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

    224 Minnesota Ave Saint Peter, MN 56082-2522

    • Turn key restaurants
    • 6,005 SF
    • 0.08 lot acres
    OFF-MARKET
    Value Estimations
    $340,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US46-2039312
    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

    • Erbert and Gerberts / Sandwich Shop / Caterer
    • SIDE STREET PARKING / Parking Lot

    Property Details for 224 Minnesota Ave

    Year built
    1890
    Lot size
    0.08 lot acres
    Property size
    6,005 SF
    Property type
    Turn key restaurants
    APN
    19.412.3810
    APU
    194123810

    Description

    This fully occupied, mixed-use property in Saint Peter, Minnesota presents a compelling investment opportunity. The 9,456 square foot building, constructed in 1887 and renovated in 1998, boasts a unique blend of commercial and residential space. The property features two large main floor retail units, one of which is occupied by a long-term franchisee tenant, Erberts & Gerberts. The second floor comprises two oversized loft-style apartments with high ceilings. A long-term tenant occupies the lower level. The building is 100% occupied, generating a net operating income (NOI) of $45,625, resulting in a 7.02% capitalization rate. The property is a three-story, all-brick and Kasota limestone structure situated on a 0.083-acre lot (APN: 19-412-3810). The asking price is $650,000 ($130,000 per unit, $68.74 per square foot). The roof was replaced in 1998, and windows have been updated. Most utilities are paid by tenants. This stabilized, value-add investment is offered in as-is condition and is suitable for a 1031 exchange. The property is zoned commercial and offers excellent curb appeal. Financial details are available upon request.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $270,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $406,000
      Market price range: $246k - $526k

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $410,000
      Current use
      OFFICE BUILDING
      $420,000
      Change: +2% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $410,000
      Change: -0% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Saint Peter
    County
    Nicollet
    State
    Minnesota
    Longitude
    -93.9574
    Latitude
    44.3244
    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
    $9,516
    $64,800
    $333,300
    $398,100
    -
    $64,800
    $333,300
    $398,100

    Comparable in this City

    • Value Estimation
      $275,000
      6,664 SF

      220 Minnesota Ave

      RESTAURANT • 6,664 SF
      220 Minnesota Ave, Saint Peter, MN 56082-2522
      View Details
    • Value Estimation
      $315,000
      4,288 SF

      Dranttel St

      RESTAURANT • 4,288 SF
      Dranttel St, Saint Peter, MN 56082
      View Details
    • Value Estimation
      $280,000
      7,290 SF

      225 Minnesota Ave

      RESTAURANT • 7,290 SF
      225 Minnesota Ave, Saint Peter, MN 56082-2521
      View Details
    • Value Estimation
      $195,000
      3,464 SF

      402 3rd St

      RESTAURANT • 3,464 SF
      402 3rd St, Saint Peter, MN 56082-2032
      View Details
    • Value Estimation
      $340,000
      4,560 SF

      814 Minnesota Ave

      RESTAURANT • 4,560 SF
      814 Minnesota Ave, Saint Peter, MN 56082-2425
      View Details
    • Value Estimation
      $540,000
      10,502 SF

      215 Minnesota Ave

      RESTAURANT • 10,502 SF
      215 Minnesota Ave, Saint Peter, MN 56082-2521
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      9,864 SF

      Historic St. Peter Wedding Venue

      9,864 SF Retail Space, Fully Leased
      419 Minnesota Ave, Saint Peter, MN 56082
      View Details
    • $6,650,000
      32,000 SF

      Highway Retail Investment Opportunity

      Mixed-use property in high-traffic St. Peter, MN.
      418 S Minnesota Ave, St Peter, MN 56082
      View Details
    • $245,000
      2,508 SF

      St. Peter Townhome with Rental License

      Four-bedroom townhome with new paint and flooring, active rental license.
      1850 Macintosh Ct, St Peter, MN 56082
      View Details
    • $219,900
      21.30 Acres

      Residential Land with Wooded Hillside

      21+ acre building site between St. Peter and Mankato.
      458Th Ln, St Peter, MN 56082
      View Details
    • $300,000

      Saint Peter Development Opportunity

      Land parcel suitable for land and industrial projects.
      1303 Old Minnesota Ave, St Peter, MN 56082
      View Details
    • $59,900
      0.41 Acres

      Residential Lot in Prairie Heights

      Residential lot available in the Prairie Heights Subdivision.
      1628 Riverview Rd, St Peter, MN 56082
      View Details

    Similar Nearby for Lease

    • $850 /Mo
      11,470 SF

      Renovated Retail Space on Minnesota

      Newly renovated retail/office spaces in the heart of downtown St. Peter.
      208 South Minnesota Ave, Saint Peter, MN 56082
      View Details
    • Contact for pricing
      480 SF

      Renovated Commercial Spaces For Lease

      Recently renovated commercial spaces with street frontage and parking.
      208-212 S Minnesota Ave, St Peter, MN 56082
      View Details
    • $12 SF/Yr
      16,717 SF

      Downtown St. Peter Office Space

      Prime Office Suites, Newly Renovated
      108 Minnesota Ave, Saint Peter, MN 56082
      View Details
    • Contact for pricing
      11,256 SF

      St. Peter Executive Office Space

      Prime Office Space, 1,431 SF Available
      622 Sunrise Dr, Saint Peter, MN 56082
      View Details
    • $17 SF/Yr
      5,520 SF

      Arts Center Office Suites for Lease

      Prime Downtown St. Peter Office Space
      315 Minnesota Ave, Saint Peter, MN 56082
      View Details
    • Contact for pricing

      Shovel-Ready Lot with Hoop Shed

      Accessible lot with outdoor storage and a hoop building.
      1716 N 3Rd St, St Peter, MN 56082
      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.
    224 Minnesota Ave
    Saint Peter, MN 56082-2522
    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.