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    1601 Lor Ray Dr North Mankato, MN 56003-2803

    • Drive through restaurants
    • 2,655 SF
    • 0.80 lot acres
    OFF-MARKET
    Value Estimation
    $395,000
    Last Sale
    Apr 28, 2025
    $430,000
    Location Intelligence
    Property ID
    US46-2390116
    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

    • Drive through restaurants

    Property Details for 1601 Lor Ray Dr

    Year built
    1988
    Lot size
    0.80 lot acres
    Property size
    2,655 SF
    Property type
    Drive through restaurants
    APN
    18.714.0020
    APU
    187140020

    Description

    This vacant 2,679 square foot storefront, formerly a Taco John's, presents a prime retail opportunity in North Mankato, Minnesota. Located at 1601 Lor Ray Dr, 56003, this property sits on a 0.8-acre lot and enjoys excellent visibility and accessibility. Its strategic location offers easy access to Highway 14, ensuring high traffic volume and exposure to a substantial customer base. The property benefits from its proximity to a variety of established national retailers, including Shell, Starbucks, Walgreens, Dollar Tree, and Chipotle Mexican Grill, creating a synergistic retail environment. North Mankato, with a population of 14,275 (2020 Census), offers a thriving market for retail businesses. The property's size and location make it suitable for a wide range of retail concepts. This is an exceptional chance to establish a business in a high-demand area with strong existing retail presence and convenient highway access. The property is currently vacant, providing immediate occupancy for a new tenant. The 0.8-acre lot offers ample space for potential expansion or outdoor amenities. This is a rare opportunity to acquire a well-situated retail space in a growing Minnesota community.

    Value Estimation

    by Realmo proprietary methodology Last update: July 3, 2025

    • AI approach

      CAP return
      Estimation
      Estimation
      $370,000

    • CAP approach

      CAP return
      Estimation
      6%
      $450,000
      6.5%
      $440,000
      7%
      $440,000

    • Comparable approach

      Method
      Estimation
      Relative Method
      $505,000
      Geo Method
      $445,000

    • Alternative Use

      Use
      Estimation
      Distribution
      $450,000
      Retail
      $365,000
      Mixed-Use
      $465,000
      Hospitality
      $475,000
      Educational
      $495,000
      Residential Income
      $430,000
      Energy
      $495,000
      Income-Based Land
      $385,000
      Food Service
      $485,000

    Location Insight

    • Map
    • Local Demand
    City
    North Mankato
    County
    Nicollet
    State
    Minnesota
    Longitude
    -94.0341
    Latitude
    44.1755
    CBSA code
    31860
    CBSA name
    MANKATO-NORTH MANKATO, 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
    2023
    $12,096
    $166,000
    $284,400
    $450,400
    -
    $166,000
    $284,400
    $450,400

    Comparable in this City

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      3,110 SF

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    • Value Estimation
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      1680 Commerce Dr

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    • Value Estimation by Request
      2,280 SF

      1725 Lor Ray Dr

      DRIVE-THRU RESTAURANT, FAST FOOD • 2,280 SF
      1725 Lor Ray Dr, Mankato, MN 56003
      View Details
    • Value Estimation
      $610,000
      3,188 SF

      1102 Riv Dr

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      View Details
    • Value Estimation
      $485,000
      2,452 SF

      1661 Commerce Dr

      DRIVE-THRU RESTAURANT, FAST FOOD • 2,452 SF
      1661 Commerce Dr, North Mankato, MN 56003-1913
      View Details
    • Value Estimation
      $270,000
      2,442 SF

      232 Belgrade Ave

      BAR, TAVERN • 2,442 SF
      232 Belgrade Ave, Mankato, MN 56003-3802
      View Details

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    North Mankato, MN 56003-2803
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    Realmo Value Estimation

    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.

    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.

    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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