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Property profile & analytics
OFF-MARKET
Estimated value
$625,000
Turn key restaurants
2397 Palmer Dr New Brighton, MN 55112-2463
Trust Owned
21-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US46-0415324
Property profile
Verified
Property type
Turn key restaurants
Use group
RESTAURANT
Year built
1973
Total area
16,887 SF
Lot
0.78 ac (33,977 SF)
Zoning code
I
APN
19-30-23-43-0036
UPID
US46-0415324
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
$405k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$846k
Blend (final)
Blend
$625k
Owner & transaction history
Engelsma Lloyd 1984 Trust · 21 yrs held
Engelsma Lloyd 1984 Trust
since 2004
1 recorded transaction
Zoning & alternative use
I · New Brighton, MN
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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 New Brighton submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs New Brighton 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
$405,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Blend value · Realmo final
$625k
Range $563k – $688k · ±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
$37 / 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
$73,532
Tax year 2023
Assessed value
$2,300,000
Assessed 2023
Previous assessed
$2,337,500
-1.6% YoY
Effective rate
3.20%
On assessed value
Assessed land
$203,900
Assessed improvement
$2,096,100
Land market value
$203,900
Improvement market value
$2,096,100
Total market value
$2,300,000
Applied tax rate
621.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
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
Turn key restaurants
Use group
RESTAURANT
Status
Off-Market
Year built
1973
Heating
STEAM
Buildings
3
Total area
16,887 SF
Lot
0.78 ac (33,977 SF)
Zoning code
I
APN
19-30-23-43-0036
UPID
US46-0415324
Jurisdiction
RAMSEY
Zoning & alternative use
I · New Brighton, MN
Zoning I · permitted uses
I · New Brighton, MN
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
New Brighton. Always verify with local authorities before improvements.
Building & site characteristics
From public records
Year built
1973
Heating
STEAM
Buildings
3
Lot
0.78 ac
Current owner
From public records · entity-resolved
Engelsma Lloyd 1984 Trust
Trust
Mailing address
501 S 8TH ST, MINNEAPOLIS, MN 55404-1030
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2004
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 4, 2004
$800,000
Engelsma Lloyd 1984 Trust
City Of New Brighton
Warranty Deed
$815,000 · Wells Fargo Bank
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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