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    236 W 1 St Waconia, MN 55387
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    Property profile & analytics

    236 W 1 St, Waconia, MN 55387

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    • Strip malls
    • 30,542 SF
    • 0.92 lot acres
    For Lease
    $9 SF/Yr
    View Listing →
    Waconia Square Retail/Office Center For Lease
    $9 SF/Yr
    38,412 SF

    Waconia Square Retail/Office Center

    Neighborhood center in downtown Waconia, near Lake Waconia.

    236 W 1st St, Waconia, MN 55387
    View Listing
    Property ID
    US46-0554741
    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.
    Value Estimations
    $805,000
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Strip malls

    Property Details for 236 W 1 St

    Year built
    1980
    Lot size
    0.92 lot acres
    Property type
    Strip malls
    Property subtype
    Shopping centers
    APN
    75-0502980
    APU
    750502980

    Description

    Waconia Square, a two-story, 38,412-square-foot Class B building located at 236 W 1st St, Waconia, MN 55387, offers multiple executive office and retail spaces for lease. This 1980-built property, renovated in 2022, sits on a 0.92-acre lot in the charming downtown area, just one block from Lake Waconia. The building features a diverse tenant mix and offers units ranging from 849 to 7,013 contiguous square feet, with a minimum divisible space of 849 square feet. Amenities include ample parking (100+ spaces) and elevators. The property's convenient location is approximately 30 miles west of downtown Minneapolis and 10 miles from Victoria and Lake Minnetonka, providing easy access to a thriving metropolitan area and affluent surrounding communities. The property's APN is 750502980. This is a prime opportunity for businesses seeking a well-maintained space in a desirable location. The property is zoned for retail, office, and restaurant uses.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $680,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $934,000
      Market price range: $882k - $1.49M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $1,100,000
      Current use

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

    Location Insight

    • Map
    • Local Demand
    City
    Waconia
    County
    Carver
    State
    Minnesota
    Longitude
    -93.7902
    Latitude
    44.8498
    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
    2024
    $106,950
    $601,100
    $2,931,600
    $3,532,700
    -
    $601,100
    $2,931,600
    $3,532,700

    Comparable in this City

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    • Value Estimation
      $2,790,000
      12,968 SF

      712 Vis Blvd

      SHOPPING CENTER, STRIP CENTER
      712 Vis Blvd, Waconia, MN 55387-4559
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    • Value Estimation
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      132,018 SF

      875 Main St

      WHOLESALE OUTLET, DISCOUNT STORE
      875 Main St, Waconia, MN 55387-1081
      View Details
    • Value Estimation
      $10,085,000
      62,580 SF

      753 Marketplace Dr

      GROCERY, SUPERMARKET
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      View Details
    • Value Estimation
      $690,000
      9,900 SF

      53 State Hwy 5th 5

      RETAIL STORES (PERSONAL SERVICES)
      53 State Hwy 5th 5, Waconia, MN 55387
      View Details
    • Value Estimation by Request
      1,800 SF

      246 Main St

      AUTO REPAIR, GARAGE
      246 Main St, Waconia, MN 55387-1024
      View Details

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      Waconia Square Retail/Office Center

      Neighborhood center in downtown Waconia, one block from Lake Waconia.
      236 West 1 St, Waconia, MN 55387
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      8,938 SF

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      Waconia Commercial Land Opportunity

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    Similar Nearby for Lease

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      Waconia Square Retail/Office Center

      Neighborhood center in downtown Waconia, near Lake Waconia.
      236 W 1 St, Waconia, MN 55387
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      1,830 SF

      Retail and Office Suites Available

      Neighborhood center with retail and office suites in Waconia, MN.
      236 W 1 St, Waconia, MN 55387
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      Downtown Waconia Office/Retail Space

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      Downtown Waconia Office/Retail Building

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      Waconia Industrial Self Storage Space

      Industrial self-storage space for lease in Waconia, Minnesota.
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      Industrial Property For Lease

      Industrial property available for lease in Waconia, Minnesota.
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    View Listing
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    Waconia, MN 55387
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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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