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    16731 State Hwy Prior Lake, MN 55372
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    16731 State Hwy, Prior Lake, MN 55372

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    • Neighborhood centers
    • 81,229 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Neighborhood centers

    Property Details for 16731 State Hwy

    Year built
    1975
    Property type
    Neighborhood centers
    Property subtype
    Retail properties & Spaces

    Description

    South Lake Village offers 4 available medical office suites ranging from 860 to 3,436 square feet within an 81,229 square foot, single-story Class B building situated on a 5.48-acre lot in Prior Lake's central business district. This multi-tenant property, built in 1975, boasts a prime location with frontage along Highway 13 and is anchored by Lunds & Byerly's grocery store, ensuring high visibility and foot traffic. The complex provides ample parking for tenants and patrons, and benefits from the presence of nearby dining and entertainment options. The available spaces are ideal for medical practices seeking a well-established location in a thriving community. The property features both storefront and interior suite options, catering to diverse business needs. Located in the Southwest submarket of Scott County, Minnesota, with a cross street of Duluth Avenue SE and APN 254700010, this property offers a unique opportunity to establish or expand a medical practice in an affluent area with an average household income exceeding $102,000 within a one-mile radius. Currently, 4,596 square feet of space is vacant. The property is categorized as Retail, Office, with subtypes including Medical Office, Storefront, and Strip Center.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Prior Lake
    County
    Scott
    State
    Minnesota
    Longitude
    -93.4292
    Latitude
    44.7069

    Comparable in this City

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      7,500 SF

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      22,700 SF

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      81,229 SF

      16731 State Hwy

      Retail properties & Spaces
      16731 State Hwy, Prior Lake, MN 55372
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    • Value Estimation by Request
      0.11 Acres

      Prior Lake, MN 55372

      COMMERCIAL (GENERAL)
      Prior Lake, MN 55372
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    • Value Estimation
      $1,850,000
      10,650 SF

      5565 Credit Riv SE Rd

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      480 SF

      4786 Dakota SE St

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      0.14 Acres

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      Versatile Office Building

      Well-maintained office building built in 2002 with flexible space and visibility in the Prior Lake area.
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      Eagle Creek Office Space Available

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      21,588 SF

      Former School District Office Building

      21,588 SF office building with 2,700 SF storage/garage.
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      Prior Lake Commercial Land Available

      1.99 acres of commercial land with C-2 zoning.
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      320 Acres Mixed-Use Development Land

      320 acres of mixed-use land with development potential.
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    Similar Nearby for Lease

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      Land Available For Lease

      Commercial land available for lease in Prior Lake, Minnesota.
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      Retail and Office Complex

      Office and retail complex in Prior Lake's central business district.
      16731 State Hwy 13, Prior Lake, MN 55372
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      1,008 SF

      Retail Space in Prior Lake

      Retail and restaurant spaces available in a popular commercial destination.
      16731 Highway 13 S, Prior Lake, MN 55372
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      Flexible commercial space in a high-demand, vibrant downtown location.
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      2,061 SF

      Versatile Retail/Office Space Available

      1200 SF retail/office space in affluent Prior Lake area.
      15875 Franklin Trl SE, Prior Lake, MN 55372
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    Prior Lake, MN 55372
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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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