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    643 2nd Street South | Waite Park, MN 56387 Waite Park, MN 56387

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    643 2nd Street South | Waite Park, MN 56387 Waite Park, MN 56387

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    • Retail properties & Spaces
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    Current Use by Public Records

    • Retail properties & Spaces

    Property Details for 643 2nd Street South | Waite Park, MN 56387

    Property type
    Retail properties & Spaces

    Description

    The former Hautigo Spa space provides a turnkey solution for an established spa or salon but also offers the flexibility to be reimagined for various office or retail uses. Its prime location benefits from nearby amenities and services, ensuring convenience for both employees and clients. With ample parking and easy access to major thoroughfares, this space is designed to accommodate your business needs seamlessly. Elevate your operations in this dynamic setting, where premier features and a strategic location combine to deliver an exceptional leasing opportunity. Location Description The intersection of 6th Avenue South and 2nd Street South in Waite Park, Minnesota, serves as a lively commercial hub. Sundial Village shopping center features a variety of retail and service establishments. The area is distinguished by its mix of commercial properties, playing a key role in supporting the city's economic activity. Highlights Ample free parking Turn-Key Retail Spa / Salon Building and Pylon Signage Available Nearby businesses include: Home Depot, Deerwood Bank, Mafnify CU, Texas Roadhouse, and Hobby Lobby 2025 estimated CAM/Tax: $10.73 PRSF

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Waite Park
    County
    State
    Minnesota
    Longitude
    -94.2481
    Latitude
    45.5125

    Comparable in this City

    • Value Estimation by Request
      2,500 SF

      15 1St Ave

      Shopping malls • 2,500 SF
      15 1St Ave, Waite Park, MN 56387
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    • Value Estimation by Request

      159 7Th Ave

      Office properties & Spaces
      159 7Th Ave, Waite Park, MN 56387
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    • Value Estimation by Request
      1.54 Acres

      834 2nd S St

      VACANT COMMERCIAL LAND • 1.54 Acres
      834 2nd S St, Waite Park, MN 56387-1854
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    • Value Estimation by Request
      6.54 Acres

      Waite Park, MN 56387

      VACANT COMMERCIAL LAND • 6.54 Acres
      Waite Park, MN 56387
      View Details
    • Value Estimation by Request
      5.58 Acres

      Waite Park, MN 56387

      VACANT COMMERCIAL LAND • 5.58 Acres
      Waite Park, MN 56387
      View Details
    • Value Estimation
      $2,420,000
      15,081 SF

      901 3rd N St

      COMMERCIAL (GENERAL) • 15,081 SF
      901 3rd N St, Waite Park, MN 56387-1964
      View Details

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    Similar Nearby for Lease

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    • $8 SF/Yr
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      Renovated Retail Space Available

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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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