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

    8700 Parkview NE Ave Otsego, MN 55330-6942

    • Retail space
    • 19,927 SF
    • 2.80 lot acres
    OFF-MARKET
    Last Sale
    Jan 19, 2023
    $1,500,000
    Value Estimations
    $1,615,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US46-2772145
    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

    • ALDI / Supermarket / Grocery Store

    Property Details for 8700 Parkview NE Ave

    Year built
    2023
    Lot size
    2.80 lot acres
    Property size
    19,927 SF
    Property type
    Retail space
    APN
    118-360-028010
    APU
    118360028010

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,415,000
      ML approach
      $1,380,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $2,209,000
      Market price range: $606k - $3.06M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $2,330,000
      Current use
      AUTO REPAIR, GARAGE
      $2,335,000
      Change: +0% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Otsego
    County
    Wright
    State
    Minnesota
    Longitude
    -93.5667
    Latitude
    45.2773
    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
    2024
    $11,188
    $1,445,700
    $1,518,400
    $2,964,100
    -
    $1,445,700
    $1,518,400
    $2,964,100

    Comparable in this City

    • Value Estimation
      $725,000
      39,185 SF

      10743 168th NW Ave

      RETAIL STORES (PERSONAL SERVICES) • 39,185 SF
      10743 168th NW Ave, Elk River, MN 55330-3200
      View Details
    • Value Estimation
      $1,115,000
      4,680 SF

      15670 90th NE St

      RETAIL STORES (PERSONAL SERVICES) • 4,680 SF
      15670 90th NE St, Otsego, MN 55330-7154
      View Details
    • Value Estimation
      $475,000
      16,386 SF

      279 Carson Ave

      RETAIL STORES (PERSONAL SERVICES) • 16,386 SF
      279 Carson Ave, Elk River, MN 55330-2670
      View Details
    • Value Estimation
      $320,000
      4,000 SF

      15682 90th NE St

      RETAIL STORES (PERSONAL SERVICES) • 4,000 SF
      15682 90th NE St, Otsego, MN 55330-7154
      View Details
    • Value Estimation
      $270,000
      4,000 SF

      309 Jackson NW Ave

      RETAIL STORES (PERSONAL SERVICES) • 4,000 SF
      309 Jackson NW Ave, Elk River, MN 55330-2523
      View Details
    • Value Estimation
      $515,000
      7,058 SF

      9025 Quaday NE Ave

      CONVENIENCE STORE • 7,058 SF
      9025 Quaday NE Ave, Otsego, MN 55330-6653
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      24,583 SF

      Retail Property in Otsego, MN

      Retail property with 24,583 square feet of space.
      15850 87Th St NE, Otsego, MN 55330
      View Details
    • Contact for pricing
      6.85 Acres

      Elk River Commercial Land

      Commercial space with mixed-use zoning in Elk River, MN.
      610 Freeport Ave NW, Elk River, MN 55330
      View Details
    • $757,944

      5.8 Acres Commercial Land Available

      5.8 acres of commercial land for sale in Otsego.
      85Th St NE, Otsego, MN 55330
      View Details
    • $507,000

      Land For Sale in Otsego

      Land available with high traffic and signage options.
      9245 Quantrelle Ave, Otsego, MN 55330
      View Details
    • $215,000
      8.67 Acres

      Heavily Wooded Acreage in Nowthen

      Private, wooded 8+ acre lot with walkout potential near town.
      Tbd - C Pinnaker Rd NW, Nowthen, MN 55330
      View Details
    • $219,900
      0.99 Acres

      Elk River Commercial Land

      High visibility commercial land near NorthStar Train Station in Elk River.
      17226 Twin Lake Rd, Elk River, MN 55330
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      4,800 SF

      Retail Space in Elk River

      Retail space available in a vibrant Elk River shopping center.
      19116-19144 Freeport St, Elk River, MN 55330
      View Details
    • Contact for pricing
      1,000 SF

      Retail Space in Elk River

      Retail space in a vibrant Elk River shopping center.
      19112 Freeport Ave, Elk River, MN 55330
      View Details
    • $17 SF/Yr
      1,386 SF

      Elk River Retail Space Available

      Retail spaces available in Elk River shopping mall.
      19238-19268 NW Evans St, Elk River, MN 55330
      View Details
    • Contact for pricing
      1,723 SF

      Retail Building Near Highway 101

      12,112 SF retail building near Hwy 101, available Fall 2025.
      90Th St NE, Otsego, MN 55330
      View Details
    • Contact for pricing
      1,406 SF

      Retail Space in Elk River

      Retail space available in a vibrant Elk River shopping center.
      19160-19186 Freeport Ave, Elk River, MN 55330
      View Details
    • Contact for pricing
      1,476 SF

      Retail Space on Highway 169

      Retail space with high visibility and ample parking available for rent.
      19320-19344 Highway 169 NW, Elk River, MN 55330
      View Details

    Property Visit Statistics

    • Visits by month
      26.7k
    • Visitors by month
      17.1k
    • Avg Time on site
      23 min
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    8700 Parkview NE Ave
    Otsego, MN 55330-6942
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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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