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

    1803 Nokomis Alexandria, MN 56308

    • Commercial real estate
    • 3.67 lot acres
    For Sale
    View listing
    $249,900
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US46-1350830
    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

    • Commercial real estate

    Property Details for 1803 Nokomis

    Lot size
    3.67 lot acres
    Property type
    Commercial real estate

    Description

    This exceptional 3.67-acre commercial land parcel presents a remarkable investment opportunity in Alexandria, Minnesota. Strategically located in a high-visibility area, boasting road frontage on three sides, this property enjoys proximity to a thriving mix of residential, business, and educational establishments. Its B-1 General Business zoning allows for a wide range of commercial development possibilities, making it ideal for ventures such as convenience stores, quick-service restaurants, or hotels. The property's advantageous position places it near popular attractions including a premier chain of lakes, Zorbaz, Lure Lakebar, Alexandria Golf Course, and Voyager Elementary School, ensuring high traffic and visibility. An existing house on the property is in disrepair, but could potentially be renovated or removed; a demolition estimate of $16,000 is available. The house currently utilizes city sewer, electricity, and natural gas heat, and is served by a private well. This prime location and flexible zoning make this land a truly exceptional opportunity for commercial development in a desirable Minnesota community. The property's address is 1803 N Nokomis NE, Alexandria, MN 56308, within Douglas County. The asking price is $249,900.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Alexandria
    County
    Douglas
    State
    Minnesota
    Longitude
    -95.3678818
    Latitude
    45.9107621

    Comparable in this City

    • $295,000
      0.92 Acres

      Prime Alexandria Commercial Land

      Versatile 0.92-acre property, excellent visibility.
      4417 County Road 82, Alexandria, MN 56308
      View Details
    • $1,095,000
      0.64 Acres

      Prime Alexandria Commercial Land

      Thriving Business, Land & Building Included
      1228 Nokomis, Alexandria, MN 56308
      View Details
    • $3,000,000

      Land Parcel in Alexandria, MN

      Land with potential for commercial zoning and development.
      W Lake Burgen Rd SE, Alexandria, MN 56308
      View Details
    • $65,000
      0.31 Acres

      Residential Lot in Alexandria, MN

      Residential lot for semi-custom home in Alexandria, Minnesota.
      4 White Spruce Ln NW, Alexandria, MN 56308
      View Details
    • $149,900
      1.03 Acres

      Residential Land in Moe Twp

      Residential land with some trees, near Lobster Lake.
      2012 Brandts Bch Ct SW, Alexandria, MN 56308
      View Details
    • New
      $49,900
      0.11 Acres

      Lake Jessie Residential Lot

      Residential lot in developed association community on Lake Jessie shores.
      1 Jessie View Dr SE, Alexandria, MN 56308
      View Details

    Similar Nearby for Sale

    • $295,000
      0.92 Acres

      Prime Alexandria Commercial Land

      Versatile 0.92-acre property, excellent visibility.
      4417 County Road 82, Alexandria, MN 56308
      View Details
    • $1,095,000
      0.64 Acres

      Prime Alexandria Commercial Land

      Thriving Business, Land & Building Included
      1228 Nokomis, Alexandria, MN 56308
      View Details
    • $3,000,000

      Land Parcel in Alexandria, MN

      Land with potential for commercial zoning and development.
      W Lake Burgen Rd SE, Alexandria, MN 56308
      View Details
    • $65,000
      0.31 Acres

      Residential Lot in Alexandria, MN

      Residential lot for semi-custom home in Alexandria, Minnesota.
      4 White Spruce Ln NW, Alexandria, MN 56308
      View Details
    • $149,900
      1.03 Acres

      Residential Land in Moe Twp

      Residential land with some trees, near Lobster Lake.
      2012 Brandts Bch Ct SW, Alexandria, MN 56308
      View Details
    • New
      $49,900
      0.11 Acres

      Lake Jessie Residential Lot

      Residential lot in developed association community on Lake Jessie shores.
      1 Jessie View Dr SE, Alexandria, MN 56308
      View Details

    Similar Nearby for Lease

    • $13 SF/Yr
      5,082 SF

      Prime Commercial Land on Broadway

      Highly visible commercial land for lease on Broadway Street.
      1422 Broadway St, Alexandria, MN 56308
      View Details
    • Contact for pricing
      6,600 SF

      Industrial Space in Alexandria, MN

      6,600 SF industrial property available for rent.
      3181 Evergreen Ln, Alexandria, MN 56308
      View Details
    • Contact for pricing
      3,089 SF

      Private Office Suites For Lease

      Private office suites available in a well-maintained, centrally located building.
      720 Broadway St, Alexandria, MN 56308
      View Details
    • Contact for pricing
      5,000 SF

      Medical Space in Alexandria, MN

      High-quality medical space available for lease in Alexandria, MN.
      6600 Highway 29, Alexandria, MN 56308
      View Details
    • $2,250,000
      49,600 SF

      Commercial Property in Alexandria, MN

      49,000 SF retail/warehouse space available for sale or lease.
      310 34Th Ave W, Alexandria, MN 56308
      View Details
    • $11 SF/Yr
      6,570 SF

      Willow Drive Office Complex

      Prime Alexandria Office Space - 6,570 SF
      524 Willow Dr, Alexandria, MN 56308
      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.
    1803 Nokomis
    Alexandria, MN 56308
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.