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    The Largest CRE Database in the US with Over 1 Million Listings

    18443 Basswood Beach Drive NW Evansville, MN 56326

    View on Map
    Pending
    $135,000

    Lots & Land - Millerville Twp, MN

    Lot size:
    1.26 Acres
    Added:
    Nov 4, 2025
    Days on Market:
    148
    Last Refresh:
    Apr 1 at 3:06 pm

    Property Features for 18443 Basswood Beach Drive NW

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    Shoreline
    Standard status
    Pending
    APN
    390064150
    Lot size
    1.26 Acres

    Taxes and HOA fees

    TaxYear
    2025
    TaxAnnualAmount
    724

    Utilities

    Water front features
    Waterfront
    Water front
    1

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Dustin Nilsson

    Listing agent Dustin Nilsson

    Listing office Vanrose Realty 8881 Ivystone Court S., COTTAGE GROVE, MN

    Listing date Nov 4, 2025

    MLS# 6813860 Listing URL

    Copyright © 2026 Northstar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Lakefront Lot Ready for Development

    This 1.26-acre lot is situated on the north side of Lake Aaron, offering 160 feet of lake frontage. The cleared land provides a foundation for creating a peaceful retreat or future home. Excavation has been completed to facilitate access from the road to the lake. A 40 x 30 concrete pad is in place for parking vehicles or RVs. The property includes a septic holding tank and installed electric, featuring two 50 amp and two 30 amp boxes to accommodate additional campers. Lake Aaron is a shallow lake located near Millerville in Douglas County, known for fishing, with largemouth bass and northern pike. The lake has a maximum depth of 16 feet and a surface area of 614 acres. The lot is located north of Alexandria, which offers retail shopping, restaurants, and attractions such as the Runestone Museum, Carlos Creek Winery, Country Blossom Farm, LLC, Big Ole Viking Statue, Casey’s Amusement Park, Legacy Of The Lakes Museum, Copper Trail Brewing Company, Central Lakes Trail, Big Splash at Arrowwood Resort, and Pine Ridge Golf Course. The property is zoned as Shoreline.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Recreation land

    Suggested Use

    Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Evansville
    County
    Douglas
    State
    Minnesota
    Longitude
    -95.589947
    Latitude
    46.0805022

    FAQs

    What type of property is this?
    Land - Cleared 1.26-acre lot with 160 feet of lake frontage.
    Where is this land located?
    The property is located at 18443 Basswood Beach Drive NW Evansville, MN.
    What is the asking price?
    The asking price for this property is $135,000.
    What are key features of this property?
    This property features: 160 feet of lake shore on Lake Aaron.; Over 1.25 acres of cleared land ready for development.; Excavation complete for easy access from road to lake.
    (651) 208-3514
    We can help!
    Listing Contact
    Dustin Nilsson
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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