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

    2320 E Main St Albert Lea, MN

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

    5 acre lot zoned for various business uses.

    Type:LAND
    Lot size:
    5.00 Acres
    Added:
    Jul 15, 2022
    Days on Market:
    1384
    Last Refresh:
    Apr 5 at 8:41 pm

    Property Features for 2320 E Main St

    General Information

    Standard status
    Active
    Lot size
    5.00 Acres
    Property subtype
    LAND

    We can help!

    Listing Contact
    Jeff D Nordness

    Listing agent Jeff D Nordness

    Listing office Essence Real Estate Services Inc.

    Listing date Jul 15, 2022

    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 Essence Real Estate Services Inc.

    Overview

    5 Acre Commercial Lot

    This property features a 5-acre lot zoned B-2 Community Business District. It offers access to I-35. The property is suitable for a dealership, auto repair shop, hotel, restaurant, bank, mini storage facility, and other uses.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Albert Lea
    County
    Freeborn
    State
    Minnesota
    Longitude
    -93.3359
    Latitude
    43.6552

    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
    • $350,000

      East Side Liquor Business

      Liquor business for sale in Albert Lea, Minnesota.
      2314 Hendrickson Road, 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
    • $100,000

      Corner Mart Gas Station Business

      Gas station business for sale, land and building are leased.
      901 Main Street W, Albert Lea, MN 56007
      View Details
    • $299,900

      Established Liquor Store Business

      Profitable liquor store business for sale in Albert Lea.
      160 Bridge Avenue, 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
    • $23,900

      Residential Lot on Fountain Lake

      Residential lot on a channel of Fountain Lake in Albert Lea.
      2000 Greenwood Drive, Albert Lea, MN 56007
      View Details
    • $1,400,000

      49-Room Motel on Main Street

      Established motel with strong revenue potential in Albert Lea, MN.
      2102 East Main Street, 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

    FAQs

    What type of property is this?
    Land - 5 acre lot zoned for various business uses.
    Where is this land located?
    The property is located at 2320 E Main St Albert Lea, MN.
    What is the asking price?
    The asking price for this property is $329,000.
    What are key features of this property?
    This property features: 5 acre lot; Zoned B‑2 Community Business District; Fantastic access to I‑35
    (651) 341-5044 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Jeff D Nordness
    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!