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    550 3Rd Ave Virginia, MN 55792
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    550 3Rd Ave Virginia, MN 55792

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    • Retirement homes
    • 116,246 SF
    • 1.26 lot acres
    Off-Market
    Property ID
    US46-1533654
    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

    • Alice Nettell Tower / Apartment Building

    Property Details for 550 3Rd Ave

    Year built
    1976
    Lot size
    1.26 lot acres
    Property size
    116,246 SF
    Property type
    Retirement homes

    Description

    The Alice Nettel Tower, a 14-story, 116,246 square foot apartment building in Virginia, Minnesota, presents a unique value-add investment opportunity. Built in 1976, this iconic structure features 156 units (87,465 net rentable square feet) with a mix of one and two-bedroom layouts, currently boasting 94% occupancy. Situated on a 1.26-acre lot, the property includes 60 parking spaces equipped with head bolt heater outlets. Amenities include controlled entry, a community room with kitchen, an outdoor BBQ area, two elevators, on-site laundry facilities, and on-site management. The building's unique octagonal design and penthouse roof offer breathtaking views of Bailey Lake and the Iron Range, representing the highest point in the region. Zoned R-5, this project-based Section 8 property is conveniently located near the Central Business District, Essentia Health Virginia Care Center, and Minnesota North College. This is a rare opportunity to acquire a landmark property with significant potential in a desirable location. The property is offered for sale by owner and is free of ground lease obligations.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Virginia
    County
    St. Louis
    State
    Minnesota
    Longitude
    -92.534987226927
    Latitude
    47.52740796178

    Comparable in this City

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      12,600 SF

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      Established Sporting Goods Business For Sale

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      49,692 SF

      Hobby Lobby Investment Opportunity

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    Similar Nearby for Sale

    • $400,000
      11,014 SF

      Downtown Virginia Mixed-Use Opportunity

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      214 N 2Nd Ave, Virginia, MN 55792
      View Details
    • Contact for pricing

      Midway Development Site on Highway

      Prime development site located between Eveleth and Virginia.
      Virginia MN Us Hwy 53 & Cuyuna Dr, Virginia, MN 55792
      View Details
    • Contact for pricing
      12,600 SF

      Single-Level Office/Medical Building For Sale

      One-level office/medical building with surface parking in Virginia, Minnesota.
      505 S 12Th Ave W, Virginia, MN 55792
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      49,692 SF

      Hobby Lobby Investment Opportunity

      Corporate leased Hobby Lobby with 9+ years remaining.
      1401 South 12Th Ave, Virginia, MN 55792
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      0.14 Acres

      Flat Lot in Virginia

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      57,248 SF

      Grocery Anchored Virginia Mall

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    Virginia, MN 55792
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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.

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