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    421 Gateway Dr NE East Grand Forks, MN 56721
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    Property profile & analytics

    421 Gateway Dr NE East Grand Forks, MN 56721

    View on Map
    • Retail space
    • 41,658 SF
    • 3.64 lot acres
    For Lease
    $8 SF/Yr
    View Listing →
    East Grand Forks Retail/Flex Space For Lease
    $8 SF/Yr

    East Grand Forks Retail/Flex Space

    Retail or flex space for lease on busy Highway 2.

    421 Gateway Dr NE, East Grand Forks, MN 56721
    View Listing
    Property ID
    US46-2240022
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Itts Williams Park / City Park
    • higi / Physician
    • St. Michel Furniture / Furniture & Home Goods / Home Decor Store

    Property Details for 421 Gateway Dr NE

    Year built
    1989
    Lot size
    3.64 lot acres
    Property size
    41,658 SF
    Property type
    Retail space
    APN
    83.03116.00
    APU
    830311600

    Description

    This exceptional 10,919 square foot retail space, located at 421 Gateway Drive NE in East Grand Forks, Minnesota, presents a unique investment opportunity. Situated on the busy Highway 2 corridor, this single-tenant property offers high visibility and accessibility. Built in 1989 and extensively renovated in 2021, the building boasts a total of 41,658 square feet, providing ample space for a variety of retail or flex uses. The property's layout is highly adaptable, allowing for customization to meet the specific needs of a new tenant. The owner is open to collaborating on tenant improvements, contingent upon the terms of the lease agreement. This property is located in Polk County, Minnesota, zip code 56721, and offers a prime location for businesses seeking high traffic exposure in a thriving community. The building's recent renovation ensures modern amenities and functionality, making it an attractive option for businesses seeking a move-in ready space. The flexible layout and potential for tenant improvement collaboration make this a truly unique opportunity in the East Grand Forks market. This property is ideal for businesses seeking a strong presence on a major thoroughfare.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $2,615,000
      Current use
      RESTAURANT
      $3,235,000
      Change: +24% Conversion: Easy
      OFFICE BUILDING
      $2,560,000
      Change: -2% Conversion: Easy
      AUTO REPAIR, GARAGE
      $2,495,000
      Change: -5% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $2,300,000
      Change: -12% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    East Grand Forks
    County
    Polk
    State
    Minnesota
    Longitude
    -97.0132
    Latitude
    47.9391
    CBSA code
    24220
    CBSA name
    GRAND FORKS, ND-MN 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
    $25,820
    $120,300
    $1,493,400
    $1,613,700
    -
    $120,300
    $1,493,400
    $1,613,700

    Comparable in this City

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      60,112 SF

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      View Details
    • Value Estimation
      $520,000
      7,812 SF

      224 Gtwy NE Dr

      RETAIL STORES (PERSONAL SERVICES) • 7,812 SF
      224 Gtwy NE Dr, East Grand Forks, MN 56721-1623
      View Details
    • Value Estimation by Request
      6,100 SF

      1605 Central NW Ave

      RETAIL STORES (PERSONAL SERVICES) • 6,100 SF
      1605 Central NW Ave, East Grand Forks, MN 56721-1332
      View Details
    • Value Estimation by Request
      1,482 SF

      1525 Central NW Ave

      RETAIL STORES (PERSONAL SERVICES) • 1,482 SF
      1525 Central NW Ave, East Grand Forks, MN 56721-1301
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    • Value Estimation by Request
      5,143 SF

      210 4th NE St

      RETAIL STORES (PERSONAL SERVICES) • 5,143 SF
      210 4th NE St, East Grand Forks, MN 56721
      View Details
    • Value Estimation
      $1,115,000
      18,867 SF

      1017 Central NW Ave

      RETAIL STORES (PERSONAL SERVICES) • 18,867 SF
      1017 Central NW Ave, East Grand Forks, MN 56721-1610
      View Details
    View Listing
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    East Grand Forks, MN 56721
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    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
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    421 Gateway Dr NE, East Grand Forks, MN, 56721
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