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Property profile & analytics
OFF-MARKET
Estimated value
$2,600,000
Strip malls
1810 Commerce Dr, North Mankato, MN 56003-1800
Individually Owned
4-yr Hold
Free & Clear
Property ID
US46-2819241
Property summary
AI-generated overview
North Kato Plaza, located at 1810 Commerce Drive in North Mankato, Minnesota, 56003, offers a diverse range of office spaces ideal for various business needs. This Class A, single-story building, constructed in 2000, boasts a total of 28,895 square feet and comprises nine suites. The property sits on 3.25 acres of land and provides ample parking with 166 spaces. Currently, 1,106 square feet of space is immediately available, with the potential to lease up to 6,944 contiguous square feet. The minimum divisible space is 1,106 square feet. The building is situated on a high-traffic corridor, offering excellent visibility and accessibility. The property is well-suited for medical, traditional, coworking, creative, or executive office uses. The building features a single-story design for easy navigation. Lease rates are attractive, ranging from $9.00 to $14.50 per square foot, NNN. The property's APN is 18.572.0020, and it's conveniently located near the cross street of Roecrest. This prime location in the Mankato submarket provides businesses with a strategic advantage.
Property profile
Verified
Property type
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Year built
2000
Total area
28,728 SF
Lot
3.25 ac (141,483 SF)
APN
18.572.0020
UPID
US46-2819241
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
$2.71M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$2.60M
Owner & transaction history
Eugene R Alms · 4 yrs held
Eugene R Alms
since 2021
Last sale
$2.5M
2 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$2.9M
+97.6%
Warehouse, storage
$2.6M
+78.4%
Auto repair, garage
$1.7M
+18.5%
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 North Mankato submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs North Mankato 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
$2,685,000
ML approach
$2,710,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RESTAURANT
$2,865,000
Change: +98% · Conversion: Difficult
WAREHOUSE, STORAGE
$2,590,000
Change: +78% · Conversion: Difficult
AUTO REPAIR, GARAGE
$1,720,000
Change: +19% · Conversion: Difficult
MEDICAL BUILDING
$1,650,000
Change: +14% · Conversion: Difficult
RETAIL STORES
$1,605,000
Change: +11% · Conversion: Easy
COMMERCIAL (GENERAL)
$1,575,000
Change: +9% · Conversion: Easy
Blend value · Realmo final
$2.60M
Range $2.34M – $2.86M · ±10% · vs last sale $2.50M (Sep 17 2021)
Last sale anchor
$2.50M
Sep 17 2021
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
$91 / 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 2023Property tax & assessments
Tax year 2023
Tax billed
$84,694
Tax year 2023
Assessed value
$2,813,400
Assessed 2023
Previous assessed
$2,813,400
+0.0% YoY
Effective rate
3.01%
On assessed value
Assessed land
$492,400
Assessed improvement
$2,321,000
Land market value
$492,400
Improvement market value
$2,321,000
Total market value
$2,813,400
Applied tax rate
77.0000
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
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Status
Off-Market
Year built
2000
Stories
1
Total area
28,728 SF
Lot
3.25 ac (141,483 SF)
APN
18.572.0020
UPID
US46-2819241
Jurisdiction
NICOLLET
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
RESTAURANT
Est. value
$2.9M
WAREHOUSE, STORAGE
Est. value
$2.6M
AUTO REPAIR, GARAGE
Est. value
$1.7M
MEDICAL BUILDING
Est. value
$1.7M
RETAIL STORES
Est. value
$1.6M
COMMERCIAL (GENERAL)
Est. value
$1.6M
RESTAURANT
WAREHOUSE, STORAGE
AUTO REPAIR, GARAGE
MEDICAL BUILDING
RETAIL STORES
COMMERCIAL (GENERAL)
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
2000
Stories
1
Lot
3.25 ac
Current owner
From public records · entity-resolved
Eugene R Alms
Individual
Free & Clear · 4 yrs held
Mailing address
PO BOX 333, MANKATO, MN 56002-0333
Ownership since
2021
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 17, 2021
—
Eugene R Alms
Eugene R Alms
Quit Claim Deed
related
—
Sep 1, 2021
$2,500,000
Eugene R Alms
Dimension Business Center LLC
Warranty Deed
$200,000 · Minnstar Bank NA
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.
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