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    Commercial Space in Downtown Nicollet Title is generated by Realmo AI

    635 N 3rd Street, Nicollet, MN 56074

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    For Lease
    $700/Mo $2 SF/Yr (calc)

    COMMERCIAL - Nicollet, MN

    Property size:
    3,280 SF
    Added:
    Mar 23, 2026
    Days on Market:
    66
    Last Refresh:
    May 27 at 8:06 am

    Property Features for 635 N 3rd Street

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Standard status
    Active
    APN
    17.682.0380
    Size
    3,280 SF

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    Block 14 "EX W44'" Lot 1 SubdivisionCd 17682 SubdivisionName ORIGINAL PLAT
    Tax Annual Amount
    2503

    Utilities

    Heating system
    Forced Air

    Building Details

    Year built
    1975

    We can help!

    Listing Contact
    Dar Vosburg
    Dar Vosburg

    Listing agent Dar Vosburg License #20093521

    Listing office HOME RUN REALTY 150 St. Andrews Court Suite 520, Mankato, MN

    Listing date Mar 23, 2026

    MLS# 7039753

    Copyright © 2026 Realtor Association of Southern Minnesota. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Building for sale at $164,900 (MLS# 7039755 or 7042935).
    • Prime downtown location suitable for various businesses.
    • Multiple individual office spaces available for lease.
    • Individual units available for lease at $700/month.
    • Main floor rental available for $2000.
    • Main floor and basement rental available for $2500.

    Overview

    Located in downtown Nicollet, this commercial building offers multiple spaces suitable for various businesses, including dispensaries, insurance companies, chiropractors, and pop-up sales. The building contains four individual office spaces. Unit 300, Unit 304, Unit 633, and Unit 635 are each available for lease at $700 per month. The main floor of the building is available for rent at $2000 per month. The main floor, including the basement, is available for $2500 per month. The building has a total size of 3280 square feet.
    Property Profile Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Nicollet
    County
    Nicollet
    State
    Minnesota
    Longitude
    -94.188325
    Latitude
    44.275857

    Nearby Similar for Lease

    • $700/Mo

      Office Spaces in Downtown Nicollet

      Four individual office spaces available for rent in Nicollet, MN.
      633 N 3rd Street, Nicollet, MN 56074
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    • $700/Mo

      Downtown Nicollet Commercial Office Spaces

      Four individual office spaces available for rent in downtown Nicollet.
      304 Pine Street, Nicollet, MN 56074
      View Details
    • $700/Mo

      Office Spaces in Downtown Nicollet

      Four office spaces available for rent in downtown Nicollet.
      300 Pine Street, Nicollet, MN 56074
      View Details

    FAQs

    What type of property is this?
    Office units - Downtown commercial spaces suitable for various businesses. Multiple units available.
    Where is this office units located?
    The property is located at 635 N 3rd Street Nicollet, MN.
    What is the lease rate?
    The lease rate is $700 /Mo.
    What are key features of this property?
    This property features: Building for sale at $164,900 (MLS# 7039755 or 7042935).; Prime downtown location suitable for various businesses.; Multiple individual office spaces available for lease.
    (507) 340-9281
    We can help!
    Listing Contact
    Dar Vosburg
    Dar Vosburg
    Real Estate License ID: 20093521
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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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