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Property profile & analytics
OFF-MARKET
Estimated value
$1,200,000
Warehouses
705 Commerce Dr, Hastings, MN 55033-3687
Entity Owned
12-yr Hold
~
Est. High Equity
Property ID
US46-0519757
Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Year built
1994
Construction
WOOD FRAME
Total area
7,200 SF
Lot
0.63 ac (27,443 SF)
APN
19-32005-01-010
UPID
US46-0519757
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
Current use
Occupant on record · Public records
-
Behnke Woodworking Hardware & Home Improvement Furniture & Home Goods
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$1.46M
Comparable Approach
Comparable
$856k
Blend (final)
Blend
$1.20M
Owner & transaction history
Prl Properties LLC · 12 yrs held
Prl Properties LLC
since 2013
3 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Neighborhood: shopping center
$1.4M
+30.2%
Restaurant
$1.4M
+27.4%
Auto repair, garage
$1.2M
+12.1%
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 Hastings submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Hastings 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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$1,585,000
6.5%
$1,460,000
7%
$1,355,000
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$1,095,000
Current use
NEIGHBORHOOD: SHOPPING CENTER
$1,425,000
Change: +30% · Conversion: Moderate
RESTAURANT
$1,395,000
Change: +27% · Conversion: Difficult
AUTO REPAIR, GARAGE
$1,230,000
Change: +12% · Conversion: Easy
RETAIL STORES
$1,025,000
Change: -6% · Conversion: Moderate
Blend value · Realmo final
$1.20M
Range $1.08M – $1.32M · ±10%
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
$167 / 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
$12,392
Tax year 2023
Assessed value
$488,200
Assessed 2023
Previous assessed
$397,400
+22.8% YoY
Effective rate
2.54%
On assessed value
Assessed land
$61,900
Assessed improvement
$426,300
Land market value
$61,900
Improvement market value
$426,300
Total market value
$488,200
Applied tax rate
19.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
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
Warehouses
Use group
WAREHOUSE, STORAGE
Status
Off-Market
Year built
1994
Construction
WOOD FRAME
Heating
NONE
Bathrooms
1
Total area
7,200 SF
Lot
0.63 ac (27,443 SF)
APN
19-32005-01-010
UPID
US46-0519757
Jurisdiction
DAKOTA
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
WAREHOUSE, STORAGE Current
Est. value
$1.1M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$1.4M
RESTAURANT
Est. value
$1.4M
AUTO REPAIR, GARAGE
Est. value
$1.2M
RETAIL STORES
Est. value
$1.0M
WAREHOUSE, STORAGE Current
NEIGHBORHOOD: SHOPPING CENTER
RESTAURANT
AUTO REPAIR, GARAGE
RETAIL STORES
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
1994
Construction
WOOD FRAME
Heating
NONE
Bathrooms
1
Lot
0.63 ac
Current owner
From public records · entity-resolved
Prl Properties LLC
Entity
Mailing address
705 COMMERCE DR, HASTINGS, MN 55033-3687
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2013
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 29, 2016
—
Prl Properties LLC
—
Deed
related
$100,000 · Vermillion State Bank
Sep 26, 2013
$249,000
Prl Properties LLC
Behnke,merlyn J & Jill K
Warranty Deed
$249,000 · Vermillion State Bank
—
—
Merlyn Behnke
—
Deed Of Trust
related
$60,000 · Vermillion State Bank
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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