Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    605 Hillcrest Ave Owatonna, MN 55060

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Updated medical/dental space with flex operatories and spacious waiting room.

    Type:Office, Special Purpose
    Added:
    Mar 10, 2026
    Days on Market:
    25
    Last Refresh:
    Mar 16 at 10:58 am

    Property Features for 605 Hillcrest Ave

    General Information

    Standard status
    Active
    Property subtype
    Office, Special Purpose

    Building Details

    Year Built
    1970

    Spaces For Lease

    at 605 Hillcrest Ave Contact us

    $21 /Mo

    Size
    1,623 SF
    Type
    Office, Special Purpose
    Contact us

    We can help!

    Listing Contact
    Darrin Stadheim

    Listing agent Darrin Stadheim License #40929303

    Listing office Stadheim Properties

    Listing date Mar 10, 2026

    Source Crexi

    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 Stadheim Properties

    Overview

    Turnkey Medical/Dental Office Space

    This recently updated medical or turnkey dental space features a spacious waiting room and a built-in reception desk. It includes a laboratory equipped with cabinets and a private restroom. The suite offers several flexible operatories and offices, ready for immediate use. As a corner suite, it benefits from numerous windows, creating a light and airy atmosphere.
    Location Intelligence

    Current Use by Public Records

    Medical Office Space

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Owatonna
    County
    Steele
    State
    Minnesota
    Longitude
    -93.207266
    Latitude
    44.079296

    Nearby Similar for Lease

    • $21/mo

      Retail Space Available For Rent

      Retail space for rent in Owatonna, MN.
      1045 Frontage Rd W, Owatonna, MN
      View Details
    • $17/mo

      Retail/Office/Restaurant Space Available

      Two retail spaces available, suitable for office or restaurant use.
      1100 Frontage Rd W, Owatonna, MN
      View Details
    • Contact for pricing

      Owatonna Warehouse Space Available

      Warehouse space available for lease in Owatonna, Minnesota.
      3350 Park Drive, Owatonna, MN, 55060
      View Details
    • Contact for pricing

      Industrial Single Tenant Space

      Industrial space available for single tenant occupancy.
      1130 State Ave, Owatonna, MN 55060
      View Details
    • Contact for pricing

      Owatonna Warehouse with Freezer System

      8,000 SF warehouse featuring a freezer system and docks.
      2795 Park Dr, Owatonna, MN
      View Details
    • $17/mo

      Retail Space in Downtown Owatonna

      Retail space available in Owatonna's new downtown development.
      207-211 N Cedar Ave, Owatonna, MN
      View Details
    • $14/mo

      Retail Space in High Traffic

      Retail space available in high-traffic Owatonna shopping center.
      2350 43rd St NW, Owatonna, MN
      View Details
    • Contact for pricing

      Owatonna Industrial Facility For Rent

      75,000 SF industrial facility on 11.24 acres available for rent.
      205 SW 24th Ave SW, Owatonna, MN
      View Details
    • Contact for pricing

      Retail, Office, Restaurant Space Available

      Retail, office, or restaurant spaces available with ample parking.
      1100 Frontage Rd W, Owatonna, MN 55060
      View Details
    • Contact for pricing

      Downtown Owatonna Retail Space Available

      Retail space for lease in downtown Owatonna development.
      211 N Cedar Ave, Owatonna, MN 55060
      View Details
    • Contact for pricing

      New Warehouse Space Available

      130,000 SF warehouse with ample trailer parking, delivery Q4 2024.
      202 24th Ave SW, Owatonna, MN
      View Details
    • Contact for pricing

      Owatonna Commercial Space For Lease

      Commercial space available for lease in Owatonna, Minnesota.
      600 Hoffman Dr, Owatonna, MN 55060
      View Details

    FAQs

    What type of property is this?
    Medical Office Space - Updated medical/dental space with flex operatories and spacious waiting room.
    Where is this medical office space located?
    The property is located at 605 Hillcrest Ave Owatonna, MN.
    What are key features of this property?
    This property features: Turnkey medical/dental space ready for immediate occupancy.; Spacious waiting room and built‑in reception desk.; Multiple flex operatories/offices.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Darrin Stadheim
    Real Estate License ID: 40929303
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!