SF/Yr

      Industrial Space Available For Lease

      Industrial space available for lease in Elk River, Minnesota.
      17834 Industrial Cir NW, Elk River, MN 55330
      View Details
    • Contact for pricing

      Retail Space in Elk River

      Retail space available in a vibrant Elk River shopping center.
      19160-19186 Freeport Ave, Elk River, MN
      View Details
    • Contact for pricing

      Retail Space in Elk River

      Retail space available in a vibrant Elk River shopping center.
      19116-19144 Freeport St, Elk River, MN
      View Details
    • Contact for pricing

      Retail Space in Elk River

      Retail space in a vibrant Elk River shopping center.
      19112 Freeport Ave, Elk River, MN
      View Details
    • Contact for pricing

      Retail Space on Highway 169

      Retail space with high visibility and ample parking available for rent.
      19320-19344 Hwy 169 NW, Elk River, MN
      View Details

    FAQs

    What type of property is this?
    Office units - Professional office space in Elk River's downtown area.
    Where is this office units located?
    The property is located at 231 Main St NW Elk River, MN.
    What is the lease rate?
    The lease rate is $12 SF/Yr.
    What are key features of this property?
    This property features: Downtown location with easy access to Hwy 169; 3,926 SF of 2nd‑floor office space; Features 9 private offices, conference room, private restroom, and break room
    (763) 862-2005 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Robert (Marty) Fisher
    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

    Thank You for Inquiry

    231 Main St NW, Elk River, MN

    letter with green check mark
    Check your email

    We sent you the

    agent's contact details. yellow underline

    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!