Back to Search
Property profile & analytics
OFF-MARKET
Estimated value
$285,000
Commercial real estate
23371 610th Ave Madison Lake, MN 56063-4272
Entity Owned
11-yr Hold
Free & Clear
Property ID
US46-1950507
Property profile
Verified
Property type
Commercial real estate
Use group
COMMERCIAL (GENERAL)
Year built
2007
Total area
6,800 SF
Lot
3 ac (130,680 SF)
APN
R37.05.28.352.002
UPID
US46-1950507
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
-
Voigt-Smith Innovation Industrial Manufacturer Production Facility
-
Storm Equipment Industrial Manufacturer Production Facility
-
Revival Outdoor Landscaping General Contractor
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$920k
Comparable Approach
Comparable
$792k
Blend (final)
Blend
$285k
Owner & transaction history
Eastwood Development LLC · 11 yrs held
Eastwood Development LLC
since 2015
5 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$880,000
+61.7%
Retail stores
$695,000
+27.4%
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 Madison Lake submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Madison Lake 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%
$995,000
6.5%
$920,000
7%
$850,000
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$545,000
Current use
OFFICE BUILDING
$880,000
Change: +62% · Conversion: Easy
RETAIL STORES
$695,000
Change: +27% · Conversion: Easy
Blend value · Realmo final
$285k
Range $257k – $314k · ±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
$42 / 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 2024Property tax & assessments
Tax year 2024
Tax billed
$8,566
Tax year 2024
Assessed value
$559,300
Assessed 2024
Previous assessed
$459,000
+21.9% YoY
Effective rate
1.53%
On assessed value
Assessed land
$92,500
Assessed improvement
$466,800
Land market value
$92,500
Improvement market value
$466,800
Total market value
$559,300
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
Commercial real estate
Use group
COMMERCIAL (GENERAL)
Status
Off-Market
Year built
2007
Heating
NONE
Stories
1
Total area
6,800 SF
Lot
3 ac (130,680 SF)
APN
R37.05.28.352.002
UPID
US46-1950507
Jurisdiction
BLUE EARTH
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) Current
Est. value
$545,000
OFFICE BUILDING
Est. value
$880,000
RETAIL STORES
Est. value
$695,000
COMMERCIAL (GENERAL) Current
OFFICE BUILDING
RETAIL STORES
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
2007
Heating
NONE
Stories
1
Lot
3 ac
Current owner
From public records · entity-resolved
Eastwood Development LLC
Entity
Free & Clear · 11 yrs held
Mailing address
23371 610TH AVE, MADISON LAKE, MN 56063-4272
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2015
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Nov 18, 2024
—
Van Brunt Equity LLC
—
Deed
related
$240,000 · Pioneer Bank
Nov 17, 2022
—
Van Brunt Equity LLC
—
Deed
related
$3,000,000 · Pioneer Bank
Jun 19, 2015
$387,400
Eastwood Development LLC
City Of Mankato
Warranty Deed
—
Sep 19, 2014
$400,000
Van Brunt Equity LLC
Ryan Evenson
Warranty Deed
$300,000 · Wells Federal Bank
Oct 13, 2009
$55,000
Evenson Ryen
John P Mayer
Warranty Deed
—
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.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
You own 23371 610th Ave?
List it free. Reach 20,000 daily buyers.
We’ve already pulled the facts. Confirm photos + price and you’re live in 2 minutes.
List this address →
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
