On July 9, 2011, the Dayton Dragons drubbed the South Bend Silver Hawks, their Class A Midwest League rivals, by a score of 9-1. Though the game’s attendance number might not seem remarkable – at fewer than 9,000 fans it was a fraction of what even the MLB’s worst teams draw nightly – it marked the Dragons’ 815th consecutive sellout, a streak that stretched back to the team’s inaugural season in 2000 and, as of that July day, one that set a pro sports record. It’s a streak still going strong in 2013 at well over 900 games.

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That remarkable drawing power is just one example of the potential financial success that minor league baseball teams can generate even in smaller markets like Dayton. And it’s a big reason why we estimate that the Dragons are minor league baseball’s sixth-most valuable team at $31 million, a truly impressive feat for a Single-A team.

The River Cats command some of MiLB’s highest-priced ticket options, helping them lead all minor league teams in ticket revenue despite attendance being down last year. The team gets $750,000 per year for the naming rights to Raley Field, which was also briefly the home to a UFL team before the league folded last year.

In fact, the Dragons are one of only two teams on our list that aren’t Class AAA, the highest level in Minor League Baseball’s (MiLB) hierarchy. The other team is the Frisco RoughRiders (Texas League/AA), which rank No. 11 with a value of $28 million. It’s likely no coincidence that both teams are owned by Mandalay Baseball Properties, a partnership between Mandalay Entertainment – founder and chairman Peter Guber also has ownership stakes in the Los Angeles Dodgers and Golden State Warriors – and private equity fund Seaport Capital that has become one of minor league baseball’s best ownership success stories.

Mandalay Baseball owns five minor league teams, with three ranking among MiLB’s 20 most valuable (the Class AAA Pacific League’s Oklahoma City RedHawks, worth $21 million, join the Dragons and RoughRiders). Mandalay’s other two teams are the Erie SeaWolves (Eastern League/AA) and Scranton/Wilkes-Barre RailRiders (International League/AAA), the latter of which is half-owned by the affiliate New York Yankees. The five teams have been for sale since April, and they will reportedly generate some $40 million in revenue this season.

Multiple team ownership like Mandalay’s is not unheard of in minor league baseball; in fact, it’s surprisingly common. Though individual leagues have rules against multiple team ownership, that doesn’t stop prospective owners from taking stakes in teams from different leagues across MiLB’s ranks. Billionaire Robert Rich, for instance, owns three teams, including the Buffalo Bisons (International League/AAA), which rank No. 13 on our list with an estimated value of $26 million. Hall of Famer Nolan Ryan also owned stakes in multiple teams until recently agreeing to sell the Corpus Christi Hooks (Texas League/AA) to Houston Astros owner Jim Crane; Ryan’s other team, the Round Rock Express EXPR +0.88%, is MiLB’s second-most valuable franchise at $35 million.

Fellow first-ballot Hall of Famer Cal Ripken, Jr. has two teams of his own, the Aberdeen IronBirds (New York-Penn League/Short-Season A) and Charlotte Stone Crabs (Florida State League/A), and in May he sold the Augusta GreenJackets (Sally League/Low A) for a reported $7.5 million. Neither of Ripken’s two teams appear on our list, but they are part of what’s become the Iron Man’s $30 million post-retirement baseball brand.

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