Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1501 Honey Locust Dr Northfield, MN 55057-4975

    • Sports & entertainment properties
    • 9,065 SF
    • 5.10 lot acres
    OFF-MARKET
    Value Estimations
    $1,500,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US46-1312445
    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

    • Sports & entertainment properties

    Property Details for 1501 Honey Locust Dr

    Year built
    2014
    Lot size
    5.10 lot acres
    Property size
    9,065 SF
    Property type
    Sports & entertainment properties
    APN
    22.11.4.01.001
    APU
    2211401001

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      RECREATIONAL/ENTERTAINMENT (GENERAL)
      $1,720,000
      Current use
      RESTAURANT
      $1,700,000
      Change: -1% Conversion: Difficult
      OFFICE BUILDING
      $1,535,000
      Change: -11% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Northfield
    County
    Rice
    State
    Minnesota
    Longitude
    -93.1821
    Latitude
    44.4327
    CBSA code
    22060
    CBSA name
    FARIBAULT-NORTHFIELD, 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
    2024
    $240
    $549,300
    $6,832,900
    $7,382,200
    -
    $549,300
    $6,832,900
    $7,382,200

    Comparable in this City

    • Value Estimation by Request
      1,440 SF

      1200 Armstrong Rd

      RECREATIONAL, ENTERTAINMENT • 1,440 SF
      1200 Armstrong Rd, Northfield, MN 55057
      View Details
    • Value Estimation by Request
      344 SF

      1880 Roosevelt Dr

      RECREATIONAL, ENTERTAINMENT • 344 SF
      1880 Roosevelt Dr, Northfield, MN 55057
      View Details
    • Value Estimation
      $4,820,000
      76,608 SF

      Northfield, MN 55057

      RECREATIONAL, ENTERTAINMENT • 76,608 SF
      Northfield, MN 55057
      View Details
    • Value Estimation by Request
      1,680 SF

      510 Jefferson Pkwy

      RECREATIONAL, ENTERTAINMENT • 1,680 SF
      510 Jefferson Pkwy, Northfield, MN 55057
      View Details
    • Value Estimation
      $800,000
      11,690 SF

      450 Montessori Ct

      RECREATIONAL, ENTERTAINMENT • 11,690 SF
      450 Montessori Ct, Northfield, MN 55057-3291
      View Details
    • Value Estimation by Request
      840 SF

      710 Poplar St

      RECREATIONAL, ENTERTAINMENT • 840 SF
      710 Poplar St, Northfield, MN 55057
      View Details

    Similar Nearby for Sale

    • $1,995,000
      11.70 Acres

      Northfield Commercial Land - 11.7 Acres

      Prime Northfield land, development potential
      1401 Division St, Northfield, MN 55057
      View Details
    • $549,000

      Detached Townhome in Spring Creek

      Custom townhome with main floor living in Northfield, MN.
      2019 Erie Dr, Northfield, MN 55057
      View Details
    • $549,000

      Land Available in Northfield, MN

      Land for sale at 440 Water St N, Northfield, MN.
      440 Water St N, Northfield, MN 55057
      View Details
    • New
      Contact for pricing
      0.31 Acres

      Downtown Northfield Office Space

      Professional office space in a vibrant downtown location.
      710 Division St S, Northfield, MN 55057
      View Details
    • $129,000

      55+ Condo with Courtyard View

      One-bedroom condo in a vibrant 55+ community with many amenities.
      1000 Cannon Valley Dr, Northfield, MN 55057
      View Details
    • $485,000

      Sun-Filled Townhome in Spring Creek

      Two-bedroom, two-bath detached townhome with main floor living.
      2015 Erie Dr, Northfield, MN 55057
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1501 Honey Locust Dr
    Northfield, MN 55057-4975
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.