Leased Office
For Sale
$360,905
702b-2633 Jefferson St, Alexandria, MN 56308
Office unit 702B offers 2,489 square feet and is currently leased to an Edward Jones location.
Property Size2,489 SF
Price / SF$145
Days on Market279
Property Features for 702b-2633 Jefferson St
General Information
Standard status
Active
Size
2,489 SF
Taxes and HOA fees
Annual Taxes
$11,778
Listing Agency:
Counselor Realty Inc of Alex
(320) 762-1111
Listed By:
Pat Ellingson · License #40490846
(320) 760-2722
Source:
Exprealty
Added: Dec 8, 2025
Changed: Sep 12
Last Checked: Sep 12 at 3:42PM
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 Counselor Realty Inc of Alex
Investment Insights
Based on property information with market context.
Unit 702 will be split by the seller into 702A and 702B. 702A is currently leased to Edward Jones, and 702B represents the remaining space.
The property is located at 2633 Jefferson St in Alexandria, MN.
Unit 702B is described as 2,489 square feet and is being offered as part of the split of the overall 702 office unit.
The property is located at 2633 Jefferson St in Alexandria, MN.
Unit 702B is described as 2,489 square feet and is being offered as part of the split of the overall 702 office unit.
Key Highlights
- Office unit 702B offers 2,489 sq ft
- Currently leased to an Edward Jones location
- Unit 702 will be split by the seller, with 702A leased to Edward Jones and 702B retaining the remaining space
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$31,040
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.60%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$620,800
$620.8K
Cap Rate 7%
$443,429
$443.4K
Cap Rate 9%
$344,889
$344.9K
Market Conditions
NOI Build-Up for 2,489 SF
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.
Gross rent
$55.9K $22.44/SF
− Vacancy
−$14.5K −$5.81/SF
EGI
$41.4K $16.63/SF
− OpEx
−$10.3K −$4.16/SF
NOI
$31.0K $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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$620,800
Cap Rate 7%
$443,429
Cap Rate 9%
$344,889
Alternative Uses
Best Use
Office B
$443.4K
$388.0K – $517.3K
NOI $31,040 @ 7.0% cap · market cap 8.60%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$784.8K
$686.7K – $915.6K
NOI $54,933 @ 7.0% cap · market cap 15.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,019
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
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Office unit 702B offers 2,489 square feet and is currently leased to an Edward Jones location.
Where is this office units located?
The property is located at 702b-2633 Jefferson St Alexandria, MN.
What is the asking price?
The asking price for this property is $360,905.
What are key features of this property?
This property features: Office unit 702B offers 2,489 sq ft; Currently leased to an Edward Jones location; Unit 702 will be split by the seller, with 702A leased to Edward Jones and 702B retaining the remaining space
