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Property profile & analytics
OFF-MARKET
Estimated value
$4,150,000
Retail space
119 12th SW St Forest Lake, MN 55025-1467
Entity Owned
6-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US46-1088115
Property summary
AI-generated overview
Westlake Center, a 107,383 square foot retail center in Forest Lake, offers a prime opportunity. Built in 1988 and extensively renovated in 2018, this multi-tenant property boasts a strong anchor tenant lineup including Aldi, PetSmart, OfficeMax, and Northern Tool & Equipment. One retail space of 9,655 square feet is currently available. The center benefits from its exceptional location directly across from a Walmart Supercenter and Target, ensuring high visibility and foot traffic. Its convenient access to W. Broadway Avenue and I-35, with over 14,000 vehicles per day on 12th St SW, provides excellent accessibility. The property sits on 13.5 acres and offers ample parking with 589 spaces, resulting in a parking ratio of 5.79 spaces per 1,000 square feet. The limited retail competition within a four-mile radius makes this a truly unique investment opportunity. Additional tenants include Verizon Wireless, Great Clips, and Subway. This property presents a compelling combination of established tenants, high traffic counts, and a strategic location within a thriving market.
Property profile
Verified
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Year built
1988
Total area
40,500 SF
Lot
5.82 ac (253,519 SF)
APN
08-032-21-23-0012
UPID
US46-1088115
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$4.15M
Owner & transaction history
Mn-forest Westlake LLC · 6 yrs held
Mn-forest Westlake LLC
since 2020
2 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Forest Lake submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Forest Lake submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
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T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$6,135,000
Change: -13% · Conversion: Easy
Blend value · Realmo final
$4.15M
Range $3.74M – $4.57M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$102 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$99,810
Tax year 2023
Assessed value
$3,430,700
Assessed 2022
Previous assessed
$3,430,700
+0.0% YoY
Effective rate
2.91%
On assessed value
Assessed land
$1,313,000
Assessed improvement
$2,117,700
Land market value
$1,313,000
Improvement market value
$2,117,700
Total market value
$3,430,700
Applied tax rate
2,501.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Status
Off-Market
Year built
1988
Heating
NONE
Buildings
1
Total area
40,500 SF
Lot
5.82 ac (253,519 SF)
APN
08-032-21-23-0012
UPID
US46-1088115
Jurisdiction
WASHINGTON
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING
Est. value
$6.1M
OFFICE BUILDING
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1988
Heating
NONE
Buildings
1
Lot
5.82 ac
Current owner
From public records · entity-resolved
Mn-forest Westlake LLC
Entity
Mailing address
8816 6TH FRKS RD STE #201, RALEIGH, NC 27615-2983
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2020
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Feb 21, 2020
$9,051,515
Mn-forest Westlake LLC
Sgo Mn Westlake Center LLC
Warranty Deed
—
Sep 29, 2015
$5,200,000
Sgo Mn Westlake Center LLC
Iret Properties
Grant Deed
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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