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    145 2Nd Ave Perham, MN 56573

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    For Sale
    Contact for pricing

    Vacant Retail Building, 5200 sq ft

    Property size:
    5,200 SF

    Property Features for 145 2Nd Ave

    General Information

    Property type
    Lifestyle centers
    Square Feet
    5,200 SF
    Class
    B

    Building Details

    Year Built/Renovated
    1974/2022
    Buildings
    1
    Stories
    1
    Units
    1

    We can help!

    Listing Contact
    Zach Frappier
    Zach Frappier

    Listing Agency: City scapes Development Listing Agent: Zach Frappier

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    This 5,200 square foot vacant retail building, located at 145 2nd Ave SE in Perham, Minnesota, presents a unique investment opportunity. Built in 1974 and renovated in 2022, the Class B property sits on a 15,000 square foot lot and offers flexible space suitable for various uses, including office, retail, restaurant, or medical. The building is conveniently located in downtown Perham, next to the new JP Place mixed-use development, and benefits from ample parking on both the north and south sides. The property includes a 2,000 square foot heated garage with an oversized garage door, ideal for warehouse or shop space. A memorandum of understanding exists with the City of Perham to assist with the costs of expanding the south parking lot. The asking price is $425,000, translating to $81.73 per square foot. The property's zoning is commercial, and it features one building with one story. Nearby businesses include Sherwin-Williams, O'Reilly Auto Parts, Aspen Dental, IHOP, and Goodwill. Perham is a thriving small town known for its excellent schools, outdoor recreation, and vibrant community. This property offers significant potential for a variety of commercial ventures. The property is currently vacant and available for sale.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Lifestyle centers

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Perham
    County
    Otter Tail
    State
    Minnesota
    Longitude
    -95.572013
    Latitude
    46.5928082

    Nearby Similar for Sale

    • Contact for pricing
      45,100 SF

      JP Place: Prime Perham Retail Space

      Downtown Perham retail, 45,100 SF, lease/own options.
      101 2Nd Ave, Perham, MN 56573
      View Details
    • $799,000
      9,000 SF

      Prime Perham Commercial Space

      9,000 sq ft building on 5 acres
      43950 Boedigheimer Dr, Perham, MN 56573
      View Details
    • $1,350,000
      7,124 SF

      Prime Perham Retail Investment

      High-Return Multi-Business Complex
      655 Main St, Perham, MN 56573
      View Details

    FAQs

    What type of property is this?
    Lifestyle center - Vacant Retail Building, 5200 sq ft
    Where is this lifestyle center located?
    The property is located at 145 2Nd Ave Perham, MN.
    What is the asking price?
    The asking price for this property is $425,000.
    What are key features of this property?
    This property features: 5,200 SF vacant retail building on a 15,000 SF lot in downtown Perham, MN.; 2022 renovation, Class B construction.; Flexible space suitable for office, retail, restaurant, or medical uses.
    (701) 280-5885 Call to check price and availability
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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
    145 2Nd Ave Perham, MN 56573
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    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Zach Frappier
    Zach Frappier
    Real Estate License ID: 11220
    (701) 280-5885 (701) 388-6919
    Learn more
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