Remodeled Main-Level Office
For Sale
$425,000
316 N Nokomis Street, Alexandria, MN 56308
Multi-suite office configuration includes shared circulation, two bathrooms, and parking.
Property Size2,387 SF
Price / SF$178.05
Days on Market99
Property Features for 316 N Nokomis Street
General Information
Standard status
Active
Size
2,387 SF
Property subtype
Commercial
Zoning
Business/Commercial
Occupancy
100%
Additional Details
Office Units
4
Taxes and HOA fees
Annual Taxes
$6,672
Building Details
Building Size
2,387 SF
Year Built
1956
Stories
1
Units
4
Tenancy
Multi
Listing Agency:
Real Estate by Jo, LLC
(320) 266-6053
Listed By:
Joanna Hvezda
(320) 266-6053
Source:
Juverealestate
Added: May 18
Changed: Aug 23
Last Checked: Aug 23 at 4:37AM
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 Real Estate by Jo, LLC
Investment Insights
Based on property information with market context.
This remodeled office property is arranged across a main-level layout with no steps. The front office suite is occupied by a financial company with dedicated space and separate utility responsibility. A second area contains three office suites, the potential for a fourth suite, two bathrooms, and a common corridor. Parking is also provided.
The property is located at 316 N Nokomis St in Alexandria, MN. Its combination of individual office areas and shared facilities supports multiple occupants within one building, while the main-level configuration provides step-free access.
The property is located at 316 N Nokomis St in Alexandria, MN. Its combination of individual office areas and shared facilities supports multiple occupants within one building, while the main-level configuration provides step-free access.
Key Highlights
- Remodeled main‑level office property with no steps
- Front suite occupied by a financial company with dedicated space and tenant‑paid utilities
- Three office suites with potential for a fourth
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
$29,768
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
7.00%
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%
$595,360
$595.4K
Cap Rate 7%
$425,257
$425.3K
Cap Rate 9%
$330,756
$330.8K
Market Conditions
NOI Build-Up for 2,387 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
$53.6K $22.44/SF
− Vacancy
−$13.9K −$5.81/SF
EGI
$39.7K $16.63/SF
− OpEx
−$9.9K −$4.16/SF
NOI
$29.8K $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%
$595,360
Cap Rate 7%
$425,257
Cap Rate 9%
$330,756
Alternative Uses
Best Use
Office B
$425.3K
$372.1K – $496.1K
NOI $29,768 @ 7.0% cap · market cap 7.00%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$752.6K
$658.5K – $878.0K
NOI $52,682 @ 7.0% cap · market cap 12.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Office units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
384
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 building - Multi-suite office configuration includes shared circulation, two bathrooms, and parking.
Where is this office building located?
The property is located at 316 N Nokomis Street Alexandria, MN.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Remodeled main‑level office property with no steps; Front suite occupied by a financial company with dedicated space and tenant‑paid utilities; Three office suites with potential for a fourth
