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    Remodeled Commercial Space on Main Title is generated by Realmo AI

    31 Main Avenue N, New York Mills, MN 56567

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    For Sale
    $399,000

    Commercial - New York Mills, MN

    Lot size:
    0.13 Acres
    Added:
    Nov 17, 2025
    Days on Market:
    176
    Last Refresh:
    May 12 at 12:06 pm

    Property Features for 31 Main Avenue N

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Business/Commercial
    Bedrooms
    2
    Rooms
    Bedroom 1, Bedroom 2
    Parking features
    Driveway, Garage, Garage - Attached, Heated
    Exterior features
    Vinyl
    Appliances
    Dishwasher, Dryer, Microwave, Range, Refrigerator, Washer, Water - Softener
    Standard status
    Active
    APN
    73000990108000
    Lot size
    0.13 Acres

    Taxes and HOA fees

    Tax Year
    2026
    Tax Annual Amount
    6056

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    1991
    Flooring type
    Carpet, Linoleum, Vinyl
    Building materials
    Frame
    Roof type
    Asphalt, Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    Brandon Lambert

    Listing agent Brandon Lambert

    Listing office Keller Williams Realty Professionals 14091 Baxter Dr, Brainerd, MN

    Listing date Nov 17, 2025

    MLS# 6818678 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

    • Remodeled commercial space in the heart of New York Mills on Main Ave.
    • Includes 4 offices, multiple meeting rooms, a large detailing shop/garage, and a 2‑bedroom, 3‑bath home.
    • Office space completely remodeled down to the studs within the last 2 years with modern finishes and a new furnace.
    • Detailing shop offers space for service operations, rental income, or personal use.
    • Attached 2‑bedroom home provides flexibility for owner‑occupancy or rental income.
    • Includes modern appliances: Dishwasher, Dryer, Microwave, Range, Refrigerator, Washer, and Water Softener.

    Overview

    This property offers a remodeled commercial space in New York Mills, situated on Main Avenue. The property is suitable for starting a business or renting to tenants. It features four offices, multiple meeting rooms, and a large detailing shop/garage. Additionally, there is an attached two-bedroom, three-bath home on the same site, making it suitable for an owner-operator or investor. The office space was remodeled down to the studs within the last two years and includes modern finishes and a new furnace. The office entrance is located on Main Avenue. The detailing shop provides space for service operations, rental income, or personal use. The attached two-bedroom home offers the option to live onsite or rent it out for additional income. The lot size is 0.13 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    New York Mills
    County
    Otter Tail
    State
    Minnesota
    Longitude
    -95.375962
    Latitude
    46.5190272

    FAQs

    What type of property is this?
    Mixed-use property - Remodeled commercial space with offices, shop, and residential unit.
    Where is this mixed-use property located?
    The property is located at 31 Main Avenue N New York Mills, MN.
    What is the asking price?
    The asking price for this property is $399,000.
    What are key features of this property?
    This property features: Remodeled commercial space in the heart of New York Mills on Main Ave.; Includes **4 offices, multiple meeting rooms, a large detailing shop/garage, and a 2‑bedroom, 3‑bath home.**; **Office space completely remodeled down to the studs within the last 2 years with modern finishes and a new furnace.**
    (218) 395-5781
    We can help!
    Listing Contact
    Brandon Lambert
    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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