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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1213 Broadway St Alexandria, MN 56308-2531

    • Retail space
    • 9,926 SF
    OFF-MARKET
    Last Sale
    Mar 11, 2022
    $750,000
    Value Estimations
    $710,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US46-1258278
    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

    • Retail space

    Property Details for 1213 Broadway St

    Year built
    1920
    Property size
    9,926 SF
    Property type
    Retail space
    APN
    63-1615-000
    APU
    631615000

    Description

    This exceptional 9,927 square foot commercial property is located on a prominent corner of Broadway Street in downtown Alexandria, Minnesota, offering unparalleled visibility and accessibility. Situated on a 0.62-acre lot, the building boasts ample parking, including a fenced-in area, ensuring convenient access for customers and employees. The property's current configuration is highly versatile, featuring four distinct areas. One section is currently leased to an established business, while another is designed as a banquet room, ideal for events and gatherings. A third area serves as a catering/kitchen prep space, and a fourth provides heated shop/warehouse space. Recent extensive renovations have modernized the building, including the installation of new HVAC systems, parking lot improvements, updated lighting, flooring, walls, electrical systems, plumbing, and a new fire suppression system. This prime location is perfect for a variety of uses, including retail, office, healthcare, restaurant, or mixed-use development, presenting a unique opportunity for expansion or investment. The high volume of foot and vehicular traffic ensures maximum exposure, making this a truly exceptional commercial opportunity in the heart of Alexandria. Lease options are available. Don't miss this chance to own a piece of Alexandria's thriving downtown.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $705,000
      ML approach
      $655,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $700,000
      Market price range: $700k - $1.36M
      AI Estimate
      $609,000
      Market price range: $551k - $1.35M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $1,065,000
      Current use
      WAREHOUSE, STORAGE
      $980,000
      Change: -8% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Alexandria
    County
    Douglas
    State
    Minnesota
    Longitude
    -95.3772
    Latitude
    45.8786
    CBSA code
    10820
    CBSA name
    ALEXANDRIA, 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
    $13,134
    $194,100
    $436,800
    $630,900
    -
    $194,100
    $436,800
    $630,900

    Comparable in this City

    • Value Estimation by Request
      763 SF

      111 6th W Ave

      RETAIL STORES (PERSONAL SERVICES) • 763 SF
      111 6th W Ave, Alexandria, MN 56308-1701
      View Details
    • Value Estimation by Request
      700 SF

      601 Nokomis St

      RETAIL STORES (PERSONAL SERVICES) • 700 SF
      601 Nokomis St, Alexandria, MN 56308-1950
      View Details
    • Value Estimation by Request
      4,247 SF

      805 1st E Ave

      RETAIL STORES (PERSONAL SERVICES) • 4,247 SF
      805 1st E Ave, Alexandria, MN 56308-1642
      View Details
    • Value Estimation
      $1,010,000
      13,122 SF

      611 3rd E Ave

      RETAIL STORES (PERSONAL SERVICES) • 13,122 SF
      611 3rd E Ave, Alexandria, MN 56308-1496
      View Details
    • Value Estimation
      $2,040,000
      5,699 SF

      116 50th W Ave

      RETAIL STORES (PERSONAL SERVICES) • 5,699 SF
      116 50th W Ave, Alexandria, MN 56308-9273
      View Details
    • Value Estimation by Request
      3,296 SF

      209 6th E Ave

      RETAIL STORES (PERSONAL SERVICES) • 3,296 SF
      209 6th E Ave, Alexandria, MN 56308-1667
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      4.00 Acres

      High-Visibility Commercial Space, Alexandria, MN

      Prime commercial space with high visibility and steady traffic.
      1301 N Nokomis NE, Alexandria, MN 56308
      View Details
    • $395,000
      1.04 Acres

      Versatile Commercial Property on Nokomis

      Commercial and residential opportunity in a high-traffic Alexandria location.
      1205 N Nokomis NE, Alexandria, MN 56308
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    • $329,900
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      Prime Commercial Property in Alexandria

      Centrally located commercial property with B-1 zoning and ample parking.
      2020 Fillmore St, Alexandria, MN 56308
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      Alexandria Retail & Land Portfolio

      Prime Alexandria Retail Opportunity
      209 Nokomis St, Alexandria, MN 56308
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      49,600 SF

      Prime Alexandria Retail Space

      Large vacant retail building, great location.
      310 34Th Ave, Alexandria, MN 56308
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    • $139,900
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      Finished Shop on Residential Lot

      Heated shop on a large lot near Alexandria.
      4760 Country Shr SW, Alexandria, MN 56308
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    Similar Nearby for Lease

    • $2,250,000
      49,600 SF

      Commercial Property in Alexandria, MN

      49,000 SF retail/warehouse space available for sale or lease.
      310 34Th Ave W, Alexandria, MN 56308
      View Details
    • Contact for pricing
      1,600 SF

      Retail Space with Highway Visibility

      Retail space with patio and exceptional highway visibility.
      4906-4911 Highway 29, Alexandria, MN 56308
      View Details
    • Contact for pricing
      2,114 SF

      Prime Retail Spaces on Broadway

      Premier retail spaces in Alexandria's most anticipated mixed-use development.
      317 Broadway St, Alexandria, MN 56308
      View Details
    • $13 SF/Yr
      5,082 SF

      Prime Commercial Land on Broadway

      Highly visible commercial land for lease on Broadway Street.
      1422 Broadway St, Alexandria, MN 56308
      View Details
    • Contact for pricing
      5,000 SF

      Medical Space in Alexandria, MN

      High-quality medical space available for lease in Alexandria, MN.
      6600 Highway 29, Alexandria, MN 56308
      View Details
    • Contact for pricing
      3,089 SF

      Private Office Suites For Lease

      Private office suites available in a well-maintained, centrally located building.
      720 Broadway St, Alexandria, MN 56308
      View Details
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    1213 Broadway St
    Alexandria, MN 56308-2531
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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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