303 21St StNewport, MN 55055

Property Details for 303 21St St

Year built

1922

Lot size

0.79 AC

Property size (Sq ft)

24,447 SF

Property type

Office buildings

APN

26-028-22-41-0034

APU

2602822410034

Description

This two-story, 21,800 square foot commercial building at 303 21st St, Newport, MN 55055, offers diverse office spaces ideal for various businesses. Located in the Washington County submarket (Newport/Cottage Grove cluster), this Class C property boasts a convenient location near Newport's new city hall and off Highway 494, ensuring high visibility and accessibility. Built in 1954 and renovated in 2009, the building features 25 suites, with four currently available, ranging from 668 to 1,850 contiguous square feet. The minimum divisible space is 668 square feet. The building includes a total of 34 parking spaces and an open atrium at the main entrance, enhancing the welcoming atmosphere. Security features include a camera system and automated access control at the main entrance. The building's diverse tenancy includes a US Post Office, providing excellent exposure and foot traffic. Other tenants represent a variety of services, including tax services, chiropractic, cosmetics, tattoo, logistics, dental, pet accessories, and mechanical contractors. The building is well-maintained and offers 8-foot ceilings. Utilities are provided by Xcel Energy. The property sits on one acre of land and is zoned MX-2. While there are no elevators, the building's two stories are easily accessible. This property presents a valuable opportunity for businesses seeking a well-located, versatile, and established office space in a thriving community.

• CAP approach

  CAP return

  Valuation

  6%

  $4,494,708

  6.5%

  $4,148,961

  7%

  $3,852,606

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,247,775

  Geo Method

  $1,247,775

• Alternative Use

  Use

  Valuation

  Residential

  $5,144,712

  Hospitality

  $4,712,528

  Educational

  $3,920,768

  Medical

  $4,055,609

  Retail

  $6,098,972

Location Insight

City

Newport

County

Washington

State

Minnesota

Latitude

44.8804

Longitude

-93.0048

CBSA code

33460

CBSA name

MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

FAQs

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