1303 Charles StPark Rapids, MN 56470

Property Details for 1303 Charles St

Year built

2006

Lot size

20.64 AC

Property size (Sq ft)

167,772 SF

Property type

Retail properties

Property subtype

Outlet malls

APN

32.42.90100

APU

324290100

Description

This exceptional 1.17-acre commercial land parcel, identified as Lot 1 and Parcel ID 324294100, presents a remarkable investment opportunity in Park Rapids, Minnesota. Strategically located on Charles Street, this property enjoys a high-visibility position near a Walmart Outlot, ensuring significant foot traffic and brand recognition. The permitted zoning is designated as Commercial Land & Buildings, offering flexibility for a wide range of commercial developments. The lot's size provides ample space for various projects, and its proximity to the established retail presence of Walmart enhances its appeal to potential businesses. An adjacent 0.99-acre lot (Parcel ID 324294200) is also available, providing the option to acquire a combined 2.16 acres for larger-scale development. The property benefits from its location near the residential population of Park Rapids, providing a ready-made customer base. Furthermore, its access to Highway 34, a major arterial connecting Detroit Lakes and Walker, ensures excellent accessibility and visibility for any commercial venture. This prime location and zoning make this an ideal site for businesses seeking high visibility and convenient access to a thriving community. The property is situated in Hubbard County, Minnesota, with a zip code of 56470. The coordinates are 46.9227961 latitude and -95.035224 longitude.

• CAP approach

  CAP return

  Valuation

  6%

  $45,343,256

  6.5%

  $41,855,312

  7%

  $38,865,648

• Comparable approach

  Method

  Valuation

  Relative Method

  $21,578,968

  Geo Method

  $21,578,968

• Alternative Use

  Use

  Valuation

  Residential

  $35,306,520

  Hospitality

  $32,340,584

  Educational

  $26,906,986

  Medical

  $27,832,358

  Retail

  $41,855,312

Location Insight

City

Park Rapids

County

Hubbard

State

Minnesota

Latitude

46.9251

Longitude

-95.0344

Property Tax & Assessments

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