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    Prime Commercial Parcel in Mankato Title is generated by Realmo AI

    242 Belgrade Avenue, North Mankato, MN 56003

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    Highly visible commercial land with highway access and strong traffic.

    Type:Land
    Added:
    Nov 21, 2025
    Days on Market:
    182
    Last Refresh:
    Dec 3 at 6:07 am

    Property Features for 242 Belgrade Avenue

    General Information

    Standard status
    Active
    Property subtype
    Land

    We can help!

    Listing Contact
    Julie C. Pangrazio
    Julie C. Pangrazio

    Listing agent Julie C. Pangrazio License ##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

    HighLights

    • High‑visibility location in a growing commercial corridor with 12,000+ average daily vehicle traffic count.
    • Zoned B‑1 (Business District) allowing for retail, office, service businesses, or mixed‑use projects.
    • Excellent access to major thoroughfares, including proximity to US Highway 169, ensuring regional access.
    • 100+ feet of retail/office frontage.
    • Steady pedestrian activity driven by nearby retail centers, residential neighborhoods, schools, and public parks.
    • .338 Acre Lot

    Overview

    This commercial parcel is located in North Mankato and zoned B-1 (Business District), offering potential for commercial developments such as retail, office space, service businesses, or mixed-use projects. The property is centrally positioned with access to major thoroughfares and visibility in a growing commercial corridor. Located in a high-visibility corridor of North Mankato, parcel 18.249.0010 offers exposure along a well-traveled arterial road with an average daily vehicle traffic count exceeding 12,000. The site benefits from pedestrian activity driven by nearby retail centers, residential neighborhoods, schools, and public parks. Its proximity to US Highway 169 ensures regional access, drawing customer flow from Greater Mankato and surrounding communities. Sidewalk infrastructure and transit access enhance walkability and connectivity. The lot size is 0.338 acres and has over 100 feet of retail/office frontage.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    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
    North Mankato
    County
    Nicollet
    State
    Minnesota
    Longitude
    -94.006445
    Latitude
    44.170518

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    FAQs

    What type of property is this?
    Commercial land - Highly visible commercial land with highway access and strong traffic.
    Where is this commercial land located?
    The property is located at 242 Belgrade Avenue North Mankato, MN.
    What are key features of this property?
    This property features: High‑visibility location in a growing commercial corridor with 12,000+ average daily vehicle traffic count.; Zoned B‑1 (Business District) allowing for retail, office, service businesses, or mixed‑use projects.; Excellent access to major thoroughfares, including proximity to US Highway 169, ensuring regional access.
    (507) 380-7340
    We can help!
    Listing Contact
    Julie C. Pangrazio
    Julie C. Pangrazio
    Real Estate License ID: #40137517
    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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