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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    609 Locust St Monticello, MN 55362-8857

    • Strip malls
    • 10,044 SF
    • 1.16 lot acres
    OFF-MARKET
    Last Sale
    Jun 01, 2023
    $1,360,000
    Value Estimations
    $1,285,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US46-0413120
    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

    • Strip malls

    Property Details for 609 Locust St

    Year built
    2000
    Construction
    CONCRETE
    Lot size
    1.16 lot acres
    Property size
    10,044 SF
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    155-010-007020
    APU
    155010007020

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,285,000
      ML approach
      $1,315,000

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $1,105,000
      RESTAURANT
      $1,025,000
      MEDICAL BUILDING
      $875,000
      OFFICE BUILDING
      $835,000
      INDUSTRIAL (GENERAL)
      $805,000
      AUTO REPAIR, GARAGE
      $800,000
      RETAIL STORES
      $800,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Monticello
    County
    Wright
    State
    Minnesota
    Longitude
    -93.8009
    Latitude
    45.302
    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
    $23,456
    $301,800
    $958,400
    $1,260,200
    -
    $301,800
    $958,400
    $1,260,200

    Comparable in this City

    • Value Estimation
      $4,565,000
      11,520 SF

      1523 7th St

      SHOPPING CENTER, STRIP CENTER • 11,520 SF
      1523 7th St, Monticello, MN 55362-4674
      View Details
    • Value Estimation
      $325,000
      4,372 SF

      1113 Cedar St

      SHOPPING CENTER, STRIP CENTER • 4,372 SF
      1113 Cedar St, Monticello, MN 55362-4414
      View Details
    • Value Estimation
      $380,000
      5,379 SF

      1125 Cedar St

      SHOPPING CENTER, STRIP CENTER • 5,379 SF
      1125 Cedar St, Monticello, MN 55362-4663
      View Details
    • Value Estimation
      $560,000
      35,317 SF

      508 Pne St

      SHOPPING CENTER, STRIP CENTER • 35,317 SF
      508 Pne St, Monticello, MN 55362-8570
      View Details
    • Value Estimation
      $575,000
      23,556 SF

      1220 Hwy 25th S

      SHOPPING CENTER, STRIP CENTER • 23,556 SF
      1220 Hwy 25th S, Monticello, MN 55362-4577
      View Details
    • Value Estimation
      $380,000
      5,190 SF

      1125 Cedar St

      SHOPPING CENTER, STRIP CENTER • 5,190 SF
      1125 Cedar St, Monticello, MN 55362-4663
      View Details

    Similar Nearby for Sale

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      4,000 SF

      Monticello Retail Building on Broadway

      4,000 SF retail building on 1.01 acre lot.
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      Monticello Commercial Property For Sale

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      Monticello Retail Center - Prime Location

      High-traffic retail space, excellent visibility.
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    • $279,000
      10.00 Acres

      Wooded Acreage with Lake Views

      Large, wooded acreage near Lake Ida, build-ready for custom home.
      B2/L1 Baker Ave NW, Monticello, MN 55362
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      Monticello Commercial Building - Hwy 25

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      Monticello Office Building For Sale

      7,994 SF office building, formerly veterinary and chiropractic clinic.
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    Similar Nearby for Lease

    • Contact for pricing
      1,500 SF

      Prime Monticello Retail Space

      1,500 SF Retail Space - For Lease
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      View Details
    • $12 SF/Yr
      1,545 SF

      Downtown Monticello Retail Space

      Prime retail space in downtown Monticello with convenient highway access.
      609-621 Locust St, Monticello, MN 55362
      View Details
    • Contact for pricing
      5,801 SF

      Monticello Build-to-Suit Opportunity

      5,801 SF build-to-suit with drive-thru potential in Monticello.
      9766 Fallon Ave, Monticello, MN 55362
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    • Contact for pricing
      2,200 SF

      Retail Space Near Highway 25

      Retail space with highway access and visibility.
      9221-9261 Cedar St, Monticello, MN 55362
      View Details
    • Contact for pricing
      9,571 SF

      Monticello Restaurant Space Available

      Restaurant space with commercial kitchen in Monticello, Minnesota.
      500-560 Cedar St, Monticello, MN 55362
      View Details
    • $12 SF/Yr
      1,500 SF

      Monticello Office Space For Rent

      Second-level office space with ample parking and central HVAC.
      113 Locust St, Monticello, MN 55362
      View Details
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    Monticello, MN 55362-8857
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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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