Add Listing
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

    408 1st Ave Two Harbors, MN 55616-1614

    • Office buildings
    • 1,440 SF
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US46-2297429
    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

    • Lake County Soil & Water Conservation District / Local Government Office / County Government Office
    • Denis J Boyd Law Offices / Law Firm

    Property Details for 408 1st Ave

    Year built
    1973
    Construction
    WOOD
    Property size
    1,440 SF
    Property type
    Office buildings
    APN
    23-7664-01020
    APU
    23766401020

    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
    Two Harbors
    County
    Lake
    State
    Minnesota
    Longitude
    -91.6677
    Latitude
    47.0195
    CBSA code
    20260
    CBSA name
    DULUTH, 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
    $0.00
    $30,500
    $311,300
    $341,800
    -
    $30,500
    $311,300
    $341,800

    Comparable in this City

    • Value Estimation by Request
      2,639 SF

      610 2nd Ave

      OFFICE BUILDING • 2,639 SF
      610 2nd Ave, Two Harbors, MN 55616-1512
      View Details
    • Value Estimation by Request
      6,423 SF

      320 Waterfront Dr

      OFFICE BUILDING • 6,423 SF
      320 Waterfront Dr, Two Harbors, MN 55616-1534
      View Details
    • Value Estimation by Request
      1,644 SF

      510 1st Ave

      OFFICE BUILDING • 1,644 SF
      510 1st Ave, Two Harbors, MN 55616-1504
      View Details
    • Value Estimation by Request
      6,568 SF

      605 1st Ave

      OFFICE BUILDING • 6,568 SF
      605 1st Ave, Two Harbors, MN 55616
      View Details
    • Value Estimation by Request
      1,957 SF

      627 1st Ave

      OFFICE BUILDING • 1,957 SF
      627 1st Ave, Two Harbors, MN 55616-1505
      View Details
    • Value Estimation by Request
      3,508 SF

      1453 Hwy 2nd 2

      OFFICE BUILDING • 3,508 SF
      1453 Hwy 2nd 2, Two Harbors, MN 55616-4049
      View Details

    Similar Nearby for Sale

    • $550,000
      4,800 SF

      Two Harbors Restaurant/Bar Opportunity

      4,800 SF retail/commercial property with Highway 61 visibility.
      1329 Highway 61, Two Harbors, MN 55616
      View Details
    • $199,900
      820 SF

      Retail Space on Highway 61

      High-visibility retail space near 7th Avenue business corridor.
      1219 7Th Ave, Two Harbors, MN 55616
      View Details
    • Contact for pricing
      3,718 SF

      Two Harbors Turn-Key Restaurant Opportunity

      Turn-key restaurant with retail building and outdoor seating available forpurchase.
      812 7Th Ave, Two Harbors, MN 55616
      View Details
    • $1,190,000
      341.70 Acres

      341.7 Acres of Vacant Land

      341.7 acres of land with 1550 ft shoreline.
      446 Stewart Lk Rd, Two Harbors, MN 55616
      View Details
    • Contact for pricing
      3,475 SF

      Turn-Key Restaurant Opportunity

      Restaurant and retail property in high-visibility location.
      812 7Th Ave, Two Harbors, MN 55616
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      13,500 SF

      Highway Sites Leasing Opportunity

      Leasing opportunities with great visibility outside of Two Harbors.
      872 Stanley Rd, Two Harbors, MN 55616
      View Details
    • Contact for pricing
      5,000 SF

      Retail Outparcel with Grocery Anchor

      Proposed retail space with high visibility and accessibility.
      1009 7Th Ave, Two Harbors, MN 55616
      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.
    408 1st Ave
    Two Harbors, MN 55616-1614
    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.
    Sign Up Successful!
    You now have access to more from Realmo!