Multi-Suite Office
New
For Sale
$425,000
316 N Nokomis Street, Alexandria, MN 56308
Business/Commercial zoning and a main-level layout support a range of office configurations.
Property Size2,387 SF
Price / SF$178.05
Days on Market3
Property Features for 316 N Nokomis Street
General Information
Standard status
Active
Size
2,387 SF
Property subtype
Commercial
Zoning
Business/Commercial
Additional Details
Condition
Turnkey
Tenant in Place
Yes
Property Use
Office
Taxes and HOA fees
Annual Taxes
$6,672
Building Details
Building Size
2,387 SF
Year Built
1956
Units
4
Tenancy
Multi
Listing Agency:
Real Estate by Jo, LLC
Listed By:
Joanna Hvezda · License #9825
(320) 266-6053
Source:
Getyoumoved
Added: Oct 22
Changed: Oct 23
Last Checked: Oct 23 at 5:10PM
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
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Investment Insights
Based on property information with market context.
This 2,387-square-foot office building dates to 1956 and has been remodeled. Its main-level layout includes a front office occupied by a financial company, plus a separate area configured as three office suites with the potential for a fourth. That area also has two bathrooms and a shared corridor. The building offers parking and is zoned Business/Commercial.
Key Highlights
- 2,387‑square‑foot office building, built in 1956
- Remodeled office property with a main‑level layout
- Three office suites with potential for a fourth
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$29,768
Cap Rate
7.00%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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Current Use
Lease Details
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
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Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Office building - Business/Commercial zoning and a main-level layout support a range of office configurations.
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: 2,387‑square‑foot office building, built in 1956; Remodeled office property with a main‑level layout; Three office suites with potential for a fourth
