Office Unit With Separate
For Sale
$360,905
2633 Jefferson Street 702b, Alexandria, MN 56308
Two-part office condominium with one occupied suite and a second space available for office use.
Property Size2,489 SF
Price / SF$145
Days on Market23
Property Features for 2633 Jefferson Street 702b
General Information
Standard status
Active
Size
2,489 SF
Building Details
Year Built
2008
Listing Agency:
Counselor Realty Inc of Alex
(320) 760-2722
Listed By:
Pat Ellingson · License #40490846
Source:
Vibemn
Added: Aug 7
Changed: Aug 28
Last Checked: Aug 29 at 12:04PM
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 Counselor Realty Inc of Alex
Investment Insights
Based on property information with market context.
This office property is configured as two separately identified portions within Unit 702. Suite 702A is currently leased to Edward Jones, while Suite 702B provides 2,489 square feet of office space. The building was constructed in 2008.
The property is located at 2633 Jefferson Street in Alexandria, Minnesota, with the available portion identified as 702B. The split configuration creates a clear distinction between the leased and available areas.
The property is located at 2633 Jefferson Street in Alexandria, Minnesota, with the available portion identified as 702B. The split configuration creates a clear distinction between the leased and available areas.
Key Highlights
- 2,489 square feet in Suite 702B
- Suite 702A is currently leased to Edward Jones
- Two‑part configuration within Unit 702
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$31,040
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.60%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$620,800
$620.8K
Cap Rate 7%
$443,429
$443.4K
Cap Rate 9%
$344,889
$344.9K
Market Conditions
NOI Build-Up for 2,489 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$55.9K $22.44/SF
− Vacancy
−$14.5K −$5.81/SF
EGI
$41.4K $16.63/SF
− OpEx
−$10.3K −$4.16/SF
NOI
$31.0K $12.47/SF
Area
Douglas County, MN
Vacancy
25.90%
Lease Rate
$22.44 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$620,800
Cap Rate 7%
$443,429
Cap Rate 9%
$344,889
Alternative Uses
Best Use
Office B
$443.4K
$388.0K – $517.3K
NOI $31,040 @ 7.0% cap · market cap 8.60%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$784.8K
$686.7K – $915.6K
NOI $54,933 @ 7.0% cap · market cap 15.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
562
Businesses Nearby
Explore this area
Business Placement
Demographics for 56308, MN
26,391
Population
14,350
Households
1.8
Avg Household Size
44
Median Age
33%
College-Educated
96%
High-School Grad
155.9 sq mi
ZIP Area
169
Density / Sq Mi
$76,831
Median Household Income
$43,999
Median Earnings
$921
Median Rent
$307,600
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Two-part office condominium with one occupied suite and a second space available for office use.
Where is this office units located?
The property is located at 2633 Jefferson Street 702b Alexandria, MN.
What is the asking price?
The asking price for this property is $360,905.
What are key features of this property?
This property features: 2,489 square feet in Suite 702B; Suite 702A is currently leased to Edward Jones; Two‑part configuration within Unit 702
