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Property profile & analytics
OFF-MARKET
Estimated value
$1,700,000
Office Spaces
507 Nokomis St Alexandria, MN 56308-2352
Entity Owned
5-yr Hold
~
Est. High Equity
Property ID
US46-1507764
Property summary
AI-generated overview
This exceptional 1,312 square foot medical office suite is located in a well-maintained building at 507 N Nokomis Street, Alexandria, Minnesota, 56308. Situated on a 3-acre lot, this main-level corner suite offers a highly desirable location within a thriving commercial area. The building, constructed in 1999, boasts ample driveway parking. The suite itself is ideally configured for medical use, having previously served as a dental clinic. It features a welcoming reception area, multiple private offices, a convenient break room, and ample storage space. The layout is easily adaptable for various medical practices or could be converted for general office use. This versatile space presents a fantastic opportunity for businesses seeking a move-in ready solution. The property is zoned for Business/Commercial use (APN: 630453000) and is located in Douglas County. The total building size is 15,914 square feet, with 1,312 square feet currently available for lease. Heat and electricity are included in the rental price. This is a multi-tenant building. Don't miss this chance to secure a prime location for your business in Alexandria.
Property profile
Verified
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Year built
1999
Total area
7,957 SF
Lot
3 ac (130,680 SF)
APN
63-0453-000
UPID
US46-1507764
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
$2.00M
CAP Approach
CAP
$1.21M
Comparable Approach
Comparable
$1.81M
Blend (final)
Blend
$1.70M
Owner & transaction history
Cornerstone Properties Alex LLC · 5 yrs held
Cornerstone Properties Alex LLC
since 2021
Last sale
$1.7M
2 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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 Alexandria submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Alexandria 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
$2,125,000
ML approach
$2,000,000
CAP Approach
CAP Return
Estimation
6%
$1,315,000
6.5%
$1,210,000
7%
$1,125,000
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$1,140,000
Current use
Blend value · Realmo final
$1.70M
Range $1.53M – $1.87M · ±10% · vs last sale $1.70M (Feb 2 2021)
Last sale anchor
$1.70M
Feb 2 2021
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
$214 / 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
$38,250
Tax year 2023
Assessed value
$1,518,200
Assessed 2023
Previous assessed
$1,445,700
+5.0% YoY
Effective rate
2.52%
On assessed value
Assessed land
$98,800
Assessed improvement
$1,419,400
Land market value
$98,800
Improvement market value
$1,419,400
Total market value
$1,518,200
Applied tax rate
1.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
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
Office Spaces
Use group
OFFICE (GENERAL)
Status
Off-Market
Year built
1999
Heating
NONE
Total area
7,957 SF
Lot
3 ac (130,680 SF)
APN
63-0453-000
UPID
US46-1507764
Jurisdiction
DOUGLAS
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
COMMERCIAL (GENERAL) Current
Est. value
$1.1M
COMMERCIAL (GENERAL) Current
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
1999
Heating
NONE
Lot
3 ac
Current owner
From public records · entity-resolved
Cornerstone Properties Alex LLC
Entity
Mailing address
3612 CRESTWOOD DR NE, ALEXANDRIA, MN 56308-8935
Ownership since
2021
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Feb 2, 2021
$1,700,000
Cornerstone Properties Alex LLC
Cornerstone Properties LLC
Warranty Deed
$1,530,000 · Glenwood State Bank
Jul 7, 2006
—
Cornestone Properties LLC
Leo D Zacher
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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