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    Property profile & analytics

    116 3rd St Saint Peter, MN 56082-2043

    • Office buildings
    • 4,556 SF
    • 0.24 lot acres
    OFF-MARKET
    Value Estimations
    $270,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US46-2039528
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Jane T. Klein, PsyD / Psychologist
    • MacKenzie Agency / Insurance Agency

    Property Details for 116 3rd St

    Year built
    1948
    Lot size
    0.24 lot acres
    Property size
    4,556 SF
    Property type
    Office buildings
    APN
    19.412.3515
    APU
    194123515

    Description

    This 4,556 square foot Class C office building, located at 116 S 3rd St, St. Peter, MN 56082, is available for $450,000. Built in 1948, the property sits on a 10,560 square foot lot and offers convenient on-site parking. Its prime downtown location is highly desirable, situated across from Patrick's and between Hometown and Pioneer Banks. The interior features a reception area, multiple private offices, a conference room, and a break area, providing a functional and versatile workspace. While the building's age may reflect in its aesthetics, the exceptional location and ample parking make this a compelling investment opportunity. The building is currently vacant, presenting a blank canvas for a new tenant or owner to customize and renovate to their specific needs. This property offers a unique blend of established location and potential for future development or modernization. The substantial lot size also presents possibilities for expansion or additional parking. Consider the potential of this well-positioned office building in the thriving community of St. Peter, Minnesota.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $270,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $209,000
      Market price range: $152k - $518k

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Saint Peter
    County
    Nicollet
    State
    Minnesota
    Longitude
    -93.9579
    Latitude
    44.326
    CBSA code
    31860
    CBSA name
    MANKATO-NORTH MANKATO, MN MICROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $8,036
    $144,500
    $152,200
    $296,700
    -
    $144,500
    $152,200
    $296,700

    Comparable in this City

    • Value Estimation
      $485,000
      22,646 SF

      1120 Swift St

      OFFICE BUILDING • 22,646 SF
      1120 Swift St, Saint Peter, MN 56082-1887
      View Details
    • Value Estimation
      $445,000
      11,256 SF

      622 Sunrise Dr

      OFFICE BUILDING • 11,256 SF
      622 Sunrise Dr, Saint Peter, MN 56082-5500
      View Details
    • Value Estimation
      $115,000
      1,029 SF

      Saint Peter, MN 56082

      OFFICE BUILDING • 1,029 SF
      Saint Peter, MN 56082
      View Details
    • Value Estimation
      $355,000
      2,116 SF

      1031 Grace St

      OFFICE BUILDING • 2,116 SF
      1031 Grace St, Saint Peter, MN 56082-1300
      View Details
    • Value Estimation
      $3,355,000
      4,374 SF

      1304 Marshall St

      OFFICE BUILDING • 4,374 SF
      1304 Marshall St, Saint Peter, MN 56082-4500
      View Details
    • Value Estimation
      $295,000
      5,520 SF

      315 Minnesota Ave

      OFFICE BUILDING • 5,520 SF
      315 Minnesota Ave, Saint Peter, MN 56082-2523
      View Details

    Similar Nearby for Sale

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    Similar Nearby for Lease

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      Renovated Retail Space on Minnesota

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      St. Peter Executive Office Space

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      Arts Center Office Suites for Lease

      Prime Downtown St. Peter Office Space
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      Renovated Commercial Spaces For Lease

      Recently renovated commercial spaces with street frontage and parking.
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    • Contact for pricing

      Shovel-Ready Lot with Hoop Shed

      Accessible lot with outdoor storage and a hoop building.
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      View Details
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    116 3rd St
    Saint Peter, MN 56082-2043
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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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