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Property profile & analytics
FOR LEASE
Apartment buildings
12700 Nicollet Ave, Burnsville, MN 55337
Entity Owned
22-yr Hold
Absentee Owner
Property ID
US46-0606449
For Lease
1 / 2
$22 SF/Yr
12700 Nicollet Ave, Burnsville, MN 55337
View Listing →
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (100+ UNITS)
Year built
2003
Construction
WOOD
Total area
27,922 SF
Lot
2.02 ac (87,991 SF)
APN
02-33325-01-030
UPID
US46-0606449
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
Current use
Occupant on record · Public records
-
Grande Market Place Apartments Apartment Complex
-
Khouri Salwa MD Physician
-
Steven Swanson - Thrivent Financial Advisor
-
Skin Perfect Beauty Spa & Massage Center Skin Care Clinic
-
Mark Ohlmann - Thrivent Financial Advisor
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$3.22M
Blend (final)
Blend
$2.90M
Owner & transaction history
Grande Market Place LP
Grande Market Place LP
2 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$4.8M
+100.1%
Warehouse, storage
$4.3M
+78.6%
Retail stores
$4.0M
+67.1%
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 Burnsville submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Burnsville 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)
Refine in 60 seconds, get exact suggested price
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
APARTMENT HOUSE (5+ UNITS)
$2,380,000
Current use
AUTO REPAIR, GARAGE
$4,765,000
Change: +100% · Conversion: Difficult
WAREHOUSE, STORAGE
$4,255,000
Change: +79% · Conversion: Difficult
RETAIL STORES
$3,980,000
Change: +67% · Conversion: Difficult
INDUSTRIAL (GENERAL)
$3,235,000
Change: +36% · Conversion: Difficult
OFFICE BUILDING
$3,195,000
Change: +34% · Conversion: Moderate
Blend value · Realmo final
$2.90M
Range $2.61M – $3.19M · ±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
$104 / 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
$204,298
Tax year 2023
Assessed value
$17,806,300
Assessed 2022
Previous assessed
$14,592,400
+22.0% YoY
Effective rate
1.15%
On assessed value
Assessed land
$942,500
Assessed improvement
$16,863,800
Land market value
$942,500
Improvement market value
$16,863,800
Total market value
$17,806,300
Applied tax rate
2.0000
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
Apartment buildings
Use group
APARTMENT HOUSE (100+ UNITS)
Status
For Lease
Year built
2003
Construction
WOOD
Heating
NONE
Buildings
2
Units
113
Bathrooms
3
Total area
27,922 SF
Lot
2.02 ac (87,991 SF)
APN
02-33325-01-030
UPID
US46-0606449
Jurisdiction
DAKOTA
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
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$2.4M
AUTO REPAIR, GARAGE
Est. value
$4.8M
WAREHOUSE, STORAGE
Est. value
$4.3M
RETAIL STORES
Est. value
$4.0M
INDUSTRIAL (GENERAL)
Est. value
$3.2M
OFFICE BUILDING
Est. value
$3.2M
APARTMENT HOUSE (5+ UNITS) Current
AUTO REPAIR, GARAGE
WAREHOUSE, STORAGE
RETAIL STORES
INDUSTRIAL (GENERAL)
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
2003
Construction
WOOD
Heating
NONE
Buildings
2
Units
113
Bathrooms
3
Lot
2.02 ac
Current owner
From public records · entity-resolved
Grande Market Place LP
Entity
Mailing address
233 PARK AVE STE #201, MINNEAPOLIS, MN 55415-1132
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
—
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
—
—
Grande Market Place LP
—
Loan Modification
related
$11,526,500 · Oak Grove Com'l Mtg
—
—
Grande Market Place LP
—
Loan Modification
related
$150,000 · Housing Finance Agency Mn
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.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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