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    191st Ave & Main St Richmond, MN 56368
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    Property profile & analytics

    191st Ave & Main St Richmond, MN 56368

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    • Land
    • 0.74 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Land

    Property Details for 191st Ave & Main St

    Lot size
    0.74 lot acres
    Property type
    Land

    Description

    Discover exceptional commercial land investment opportunities in the thriving Richmond Business Park, located in Stearns County, Minnesota. This development offers a diverse selection of parcels ranging from 0.74 to 10 acres, providing flexibility for various commercial ventures. Several lots are strategically situated along Main Street East, offering high visibility and accessibility. The available properties present a unique chance to establish a presence in a growing community. Specific lot sizes and pricing vary, with some parcels already sold or pending. Detailed information on available lots, including acreage and pricing, is readily available upon request. This prime location in Richmond, MN, zip code 56368, offers easy access to major transportation routes and a strong local economy. Don't miss this opportunity to secure your ideal commercial land investment in a desirable Minnesota location. Contact us today to explore the possibilities and secure your future in the Richmond Business Park. Several addresses are available, including properties on Main Street East.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Stearns
    State
    Minnesota
    Longitude
    -94.5009
    Latitude
    45.4541

    Comparable in this City

    • Value Estimation by Request
      1,308 SF

      705 1st SE St

      COMMERCIAL (GENERAL) • 1,308 SF
      705 1st SE St, Richmond, MN 56368-8069
      View Details
    • Value Estimation by Request
      4,164 SF

      18943 State Hwy 23

      COMMERCIAL (GENERAL) • 4,164 SF
      18943 State Hwy 23, Richmond, MN 56368-8136
      View Details
    • Value Estimation
      $555,000
      720 SF

      22635 191st Ave

      COMMERCIAL (GENERAL) • 720 SF
      22635 191st Ave, Richmond, MN 56368-8139
      View Details
    • Value Estimation
      $515,000
      9,100 SF

      779 1st SE St

      COMMERCIAL (GENERAL) • 9,100 SF
      779 1st SE St, Richmond, MN 56368-8069
      View Details
    • Value Estimation by Request
      600 SF

      17067 213th Ave

      COMMERCIAL (GENERAL) • 600 SF
      17067 213th Ave, Richmond, MN 56368-8522
      View Details
    • Value Estimation by Request
      3,000 SF

      19172 226th St

      COMMERCIAL (GENERAL) • 3,000 SF
      19172 226th St, Richmond, MN 56368-4564
      View Details

    Similar Nearby for Sale

    • $149,900
      0.28 Acres

      Waterfront Lot on Becker Lake

      Waterfront lot with RV pad and lake access.
      21107 State Highway 23, Richmond, MN 56368
      View Details
    • Contact for pricing

      Shovel-Ready Commercial Land Available

      Commercial land with utilities, ready for development in Richmond, MN.
      191st Ave & Main St E, Richmond, MN 56368
      View Details
    • Contact for pricing

      Richmond Business Park Land Parcels

      Multiple commercial land parcels available in Richmond Business Park.
      191st Ave & Main St East, Richmond, MN 56368
      View Details
    • $89,900
      0.05 Acres

      Residential Lot with Lake Access

      Affordable lot with lake access and included camper.
      21312 State Highway 22, Richmond, MN 56368
      View Details
    • $150,000
      0.66 Acres

      Horseshoe Lake Residential Lot

      0.66 acre lot on Horseshoe Lake, Richmond, MN.
      21115 Elkview Cir, Richmond, MN 56368
      View Details
    • $379,000
      5,400 SF

      Tool and Die Business Opportunity

      Manufacturing and industrial property with business for sale in Richmond.
      300 Maple Ave SE, Richmond, MN 56368
      View Details
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    Richmond, MN 56368
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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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