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    Property profile & analytics

    1321 Centennial Dr Farmington, MN 55024-7600

    • Apartment buildings
    • 16,696 SF
    • 0.88 lot acres
    OFF-MARKET
    Value Estimations
    $1,665,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US46-3234486
    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

    • Centennial Apartments / Apartment Building

    Property Details for 1321 Centennial Dr

    Year built
    1973
    Construction
    WOOD FRAME
    Lot size
    0.88 lot acres
    Property size
    16,696 SF
    Zone code
    R
    Property type
    Apartment buildings
    APN
    14-17100-00-022
    APU
    141710000022

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,683,000
      Market price range: $859k - $1.93M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $1,425,000
      Current use
      WAREHOUSE, STORAGE
      $2,545,000
      Change: +79% Conversion: Difficult
      RETAIL STORES
      $2,380,000
      Change: +67% Conversion: Difficult
      OFFICE BUILDING
      $2,025,000
      Change: +42% Conversion: Moderate
      INDUSTRIAL (GENERAL)
      $1,405,000
      Change: -1% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Farmington
    County
    Dakota
    State
    Minnesota
    Longitude
    -93.1373
    Latitude
    44.6262
    CBSA code
    33460
    CBSA name
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI METROPOLITAN 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
    2022
    $29,278
    $187,100
    $1,805,100
    $1,992,200
    -
    $187,100
    $1,805,100
    $1,992,200

    Comparable in this City

    • Value Estimation
      $1,375,000
      12,864 SF

      4345 220th W St

      APARTMENT HOUSE (5+ UNITS) • 12,864 SF
      4345 220th W St, Farmington, MN 55024-9569
      View Details
    • Value Estimation
      $9,770,000
      103,510 SF

      21400 Dushane Pkwy

      APARTMENT HOUSE (5+ UNITS) • 103,510 SF
      21400 Dushane Pkwy, Farmington, MN 55024-8458
      View Details
    • Value Estimation
      $865,000
      7,852 SF

      22234 Twin Ponds Cir

      APARTMENT HOUSE (5+ UNITS) • 7,852 SF
      22234 Twin Ponds Cir, Farmington, MN 55024-8516
      View Details
    • Value Estimation
      $1,455,000
      30,758 SF

      18 Walnut St

      APARTMENT HOUSE (5+ UNITS) • 30,758 SF
      18 Walnut St, Farmington, MN 55024-1266
      View Details
    • Value Estimation
      $960,000
      8,760 SF

      22250 Twin Ponds Cir

      APARTMENT HOUSE (5+ UNITS) • 8,760 SF
      22250 Twin Ponds Cir, Farmington, MN 55024-8516
      View Details
    • Value Estimation by Request
      2,920 SF

      20476 Chrysler Ave

      APARTMENT HOUSE (5+ UNITS) • 2,920 SF
      20476 Chrysler Ave, Farmington, MN 55024-1180
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      105,040 SF

      Industrial Property with Outdoor Storage

      Large industrial complex with significant outdoor storage available Q3 2027.
      4300 220Th St W, Farmington, MN 55024
      View Details
    • $1,400,000
      31,761 SF

      Farmington Industrial Flex Space For Sale

      31,761 SF industrial flex space in Farmington, Minnesota.
      701 1St St, Farmington, MN 55024
      View Details
    • Contact for pricing
      2 SF

      Land Available in Farmington

      Two acre land parcel in Farmington, Minnesota.
      4650 Knutsen Dr, Farmington, MN 55024
      View Details
    • $150,000
      0.28 Acres

      Residential Land in Empire Twp

      Land available in Deer Creek development, Empire Township, Minnesota.
      19740 Burlington Path, Farmington, MN 55024
      View Details
    • Contact for pricing

      79.3 Acres Agricultural Land

      79.3 acres of agricultural land, house, potential development site.
      18679 Flagstaff Ave, Farmington, MN 55024
      View Details
    • $195,000
      0.96 Acres

      Acreage Lot in Central Farmington

      One-acre lot with mature trees, city utilities, build your dream home.
      5305 190Th St W, Farmington, MN 55024
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    Similar Nearby for Lease

    • Contact for pricing

      Commercial Property for Lease

      Commercial property available for lease in Farmington, Minnesota.
      19645 Pilot Knob Rd, Farmington, MN 55024
      View Details
    • Contact for pricing
      1,849 SF

      Retail Space with High Visibility

      Retail space with excellent visibility and prominent signage available for lease.
      19645 Pilot Knob Rd, Farmington, MN 55024
      View Details
    • Contact for pricing
      2,824 SF

      Farmington Office Space For Rent

      Office space with private offices, conference room, kitchen, and lobby.
      5437-5465 212Th St W, Farmington, MN 55024
      View Details
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    1321 Centennial Dr
    Farmington, MN 55024-7600
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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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