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    389 Northtown Dr Blaine, MN 55434
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    389 Northtown Dr, Blaine, MN 55434

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    • Lifestyle centers
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    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Lifestyle centers

    Property Details for 389 Northtown Dr

    Property type
    Lifestyle centers
    Property subtype
    Power centers

    Description

    Northtown Mall, a thriving shopping center in Blaine, Minnesota, presents exceptional retail opportunities. This multi-tenant property boasts a highly desirable location at 389 Northtown Dr NE, Blaine, MN 55434, offering excellent visibility from Highways 10, 47/University Avenue, and proximity to Highway 610. The mall features a convenient circular drive and ample parking. Currently anchored by major retailers including Burlington, Hobby Lobby, Becker Furniture and Outlet, Best Buy Mobile, Famous Footwear, Helzberg Diamonds, and Victoria's Secret/Pink, among many others, Northtown Mall benefits from a strong consumer base drawn from the surrounding northern Minneapolis/St. Paul suburbs. Available spaces include pad sites and junior boxes, providing flexible options for various retail businesses. The mall's new ownership is committed to its continued success and growth, making this an ideal investment opportunity for businesses seeking high visibility and a strong customer base in a thriving retail environment. Excellent mall signage and highway visibility further enhance the appeal of these available spaces.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Blaine
    County
    Anoka
    State
    Minnesota
    Longitude
    -93.2622
    Latitude
    45.1272

    Comparable in this City

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      30,499 SF

      198 Northtown Dr

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      198 Northtown Dr, Blaine, MN 55434
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      129,961 SF

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      105,561 SF

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      14,895 SF

      600 County Rd

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      398 Northtown Dr

      Retail properties & Spaces
      398 Northtown Dr, Blaine, MN 55434
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    • Value Estimation by Request
      200 SF

      398 Northtown Dr

      Restaurants
      398 Northtown Dr, Blaine, MN 55434
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    Similar Nearby for Sale

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      5,663 SF

      Freestanding Restaurant Near Northtown Mall

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      Northtown Mall Retail Opportunity

      Retail opportunity in Blaine, Minnesota with consumer draw.
      389 Northtown Dr NE, Blaine, MN 55434
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      30,499 SF

      Prime Retail Location Near Northtown

      High-visibility retail property near Northtown Mall in Blaine, Minnesota.
      198 Northtown Dr NE, Blaine, MN 55434
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      12,250 SF

      Retail Building in Blaine, MN

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      Land in Northtown Mall Area

      Land with excellent visibility in a successful mall area.
      Northtown Dr NE, Blaine, MN 55434
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      Prime Land Near Highway 65

      1.36 acres of commercial land with high traffic visibility.
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    Similar Nearby for Lease

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      1,680 SF

      Retail Space in High-Traffic Area

      Neighborhood shopping center space available near Northtown Mall.
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      Retail Space Near Northtown Mall

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      Grocery Anchored Shopping Center Space

      Retail spaces available in a renovated, grocery-anchored shopping center.
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      6,240 SF

      Retail Space in Northtown

      Retail spaces available, shadow-anchored by Home Depot and Cub Foods.
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      Retail Space Near Highway 65

      Retail space available in a high-traffic Blaine location.
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      3,000 SF

      Retail Space on Jefferson Street

      Retail space with high visibility and signage opportunities available for lease.
      11700 Jefferson St NE, Blaine, MN 55434
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    Blaine, MN 55434
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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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