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Property profile & analytics
FOR LEASE
Industrial properties
1408 Northland Dr, Mendota Heights, MN 55120
Entity Owned
1-yr Hold
Absentee Owner
Free & Clear
Property ID
US46-3024827
For Lease
1 / 2
$5,665,000
1408 Northland Dr, Mendota Heights, MN 55120
View Listing →
Property profile
Verified
Property type
Industrial properties
Use group
INDUSTRIAL (GENERAL)
Year built
1984
Construction
CONCRETE
Total area
88,003 SF
Lot
2.55 ac (111,078 SF)
Zoning code
R
APN
27-16300-02-020
UPID
US46-3024827
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
$5.67M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$3.58M
Blend (final)
Blend
$5.67M
Owner & transaction history
Cor II Partnership LLP · 1 yrs held
Cor II Partnership LLP
since 2024
Last sale
$5.7M
3 recorded transactions
Zoning & alternative use
R · Mendota Heights, MN
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$9.0M
+51.1%
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 Mendota Heights submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Mendota Heights 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
$5,665,000
ML approach
$5,665,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
INDUSTRIAL (GENERAL)
$5,955,000
Current use
RETAIL STORES
$8,995,000
Change: +51% · Conversion: Moderate
Blend value · Realmo final
$5.67M
Range $5.10M – $6.23M · ±10% · vs last sale $5.67M (Aug 30 2024)
Last sale anchor
$5.67M
Aug 30 2024
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
$64 / 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 2024Property tax & assessments
Tax year 2024
Tax billed
$53,998
Tax year 2024
Assessed value
$2,067,100
Assessed 2023
Previous assessed
$1,689,800
+22.3% YoY
Effective rate
2.61%
On assessed value
Assessed land
$511,800
Assessed improvement
$1,555,300
Land market value
$511,800
Improvement market value
$1,555,300
Total market value
$2,067,100
Applied tax rate
27.0000
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
Industrial properties
Use group
INDUSTRIAL (GENERAL)
Status
For Lease
Year built
1984
Construction
CONCRETE
Heating
NONE
Bathrooms
40
Total area
88,003 SF
Lot
2.55 ac (111,078 SF)
Zoning code
R
APN
27-16300-02-020
UPID
US46-3024827
Jurisdiction
DAKOTA
Zoning & alternative use
R · Mendota Heights, MN
Zoning R · permitted uses
R · Mendota Heights, MN
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Mendota Heights. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
INDUSTRIAL (GENERAL) Current
Est. value
$6.0M
RETAIL STORES
Est. value
$9.0M
INDUSTRIAL (GENERAL) Current
RETAIL STORES
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
1984
Construction
CONCRETE
Heating
NONE
Bathrooms
40
Lot
2.55 ac
Current owner
From public records · entity-resolved
Cor II Partnership LLP
Entity
Free & Clear · 1 yrs held
Mailing address
2956 N CTR CT STE #400, EAGAN, MN 55121-1257
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2024
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
May 15, 2025
—
Cor II Partnership LLC
—
Deed
related
$500,000 · Alliance Bank
Aug 30, 2024
$5,666,269
Cor II Partnership LLP
Hwp Twenty LLC
Limited Warranty Deed
—
—
—
Milpitas-fleming Associates
—
Loan Modification
related
$4,525,000 · Wells Fargo Bk
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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