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Property profile & analytics
OFF-MARKET
Estimated value
$1,690,000
Apartment buildings
2313 3rd E Ave, Hibbing, MN 55746-1913
Entity Owned
3-yr Hold
~
Est. High Equity
Property ID
US46-1527446
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
2003
Total area
9,448 SF
APN
140-0090-02870
UPID
US46-1527446
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
$1.95M
CAP Approach
CAP
$1.19M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$1.69M
Owner & transaction history
Range Development Company Of Chisho · 3 yrs held
Range Development Company Of Chisho
since 2023
Last sale
$1.7M
6 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Industrial (general)
$1.4M
+374.5%
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 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
$1,995,000
ML approach
$1,950,000
CAP Approach
CAP Return
Estimation
6%
$1,290,000
6.5%
$1,190,000
7%
$1,105,000
Alternative Use
Use
Estimation
INDUSTRIAL (GENERAL)
$1,380,000
Change: +374% · Conversion: Difficult
Blend value · Realmo final
$1.69M
Range $1.52M – $1.86M · ±10% · vs last sale $1.66M (Jan 13 2023)
Last sale anchor
$1.66M
Jan 13 2023
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
$179 / 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 2022Property tax & assessments
Tax year 2022
Tax billed
$30,906
Tax year 2022
Assessed value
$1,434,000
Assessed 2022
Previous assessed
$1,434,000
+0.0% YoY
Effective rate
2.16%
On assessed value
Assessed land
$77,800
Assessed improvement
$1,356,200
Land market value
$77,800
Improvement market value
$1,356,200
Total market value
$1,434,000
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
2003
Heating
BASEBOARD
Cooling
AC.PACKAGE
Buildings
2
Stories
1
Units
28
Total area
9,448 SF
APN
140-0090-02870
UPID
US46-1527446
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
INDUSTRIAL (GENERAL)
Est. value
$1.4M
INDUSTRIAL (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
2003
Heating
BASEBOARD
Cooling
Yes
Stories
1
Buildings
2
Units
28
Current owner
From public records · entity-resolved
Range Development Company Of Chisho
Entity
Mailing address
702 S 3RD AVE, VIRGINIA, MN 55792-2776
Ownership since
2023
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
Jan 13, 2023
—
Range Development Company Of Chisho
City Of Hibbing
Quit Claim Deed
related
—
Jan 13, 2023
$1,660,000
Arrowhead Economic Opportunity Agcy
Range Development Company Of Chisho
Warranty Deed
—
Jul 15, 2016
—
Range Dev Co Of Chisholm
—
Deed
related
$42,731 · 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
—
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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