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Property profile & analytics
OFF-MARKET
Estimated value
$740,000
Banks
245 Belgrade Ave North Mankato, MN 56003-3803
Entity Owned
4-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US46-2798672
Property profile
Verified
Property type
Banks
Use group
FINANCIAL BUILDING
Year built
1931
Total area
11,387 SF
Lot
0.41 ac (18,038 SF)
APN
18.685.0920
UPID
US46-2798672
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
$670k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$740k
Owner & transaction history
Belgrade Holdings LLC · 4 yrs held
Belgrade Holdings LLC
since 2022
Last sale
$775,000
3 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$1.1M
+99.0%
Warehouse, storage
$1.0M
+79.7%
Auto repair, garage
$680,000
+19.4%
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 North Mankato submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs North Mankato 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
$730,000
ML approach
$670,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
FINANCIAL BUILDING
$570,000
Current use
RESTAURANT
$1,135,000
Change: +99% · Conversion: Difficult
WAREHOUSE, STORAGE
$1,025,000
Change: +80% · Conversion: Difficult
AUTO REPAIR, GARAGE
$680,000
Change: +19% · Conversion: Difficult
MEDICAL BUILDING
$655,000
Change: +15% · Conversion: Difficult
RETAIL STORES
$635,000
Change: +12% · Conversion: Difficult
COMMERCIAL (GENERAL)
$625,000
Change: +10% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$575,000
Change: +1% · Conversion: Difficult
Blend value · Realmo final
$740k
Range $666k – $814k · ±10% · vs last sale $775k (Apr 13 2022)
Last sale anchor
$775k
Apr 13 2022
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
$65 / 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
$21,502
Tax year 2023
Assessed value
$755,700
Assessed 2023
Previous assessed
$755,700
+0.0% YoY
Effective rate
2.85%
On assessed value
Assessed land
$209,100
Assessed improvement
$546,600
Land market value
$209,100
Improvement market value
$546,600
Total market value
$755,700
Applied tax rate
77.0000
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
Banks
Use group
FINANCIAL BUILDING
Status
Off-Market
Year built
1931
Stories
1
Total area
11,387 SF
Lot
0.41 ac (18,038 SF)
APN
18.685.0920
UPID
US46-2798672
Jurisdiction
NICOLLET
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
FINANCIAL BUILDING Current
Est. value
$570,000
RESTAURANT
Est. value
$1.1M
WAREHOUSE, STORAGE
Est. value
$1.0M
AUTO REPAIR, GARAGE
Est. value
$680,000
MEDICAL BUILDING
Est. value
$655,000
RETAIL STORES
Est. value
$635,000
COMMERCIAL (GENERAL)
Est. value
$625,000
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$575,000
FINANCIAL BUILDING Current
RESTAURANT
WAREHOUSE, STORAGE
AUTO REPAIR, GARAGE
MEDICAL BUILDING
RETAIL STORES
COMMERCIAL (GENERAL)
NEIGHBORHOOD: SHOPPING CENTER
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
1931
Stories
1
Lot
0.41 ac
Current owner
From public records · entity-resolved
Belgrade Holdings LLC
Entity
Mailing address
1812 S RIVERFRONT DR, MANKATO, MN 56001-1624
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 13, 2022
$775,000
Belgrade Holdings LLC
Belgrade Business Center LLC
Warranty Deed
$620,000 · Community Bank Mankato
Apr 13, 2022
—
Belgrade Holdings LLC
—
Deed
related
$620,000 · Community Bank Mankato
Oct 15, 2021
$900,000
Belgrade Business Center LLC
Frandsen Bank & Trust
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.
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