New search
Property profile & analytics
OFF-MARKET
Estimated value
$1,460,000
Apartment buildings
2229 3rd E Ave, Hibbing, MN 55746-1911
Entity Owned
6-yr Hold
Property ID
US46-0930832
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
1942
Total area
21,580 SF
APN
140-0090-00520
UPID
US46-0930832
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
Current use
Occupant on record · Public records
-
Hillcrest Adams Nursing Home Retirement Community
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.69M
Blend (final)
Blend
$1.46M
Owner & transaction history
Range Dev Co Of Chisholm · 6 yrs held
Range Dev Co Of Chisholm
since 2020
6 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$1.4M
+105.3%
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 Hibbing submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Hibbing 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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$1,360,000
Change: +105% · Conversion: Moderate
Blend value · Realmo final
$1.46M
Range $1.31M – $1.61M · ±10%
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
$68 / 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
$12,834
Tax year 2023
Assessed value
$595,500
Assessed 2022
Previous assessed
$595,500
+0.0% YoY
Effective rate
2.16%
On assessed value
Assessed land
$47,300
Assessed improvement
$548,200
Land market value
$47,300
Improvement market value
$548,200
Total market value
$595,500
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
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
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Status
Off-Market
Year built
1942
Heating
BASEBOARD
Cooling
WALL UNIT
Stories
2
Units
38
Total area
21,580 SF
APN
140-0090-00520
UPID
US46-0930832
Jurisdiction
ST LOUIS
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
COMMERCIAL (GENERAL)
Est. value
$1.4M
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
1942
Heating
BASEBOARD
Cooling
Yes
Stories
2
Units
38
Current owner
From public records · entity-resolved
Range Dev Co Of Chisholm
Entity
Mailing address
PO BOX 786, HIBBING, MN 55746-0786
Ownership since
2020
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 13, 2020
—
Range Dev Co Of Chisholm
—
Deed Of Trust
related
$625,000 · American Bk/the North
Apr 6, 2020
—
Range Dev Co
—
Deed Of Trust
related
$625,000 · American Bk/the North
Jun 17, 2009
—
Range Dev Co Of Chisholm
—
Deed Of Trust
related
$6,800,000 · American Bank Of The North
—
—
Range Dev Co Of Chisholm
—
Deed Of Trust
related
$9,411,129 · American Bank Of The North
—
—
Range Dev Co Of Chisholm
—
Deed Of Trust
related
$500,000 · American Bank Of The North
—
—
Range Dev Co Of Chisholm
—
Loan Modification
related
$42,731 · American Bk/the North
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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