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

    2424 Myers Rd Albert Lea, MN 56007-5315

    • Commercial real estate
    • 1.52 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US46-2651689
    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

    • Commercial real estate

    Property Details for 2424 Myers Rd

    Lot size
    1.52 lot acres
    Property type
    Commercial real estate
    APN
    08.021.0560
    APU
    80210560

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Albert Lea
    County
    Freeborn
    State
    Minnesota
    Longitude
    -93.3494
    Latitude
    43.6172
    CBSA code
    10660
    CBSA name
    ALBERT LEA, 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
    $608
    $22,800
    $0.00
    $22,800
    -
    $22,800
    $0.00
    $22,800

    Comparable in this City

    • Value Estimation by Request
      0.65 Acres

      Blake Ave

      Land • 0.65 Acres
      0 Blake Ave, Albert Lea, MN 56007
      View Details
    • Value Estimation by Request
      283,140 SF

      21133 775Th Ave

      Land • 283,140 SF
      21133 775Th Ave, Albert Lea, MN 56007
      View Details
    • Value Estimation by Request

      925 Broadway Ave

      COMMERCIAL (GENERAL)
      925 Broadway Ave, Albert Lea, MN 56007
      View Details
    • Value Estimation by Request

      1015 Broadway Ave

      COMMERCIAL (GENERAL)
      1015 Broadway Ave, Albert Lea, MN 56007-4514
      View Details
    • Value Estimation by Request

      133 College St

      COMMERCIAL (GENERAL)
      133 College St, Albert Lea, MN 56007
      View Details
    • Value Estimation by Request

      205 Columbus Ave

      COMMERCIAL (GENERAL)
      205 Columbus Ave, Albert Lea, MN 56007
      View Details

    Similar Nearby for Sale

    • $975,000
      283,140 SF

      Prime Albert Lea Commercial Land

      6.5+ Acres, I-35 Access, High Visibility
      21133 775Th Ave, Albert Lea, MN 56007
      View Details
    • $557,800
      13.50 Acres

      I-90 Industrial Land, Albert Lea, MN

      13.5-acre industrial site, high visibility.
      0 Us I-90, Albert Lea, MN 56007
      View Details
    • $329,000

      Albert Lea Commercial Land Opportunity

      5-Acre Commercial Lot, Prime Location
      2320 Main St, Albert Lea, MN 56007
      View Details
    • Contact for pricing
      1.50 Acres

      Albert Lea Retail Land Opportunity

      1.5-acre commercial lot, I-90 access.
      1619 Main St, Albert Lea, MN 56007
      View Details
    • $975,000
      6.50 Acres

      21133 775Th Ave

      Retail properties • 283,140 SF
      21133 775Th Ave, Albert Lea, MN 56007
      View Details
    • Contact for pricing
      0.65 Acres

      Prime Albert Lea Commercial Land

      Walmart Outlot, High-Traffic Location
      0 Blake Ave, Albert Lea, MN 56007
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      82,988 SF

      Northbridge Mall: Albert Lea Retail

      Prime Albert Lea retail space, 16 units available.
      2510 Bridge Ave, Albert Lea, MN 56007
      View Details
    • $13 SF/Yr
      1,540 SF

      Retail Space in High-Traffic Area

      1,540 SF retail suite in a busy strip center.
      160 Bridge Ave, Albert Lea, MN 56007
      View Details
    • $5 SF/Yr
      3,100 SF

      Albert Lea Business Development Center

      Office and warehouse space in Albert Lea's entrepreneurial hub.
      2530 Yh Hanson Ave, Albert Lea, MN 56007
      View Details
    • $5 SF/Yr
      200,000 SF

      Spacious Industrial Property for Lease

      200,000 SF industrial space available for lease.
      411 S 1St Ave, Albert Lea, MN 56007
      View Details
    • Contact for pricing
      1,680 SF

      Retail Space Available For Rent

      Retail space available for rent at Hwy 65 & E Clark St.
      E Clark St, Albert Lea, MN 56007
      View Details
    • $5 SF/Yr
      41,250 SF

      Albert Lea Business Center

      Flex/Warehouse Space Available
      2610 Yh Hanson Ave, Albert Lea, MN 56007
      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.
    2424 Myers Rd
    Albert Lea, MN 56007-5315
    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.