Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    6319 Penn Ave Richfield, MN 55423
    Back to Search
    Property profile & analytics

    6319 Penn Ave Richfield, MN 55423

    View on Map
    • Commercial real estate
    • 0.12 lot acres
    For Sale
    $500,000
    View Listing →
    Prime Richfield Commercial Property For Sale
    $500,000
    1,600 SF

    Prime Richfield Commercial Property

    1,600 sq ft, 0.12-acre lot, $500,000

    Minneapolis, MN 55423
    View Listing
    Property ID
    US46-0685375
    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

    • Commercial real estate

    Property Details for 6319 Penn Ave

    Year built
    1957
    Construction
    CONCRETE BLOCKS
    Lot size
    0.12 lot acres
    Property type
    Commercial real estate
    APN
    28-028-24-22-0130
    APU
    2802824220130

    Description

    This exceptional commercial property, located at 6319 Penn Avenue South in Richfield, Minnesota, presents a unique investment opportunity. Boasting a generous 1,600 square feet of space situated on a sizable 0.12-acre lot, this property offers significant potential for a variety of commercial uses. The building's versatile layout allows for customization to suit diverse business needs. Its strategic location on Penn Avenue South provides excellent visibility and accessibility, ensuring high traffic flow and convenient access for customers and employees. Richfield's thriving business community and strong infrastructure further enhance the property's appeal. The asking price of $500,000 represents a compelling value for a property of this size and location in a desirable market. This is an ideal opportunity for entrepreneurs and investors seeking a well-positioned commercial space with significant growth potential. The property's size and location make it suitable for a range of businesses, from retail establishments to professional offices. Serious inquiries are encouraged to explore the possibilities this property offers. Detailed property information and specifications are available upon request. Don't miss this chance to acquire a prime commercial asset in a dynamic and growing area. Act quickly, as opportunities like this are rare.

    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
    Richfield
    County
    Hennepin
    State
    Minnesota
    Longitude
    -93.3083
    Latitude
    44.8883
    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
    $10,833
    $116,000
    $279,000
    $395,000
    -
    $116,000
    $279,000
    $395,000

    Comparable in this City

    • Value Estimation by Request
      0.43 Acres

      Minneapolis, MN 55423

      COMMERCIAL (GENERAL) • 0.43 Acres
      Minneapolis, MN 55423
      View Details
    • Value Estimation by Request
      0.34 Acres

      6701 Lyndale S Ave

      COMMERCIAL (GENERAL) • 0.34 Acres
      6701 Lyndale S Ave, Richfield, MN 55423-2315
      View Details
    • Value Estimation by Request
      0.92 Acres

      6445 Nicollet Ave

      COMMERCIAL (GENERAL) • 0.92 Acres
      6445 Nicollet Ave, Richfield, MN 55423-1614
      View Details
    • Value Estimation by Request
      1.52 Acres

      6525 Lyndale S Ave

      COMMERCIAL (GENERAL) • 1.52 Acres
      6525 Lyndale S Ave, Richfield, MN 55423-1407
      View Details
    • Value Estimation by Request
      2.78 Acres

      6636 Cedar S Ave

      COMMERCIAL (GENERAL) • 2.78 Acres
      6636 Cedar S Ave, Richfield, MN 55423-2705
      View Details
    • Value Estimation by Request
      3.21 Acres

      1525 77th St

      COMMERCIAL (GENERAL) • 3.21 Acres
      1525 77th St, Richfield, MN 55423-4607
      View Details

    Similar Nearby for Sale

    • $500,000
      1,600 SF

      Prime Richfield Commercial Property

      1,600 sq ft, 0.12-acre lot, $500,000
      6319 Penn Ave, Richfield, MN 55423
      View Details
    • Contact for pricing
      0.34 Acres

      Commercial Land in Richfield, MN

      Commercial land available in Richfield, Minnesota.
      6417 Penn Ave S, Richfield, MN 55423
      View Details
    • Contact for pricing
      9,183 SF

      Prime Retail Location Available

      Highly visible retail property in a densely populated suburban area.
      6436 Lyndale Ave S, Minneapolis, MN 55423
      View Details
    • Contact for pricing

      Retail Space at Richfield Shoppes

      Retail property for sale at a prominent intersection.
      6501-6535 Nicollet Ave S, Richfield, MN 55423
      View Details
    • Contact for pricing
      0.25 Acres

      Office Space in Richfield, MN

      Office space available in Richfield with parking.
      2401 W 66Th St, Richfield, MN 55423
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,500 SF

      Retail Space in Richfield Center

      Retail space in a three-building retail center in Richfield.
      6545-6555 Lyndale Ave S, Richfield, MN 55423
      View Details
    • Contact for pricing
      2,866 SF

      Class A Office Campus Setting

      Two Class A buildings totaling 397,000 RSF for single tenant.
      2 Meridian Crossings, Richfield, MN 55423
      View Details
    • Contact for pricing
      1,595 SF

      Retail Space in Richfield

      Retail space in the heart of Richfield retail area.
      6501-6545 Nicollet Ave S, Richfield, MN 55423
      View Details
    • $23 SF/Yr
      1,609 SF

      Professional Office Space Available

      Office suite with private offices, reception, and conference room.
      7400 Lyndale Ave S, Richfield, MN 55423
      View Details
    • Contact for pricing
      1,550 SF

      Retail Space in Central Richfield

      Retail space with quality finishes and dedicated parking.
      6445 Lyndale Ave S, Richfield, MN 55423
      View Details
    • Contact for pricing
      1,943 SF

      Restaurant Space with Patio

      Restaurant space available with high visibility and strong co-tenancy.
      1700-1732 66Th St E, Richfield, MN 55423
      View Details
    View Listing
    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.
    6319 Penn Ave
    Richfield, MN 55423
    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

    Thank You for Inquiry
    6319 Penn Ave, Richfield, MN, 55423
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!