Your AI Navigator in Commercial Real Estate
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
    Property profile & analytics

    2823 Hedberg Dr Minnetonka, MN 55305-3406

    • Industrial properties
    • 19,036 SF
    • 3.32 lot acres
    OFF-MARKET
    Value Estimations
    $475,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US46-1048558
    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

    • Industrial properties

    Property Details for 2823 Hedberg Dr

    Year built
    1977
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    3.32 lot acres
    Property size
    19,036 SF
    Zone code
    I-1
    Property type
    Industrial properties
    APN
    13-117-22-22-0021
    APU
    1311722220021

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $465,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $641,000
      Market price range: $285k - $1.40M

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

    Location Insight

    • Map
    • Local Demand
    City
    Minnetonka
    County
    Hennepin
    State
    Minnesota
    Longitude
    -93.4168
    Latitude
    44.9495
    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
    2023
    $47,253
    $1,155,000
    $504,000
    $1,659,000
    -
    $1,155,000
    $504,000
    $1,659,000

    Comparable in this City

    • Value Estimation by Request
      0.54 Acres

      13400 Jeffry Way

      INDUSTRIAL (GENERAL) • 0.54 Acres
      13400 Jeffry Way, Minnetonka, MN 55305-1814
      View Details
    • Value Estimation
      $480,000
      17,830 SF

      2828 Hedberg Dr

      INDUSTRIAL (GENERAL) • 17,830 SF
      2828 Hedberg Dr, Minnetonka, MN 55305-3403
      View Details
    • Value Estimation
      $595,000
      4,320 SF

      12475 Marion W Ln

      INDUSTRIAL (GENERAL) • 4,320 SF
      12475 Marion W Ln, Minnetonka, MN 55305
      View Details
    • Value Estimation
      $665,000
      27,707 SF

      2800 Hedberg Dr

      INDUSTRIAL (GENERAL) • 27,707 SF
      2800 Hedberg Dr, Minnetonka, MN 55305-3403
      View Details
    • Value Estimation
      $700,000
      31,800 SF

      11111 Greenbrier Rd

      INDUSTRIAL (GENERAL) • 31,800 SF
      11111 Greenbrier Rd, Minnetonka, MN 55305-3479
      View Details
    • Value Estimation
      $505,000
      56,865 SF

      111 Cheshire Ln

      INDUSTRIAL (GENERAL) • 56,865 SF
      111 Cheshire Ln, Minnetonka, MN 55305-1060
      View Details

    Similar Nearby for Sale

    • $1,850,000

      Prime Minnetonka Development Opportunity

      One-acre assemblage on Minnetonka Boulevard, ideal for commercial development.
      9800 Minnetonka Blvd, Minnetonka, MN 55305
      View Details
    • $109,500
      812 SF

      Updated Condo in Prime Location

      Move-in ready Minnetonka condo with modern upgrades and amenities.
      10311 Cedar Lake Rd, Minnetonka, MN 55305
      View Details
    • $1,850,000

      Minnetonka Commercial Land Opportunity

      Prime commercial land in Minnetonka, ideal for development.
      9800-9820 Minnetonka Blvd, Minnetonka, MN 55305
      View Details
    • $2,500,000
      4,416 SF

      Renovated Stand-Alone Office Building

      Completely renovated office building with modern design and convenient location.
      13815 Ridgedale Dr, Minnetonka, MN 55305
      View Details
    • Contact for pricing
      19,533 SF

      Minnetonka Religious Facility For Sale

      19,533 SF religious facility in Minnetonka, Minnesota.
      2000 Hopkins Xrd, Minnetonka, MN 55305
      View Details
    • $399,000
      Pending

      Wooded Lot in Minnetonka

      Private, wooded, nearly one-acre lot in Minnetonka, Minnesota.
      413 Sunnyvale Ln, Minnetonka, MN 55305
      View Details

    Similar Nearby for Lease

    • $7 SF/Yr
      3,937 SF

      Minnetonka Office/Warehouse Space Available

      Office/warehouse building with easy access to major highways.
      2835-2845 Hedberg Dr, Minnetonka, MN 55305
      View Details
    • $7 SF/Yr
      23,324 SF

      Minnetonka Office/Warehouse Space Available

      130,000 square foot office/warehouse with excellent access.
      11111-11181 Greenbrier Rd, Minnetonka, MN 55305
      View Details
    • Contact for pricing
      12,000 SF

      Retail Space in Ridgedale Area

      Available retail space in a sought-after trade area.
      13601-13691 Wayzata Blvd, Minnetonka, MN 55305
      View Details
    • Contact for pricing
      3,809 SF

      Retail Space in Ridgehaven Marketplace

      Retail space available in a high-traffic shopping center.
      13081-13181 Ridgedale Dr, Minnetonka, MN 55305
      View Details
    • $14 SF/Yr
      1,857 SF

      Corner Office Suite For Rent

      Office suite featuring a reception area, four private offices.
      13911 Ridgedale Dr, Minnetonka, MN 55305
      View Details
    • $25 SF/Yr
      1,081 SF

      Exceptional Office Location in Minnetonka

      Premier office space in Minnetonka's Crescent Ridge Corporate Center.
      11100 Wayzata Blvd, Minnetonka, MN 55305
      View Details

    Property Visit Statistics

    • Visits by month
      1.7k
    • Visitors by month
      796
    • Avg Time on site
      33 min
    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.
    2823 Hedberg Dr
    Minnetonka, MN 55305-3406
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.