Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Class A Medical Space Title is generated by Realmo AI

    515 22nd E Avenue, Alexandria, MN 56308

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $1,995,000

    Functional medical space in Alexandria's medical district.

    Type:Commercial/Industrial
    Property size:
    10,253 SF
    Lot size:
    0.90 Acres
    Price / SF:
    $194/SF
    Added:
    Mar 12, 2026
    Days on Market:
    67
    Last Refresh:
    Apr 6 at 3:00 am

    Property Features for 515 22nd E Avenue

    General Information

    Standard status
    Active
    Size
    10,253 SF
    Lot size
    0.90 Acres
    Property subtype
    Commercial/Industrial

    Building Details

    Year Built
    2009

    We can help!

    Listing Contact
    Taylor Conn

    Listing agent Taylor Conn

    Listing office ConnCrete Realty Solutions

    Listing date Mar 12, 2026

    Source Exitrealty

    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 ConnCrete Realty Solutions

    HighLights

    • Class A medical space in prime medical district location
    • Substantially below new construction cost
    • 10,253 sq ft building featuring 23 exam rooms and 5 bathrooms
    • Originally built as a Veterans Affairs Clinic, ensuring high quality construction
    • Ample administrative office space
    • Parking lot with 42 stalls to be resurfaced and restriped in summer 2024

    Overview

    This Class A medical space is located in the medical district of Alexandria, MN. Originally constructed in 2009 as a Veterans Affairs Clinic, the 10,253 square foot building contains 23 exam rooms, 5 bathrooms, and administrative office space. The parking lot, with 42 stalls, is scheduled for resurfacing and restriping in the summer of 2024. This property is suited for a new clinic or senior care center.

    Financial Insights

    Value Estimation Calculated for Healthcare Medical

    Conservative
    $1.66M
    NOI $149,518 @ 9.00% cap · cautious / downside scenario
    Moderate
    $2.14M
    NOI $149,518 @ 7.00% cap · market / base-case scenario
    Aggressive
    $2.99M
    NOI $149,518 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Healthcare Medical

    Component $ $/SF
    Gross rent $319.9k $31.20
    − Vacancy −$70.7k −$6.90
    EGI $249.2k $24.30
    − OpEx −$99.7k −$9.72
    NOI $149.5k $14.58
    10,253 SF · lease $31.20/SF/yr · vacancy 22.10% · expense 40.00%

    Alternative Use Scenarios

    Best Use
    Healthcare Medical
    $2.14M
    $1.87M – $2.49M (±1% cap)
    NOI $149,518 @ 7.0% cap · market cap 7.49%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Specialty Retail
    $3.23M
    $2.83M – $3.77M (±1% cap)
    NOI $226,288 @ 7.0% cap · market cap 11.34%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Medical centers

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Hair Salon Dental Office Building Supply Nail Salon Auto Repair Shop Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Alexandria
    County
    Douglas
    State
    Minnesota
    Longitude
    -95.3701
    Latitude
    45.8665

    Nearby Similar for Sale

    • $425,000

      Prime Corner Lot on Broadway

      High-visibility commercial building with multiple units and parking.
      1002 Broadway Street, Alexandria, MN 56308
      View Details
    • $2,500
      1,600 SF

      Prime Alexandria Office Space Available

      Highly visible corner property with ample parking and flexible configuration.
      2304 S Broadway Street, Alexandria, MN 56308
      View Details
    • $18

      Commercial Space Ready for Buildout

      Vanilla shell commercial space with great visibility and parking.
      211 Nokomis Street, Alexandria, MN 56308
      View Details
    • $7,500

      High-Visibility Commercial Space, Alexandria, MN

      Prime commercial space with high visibility and steady traffic.
      1301 N Nokomis NE, Alexandria, MN 56308
      View Details
    • $469,000

      New Alexandria Storage Building For Sale

      New construction storage building with in-floor heat, kitchen, and bathroom.
      7826 Unit 1 County Rd 42 NE, Alexandria, MN 56308
      View Details
    • $360,905

      Commercial Space in Alexandria, MN

      Commercial space for sale in Alexandria, Minnesota.
      2633 Jefferson Street, Alexandria, MN 56308
      View Details
    • $355,000

      Versatile Commercial Property on Nokomis

      Commercial and residential opportunity in a high-traffic Alexandria location.
      1205 N Nokomis NE, Alexandria, MN 56308
      View Details
    • $450

      Office Space with Broadway Exposure

      Office spaces for sale with build-out options and parking.
      909 Broadway Street, Alexandria Twp, MN 56308
      View Details
    • $18
      3,312 SF

      Unfinished Commercial Unit in Alexandria

      Versatile 3,312 SF commercial unit with customization potential.
      403 3rd E Avenue Suite 3, Alexandria, MN 56308
      View Details
    • $2,250,000
      49,600 SF

      Commercial Property in Alexandria, MN

      49,000 SF retail/warehouse space available for sale or lease.
      310 34th Ave W, Alexandria, MN
      View Details
    • $6,438,467

      NNN Leased Restaurant Portfolio

      Long-term NNN master lease with established, growing tenant.
      1702 Broadway St, Alexandria, MN 56308
      View Details
    • $28

      Premier Retail Spaces in Alexandria

      Upscale mixed-use development with premium commercial spaces in vibrant downtown.
      317 Broadway Street, Alexandria, MN 56308
      View Details

    FAQs

    What type of property is this?
    Medical center - Functional medical space in Alexandria's medical district.
    Where is this medical center located?
    The property is located at 515 22nd E Avenue Alexandria, MN.
    What is the asking price?
    The asking price for this property is $1,995,000.
    What are key features of this property?
    This property features: Class A medical space in prime medical district location; Substantially below new construction cost; **10,253 sq ft building featuring 23 exam rooms and 5 bathrooms**
    (320) 766-3111
    We can help!
    Listing Contact
    Taylor Conn
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    515 22nd E Avenue, Alexandria, MN 56308
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!