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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    20164 Heritage Dr Lakeville, MN 55044-6855

    • Strip malls
    • 15,718 SF
    • 4.90 lot acres
    OFF-MARKET
    Last Sale
    May 27, 2022
    $21,750,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US46-0661593
    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

    • AgelessGrace Hormone Replacement Therapy Institute / Medical Clinic
    • Lakeville Liquors Heritage / (Bike/Boat/Book/etc) Store / Wine and Liquor Store

    Property Details for 20164 Heritage Dr

    Year built
    1999
    Construction
    CONCRETE
    Lot size
    4.90 lot acres
    Property size
    15,718 SF
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    22-32025-01-010
    APU
    223202501010

    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
    Lakeville
    County
    Dakota
    State
    Minnesota
    Longitude
    -93.2488
    Latitude
    44.6585
    CBSA code
    33460
    CBSA name
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI METROPOLITAN 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
    $112,866
    $1,707,400
    $2,214,500
    $3,921,900
    -
    $1,707,400
    $2,214,500
    $3,921,900

    Comparable in this City

    • Value Estimation
      $1,225,000
      6,000 SF

      7634 160th W St

      SHOPPING CENTER, STRIP CENTER • 6,000 SF
      7634 160th W St, Lakeville, MN 55044-4442
      View Details
    • Value Estimation
      $1,685,000
      14,467 SF

      17599 Kenwood Trl

      SHOPPING CENTER, STRIP CENTER • 14,467 SF
      17599 Kenwood Trl, Lakeville, MN 55044-8330
      View Details
    • Value Estimation
      $3,870,000
      35,606 SF

      7686 160th W St

      SHOPPING CENTER, STRIP CENTER • 35,606 SF
      7686 160th W St, Lakeville, MN 55044-4447
      View Details
    • Value Estimation
      $1,755,000
      19,350 SF

      11276 210th W St

      SHOPPING CENTER, STRIP CENTER • 19,350 SF
      11276 210th W St, Lakeville, MN 55044-6012
      View Details
    • Value Estimation
      $7,770,000
      93,517 SF

      17630 Juniper Path

      SHOPPING CENTER, STRIP CENTER • 93,517 SF
      17630 Juniper Path, Lakeville, MN 55044-4859
      View Details
    • Value Estimation
      $4,435,000
      43,826 SF

      17705 Kenwood Trl

      SHOPPING CENTER, STRIP CENTER • 43,826 SF
      17705 Kenwood Trl, Lakeville, MN 55044-9455
      View Details

    Similar Nearby for Sale

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      Lakeville Dental Clinic - For Sale

      Class A Dental Practice, Expansion Ready
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      Lakeville Retail Space For Sale

      Retail space in Lakeville, MN, 100% occupied by national tenant.
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      Mixed-Use Property on 2.6+ Acres

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      Lakeville Commercial Land Investment

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      0.95 Acres

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    Similar Nearby for Lease

    • Contact for pricing
      5,000 SF

      Retail Space in Neighborhood Center

      Retail space available in Cub Foods anchored neighborhood center.
      Kenwood Trl, Lakeville, MN 55044
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    • Contact for pricing
      1,721 SF

      Retail Space in Established Center

      Retail space available in well-established shopping center.
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      1,200 SF

      Retail Space in Lakeville Center

      Retail space available in established Lakeville shopping center.
      20176-20184 Heritage Dr, Lakeville, MN 55044
      View Details
    • Contact for pricing
      1,827 SF

      Retail Space in Heritage Commons

      Retail space available in established Lakeville shopping center.
      20190-20210 Heritage Dr, Lakeville, MN 55044
      View Details
    • Contact for pricing
      44,000 SF

      Retail Space in Established Center

      Retail space available in Lakeville's Heritage Commons shopping center.
      Heritage Dr, Lakeville, MN 55044
      View Details
    • Contact for pricing

      Retail Space in Lakeville

      Retail property in Lakeville, currently 100% leased.
      17400 Kenwood Trl, Lakeville, MN 55044
      View Details
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    Lakeville, MN 55044-6855
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    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
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