4576 Lake StOrr, MN 55771

Property Details for 4576 Lake St

Year built

2013

Lot size

3.65 AC

Property size (Sq ft)

19,629 SF

Property type

Apartment buildings

APN

180-0050-00120

APU

180005000120

Description

This exceptional commercial property presents a unique investment opportunity in the desirable town of Orr, Minnesota. Situated on a picturesque 3.65-acre lot directly adjacent to Pelican Lake, this turnkey facility boasts 19,629 square feet of space and comprises 29 individual units. Originally designed and operated as an assisted living facility, the building offers immense potential for a variety of commercial uses. Constructed in 2013, the property has been meticulously maintained and is in excellent condition. A significant feature is the inclusion of a fully equipped commercial-grade kitchen, ideal for catering, food service, or other businesses requiring large-scale food preparation. The property's prime location and substantial size make it an attractive proposition for entrepreneurs and investors seeking a versatile and well-maintained commercial space in a stunning lakeside setting. The building's recent history as an assisted living facility provides a solid foundation for potential repurposing, while its size and amenities offer flexibility for a wide range of commercial ventures. The expansive acreage provides ample parking and potential for future expansion or outdoor amenities. This is a rare opportunity to acquire a substantial, well-maintained commercial property in a highly desirable location. Serious inquiries are encouraged.

• CAP approach

  CAP return

  Valuation

  6%

  $4,475,028

  6.5%

  $4,130,795

  7%

  $3,835,738

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,552,890

  Geo Method

  $1,552,890

• Alternative Use

  Use

  Valuation

  Residential

  $4,130,795

  Hospitality

  $3,783,786

  Educational

  $3,148,066

  Medical

  $3,256,332

  Retail

  $4,896,990

Location Insight

City

Orr

County

St. Louis

State

Minnesota

Latitude

48.0564

Longitude

-92.8284

CBSA code

20260

CBSA name

DULUTH, MN-WI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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