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Property profile & analytics
OFF-MARKET
Estimated value
$825,000
Turn key restaurants
1309 Vermillion St, Hastings, MN 55033-2843
Entity Owned
5-yr Hold
~
Est. High Equity
Property ID
US46-3250199
Property summary
AI-generated overview
This 8,000-square-foot QSR/restaurant in Hastings, MN, presents a compelling investment opportunity. Located on Vermillion Street, a high-traffic area with 27,900 vehicles per day, the property boasts excellent visibility. The building, constructed in 1979 and extensively remodeled in 2020, features a drive-thru, a full kitchen with a 24-foot hood, and all kitchen equipment is included in the sale. The 1.09-acre lot provides ample parking for 48 vehicles. Currently leased to Taste of Tayb under a net lease agreement with a remaining term of 5.6 years (commencing July 1, 2024, and expiring June 30, 2030), the lease includes a five-year option. The landlord has the right to terminate the lease with 60 days' notice. The property offers an 8.89% cap rate and is priced at $1,350,000 ($168.75/sq ft). Landlord responsibilities include roof, parking lot, and HVAC. Property taxes for 2024 are $17,096. The property ID is 19-773300-04-191. This is an exceptional opportunity for an investor or owner-occupier seeking a high-return, established business in a prime location.
Property profile
Verified
Property type
Turn key restaurants
Use group
RESTAURANT
Year built
1979
Construction
CONCRETE
Total area
4,650 SF
Lot
1.09 ac (47,480 SF)
Zoning code
R
APN
19-77300-04-191
UPID
US46-3250199
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
$855k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$536k
Blend (final)
Blend
$825k
Owner & transaction history
Knutos Pizza LLC · 5 yrs held
Knutos Pizza LLC
since 2020
Last sale
$785,000
3 recorded transactions
Zoning & alternative use
R · Hastings, MN
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Neighborhood: shopping center
$920,000
+2.2%
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 Hastings submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Hastings 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
$865,000
ML approach
$855,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RESTAURANT
$900,000
Current use
NEIGHBORHOOD: SHOPPING CENTER
$920,000
Change: +2% · Conversion: Difficult
AUTO REPAIR, GARAGE
$795,000
Change: -12% · Conversion: Difficult
Blend value · Realmo final
$825k
Range $743k – $908k · ±10% · vs last sale $785k (Jul 31 2020)
Last sale anchor
$785k
Jul 31 2020
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
$177 / 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
$19,266
Tax year 2023
Assessed value
$702,600
Assessed 2022
Previous assessed
$714,400
-1.7% YoY
Effective rate
2.74%
On assessed value
Assessed land
$397,000
Assessed improvement
$305,600
Land market value
$397,000
Improvement market value
$305,600
Total market value
$702,600
Applied tax rate
19.0000
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
Turn key restaurants
Use group
RESTAURANT
Status
Off-Market
Year built
1979
Construction
CONCRETE
Heating
NONE
Bathrooms
2
Total area
4,650 SF
Lot
1.09 ac (47,480 SF)
Zoning code
R
APN
19-77300-04-191
UPID
US46-3250199
Jurisdiction
DAKOTA
Zoning & alternative use
R · Hastings, MN
Zoning R · permitted uses
R · Hastings, MN
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Hastings. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
RESTAURANT Current
Est. value
$900,000
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$920,000
AUTO REPAIR, GARAGE
Est. value
$795,000
RESTAURANT Current
NEIGHBORHOOD: SHOPPING CENTER
AUTO REPAIR, GARAGE
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
1979
Construction
CONCRETE
Heating
NONE
Bathrooms
2
Lot
1.09 ac
Current owner
From public records · entity-resolved
Knutos Pizza LLC
Entity
Mailing address
381 SPATES AVE, RED WING, MN 55066-1430
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
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jul 31, 2020
$785,000
Knutos Pizza LLC
Por Mkr Real Estate LLC
Limited Warranty Deed
$993,600 · The First State Bank Of Red Wing
Jun 5, 2018
$785,000
Por-mkr Real Estate LLC
Frandsen Bk & Trust
Warranty Deed
$588,750 · Frandsen Bk&tr
Apr 14, 2005
$595,000
Provincial Bank
Iq Dev LLC
Warranty Deed
related
—
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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