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    Versatile Shop Condos For Sale Title is generated by Realmo AI

    700 Armstrong S Drive 101, Fairmont, MN 56031

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    For Sale
    $220,000

    Shop condos suitable for commercial or personal use.

    Type:Commercial/Industrial
    Property size:
    9,600 SF
    Lot size:
    12.16 Acres
    Price / SF:
    $22/SF
    Added:
    Mar 12, 2026
    Days on Market:
    71
    Last Refresh:
    Apr 5 at 8:32 pm

    Property Features for 700 Armstrong S Drive 101

    General Information

    Standard status
    Active
    Size
    9,600 SF
    Lot size
    12.16 Acres
    Property subtype
    Commercial/Industrial

    Building Details

    Year Built
    2024

    We can help!

    Listing Contact
    Paul Determan

    Listing agent Paul Determan

    Listing office RE/MAX TOTAL REALTY

    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 RE/MAX TOTAL REALTY

    HighLights

    • Versatile shop condo suitable for commercial business or personal use (dream garage/storage).
    • Units can be combined to create larger spaces.
    • Each unit has separately metered utilities and essential features (service door, 14’ x 14’ overhead door, floor drains, air exchangers).
    • Flexible ownership options: purchase or rent.
    • Customizable units: potential for restroom, mezzanine, kitchenette, entertainment features.
    • Located in Fairmont Industrial Park with easy access to I‑90.

    Overview

    These shop condos offer a flexible solution for commercial businesses or personal use, functioning as individual units or combined to create an industrial strip mall. Each unit is equipped with separately metered utilities, including natural gas, water/sewer, and electricity. A service door and a 14’ x 14’ overhead door with an electric opener accommodate vehicles of any size. Additional features include floor drains with flammable waste traps and air exchangers. Fiber optics are available. The property features a hard surface in front of the entire building to facilitate loading and unloading for delivery trucks. These units can be customized with a restroom, mezzanine, and kitchenette. Located in the Fairmont Industrial Park with easy access to I-90, the first building is completed with 3 units available, each measuring 1960 sq ft (60’ deep x 32’ wide). Units range from 1960 sq ft up to 9600 sq ft, with future phases planned. The largest continuous space available measures 60’ deep x 160’ wide. Ownership of a unit is structured similarly to a residential condominium, with HOA dues covering ground maintenance, snow removal, exterior insurance, and some utilities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Flex space

    Suggested Use

    Building Supply Auto Repair Shop Big Box & Wholesale Store Hotel & Motel Pharmacy Gym & Fitness Center Accounting Firm Storage Facility Electrical Service Plumbing Service

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

    Location Insight

    • Map
    • Local Demand
    City
    Fairmont
    County
    Martin
    State
    Minnesota
    Longitude
    -94.5065
    Latitude
    43.6569

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    FAQs

    What type of property is this?
    Flex space - Shop condos suitable for commercial or personal use.
    Where is this flex space located?
    The property is located at 700 Armstrong S Drive 101 Fairmont, MN.
    What is the asking price?
    The asking price for this property is $220,000.
    What are key features of this property?
    This property features: Versatile shop condo suitable for commercial business or personal use (dream garage/storage).; Units can be combined to create larger spaces.; Each unit has separately metered utilities and essential features (service door, 14’ x 14’ overhead door, floor drains, air exchangers).
    (507) 235-5666
    We can help!
    Listing Contact
    Paul Determan
    Learn More
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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.

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