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    Ridgehaven Marketplace Retail Space Title is generated by Realmo AI

    Plymouth Rd & I394, Minnetonka, MN 55305

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    Retail space in a high-traffic shopping center.

    Type:Retail
    Added:
    Mar 7, 2026
    Days on Market:
    91
    Last Refresh:
    Mar 7 at 7:04 pm

    Property Features for Plymouth Rd & I394

    General Information

    Standard status
    Active
    Property subtype
    Retail

    We can help!

    Listing Contact
    Tricia Pitchford
    Tricia Pitchford

    Listing agent Tricia Pitchford

    Listing office Mid-America Real Estate-Minnesota LLC

    Listing date Mar 7, 2026

    Source Midamericagrp

    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 Mid-America Real Estate-Minnesota LLC

    HighLights

    • Anchored by high‑traffic tenants Lund's Byerlys and Target.
    • Located directly across from Ridgedale Mall.
    • High foot traffic: Over 2.6 million visits in the past 12 months.
    • Strong performance of anchor tenants: Lunds and Byerly's ranked 3rd in total visits amongst their stores in the Minneapolis metro.
    • High‑performing Barnes & Noble: Outperforming pre‑pandemic traffic by 30% with 261k visits in the past 12 months.
    • Lunds and Byerly's traffic exceeds competitors: Averages 30% more traffic per month than Whole Foods or Trader Joe’s.

    Overview

    Ridgehaven Marketplace, anchored by Lund's Byerlys and Target, is situated in the Ridgedale trade area. Other tenants include Barnes & Noble, Ulta, and Massage Envy. The center is located directly across from Ridgedale Mall. Ridgehaven Marketplace has seen over 2.6 million visits in the past 12 months. Target averages over 123,000 visits per month. Lunds and Byerly's ranked 3rd in total visits amongst their stores in the Minneapolis metro, averaging 30% more traffic per month than Whole Foods or Trader Joe’s locations serving the surrounding markets. Barnes & Noble saw 261,000 visits in the past 12 months, outperforming pre-pandemic traffic by 30%.
    Location Intelligence

    Current Use by Public Records

    Shopping centers

    Suggested Use

    Restaurant Real Estate Agency Building Supply Dental Office Auto Repair Shop Law Firm Big Box & Wholesale Store Hotel & Motel Spa & Massage Center Auto Parts Store

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

    Similar Places Nearby

    • Sunglass Hut at Macy's — 12411 Wayzata Blvd, Minnetonka, MN 55305
    • Ridgehaven — 13181 Ridgedale Dr, Minnetonka, MN 55305
    • Ridgedale Corner Shoppes — 1801 Plymouth Rd, Minnetonka, MN 55305
    • The shops at 1700 — 1700 Plymouth Rd, Hopkins, MN 55305, United States
    • Modern Blinds and Shades — 12401 Wayzata Blvd, Minnetonka, MN 55305

    Location Insight

    • Map
    • Local Demand
    City
    Minnetonka
    County
    Hennepin
    State
    Minnesota
    Longitude
    -93.4494627
    Latitude
    44.9785433

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    FAQs

    What type of property is this?
    Shopping center - Retail space in a high-traffic shopping center.
    Where is this shopping center located?
    The property is located at Plymouth Rd & I394 Minnetonka, MN.
    What are key features of this property?
    This property features: Anchored by high‑traffic tenants Lund's Byerlys and Target.; Located directly across from Ridgedale Mall.; High foot traffic: Over 2.6 million visits in the past 12 months.
    (952) 563-6612
    We can help!
    Listing Contact
    Tricia Pitchford
    Tricia Pitchford
    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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    Plymouth Rd & I394 | Minnetonka, MN 55305
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