2012 Park AvePark Rapids, MN 56470

Property Details for 2012 Park Ave

Year built

1993

Lot size

1.53 AC

Property size (Sq ft)

3,776 SF

Property type

Retail properties

Property subtype

Retail space

APN

32.35.00100

APU

323500100

Description

This exceptional 3,776 square foot storefront in Park Rapids, Minnesota, presents a unique investment opportunity. Located on Park Ave S, this property boasts a prime location with excellent visibility and convenient access to US Hwy 71. Built in 1993, the single-story building sits on a 3.18-acre lot and includes 20 parking spaces, ensuring ample room for customers and inventory. The property features a 2,000 square foot shop area equipped to handle a wide range of marine maintenance and repair services, including shrink wrapping. A thriving 2,046 square foot showroom, retail sales area, service desk, and parts department complement the shop. This established marine sales and service business has operated successfully for over 21 years, offering boats, pontoons, docks, and lifts. The building is in excellent condition and ready for immediate operation. The safe, fenced location provides ample space for boat storage. The asking price is $640,000, with a price per square foot of $169.49. The property is zoned commercial and offers significant potential for continued growth and profitability. This is a rare opportunity to acquire a well-established business with a strong track record in a desirable location.

• CAP approach

  CAP return

  Valuation

  6%

  $1,020,529

  6.5%

  $942,026

  7%

  $874,739

• Comparable approach

  Method

  Valuation

  Relative Method

  $485,672

  Geo Method

  $485,672

• Alternative Use

  Use

  Valuation

  Residential

  $794,635

  Hospitality

  $727,881

  Educational

  $605,588

  Medical

  $626,416

  Retail

  $942,026

Location Insight

City

Park Rapids

County

Hubbard

State

Minnesota

Latitude

46.9019

Longitude

-95.0589

Property Tax & Assessments

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