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

    21 N Lake Ave Duluth, MN 55802

    Sponsored
    For Sale
    $499,900

    Mixed Use - Duluth, MN

    Type:Mixed Use
    Property size:
    8,000 SF
    Lot size:
    0.09 Acres
    Days on Market:
    2
    Last Refresh:
    Feb 18 at 11:06 pm

    Property Features for 21 N Lake Ave

    General Information

    Property type
    Commercial Sale
    Property subtype
    Mixed Use
    Standard status
    Active
    Rooms
    Bathroom 1
    Bathrooms
    1
    Interior features
    Restrooms, Storage, Stage, Plaster Walls
    Size
    8,000 SF
    Lot size
    0.09 Acres

    Utilities

    Heating system
    Steam

    Building Details

    Year built
    1908
    Floors in Building
    2
    Number of units
    3
    Building materials
    Brick
    Roof type
    Flat, Rubber
    Architectural style
    Other

    We can help!

    Listing Contact
    Lynn Nephew
    Lynn Nephew

    RE/MAX Results (952) 829-2900

    Listing agent Lynn Nephew (952) 829-2900

    Listing date Feb 17, 2026

    MLS# 6123699 Listing URL

    Copyright © 2026 Lake Superior Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Downtown Duluth Mixed-Use Building

    This character-filled commercial building is located in the heart of downtown. The low-maintenance brick exterior houses a main level with two storefront spaces featuring hardwood floors and generous storage. These spaces can function as separate units or one large connected space via a double-door opening. The main level includes three bathrooms, one of which is fully accessible. The expansive second level is currently utilized as an event venue and is accessible via a handicap lift chair. This impressive space includes a large ballroom with a stage, a commercial kitchen, a meeting room, a coat room, an office, and a dressing room with a private bath, along with substantial upper-level storage. The property has a lot size of 0.09 acres and a total size of 8000 square feet. Parking is available at the ramp across the street.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Prøve Gallery Charitable Organization Norway Hall Event ... Hotel & Motel

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Duluth
    County
    St. Louis
    State
    Minnesota
    Longitude
    -92.099094
    Latitude
    46.787295

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    FAQs

    What type of property is this?
    Mixed-use property - Character-filled commercial building with storefronts and event venue.
    Where is this mixed-use property located?
    The property is located at 21 N Lake Ave Duluth, MN.
    What is the asking price?
    The asking price for this property is $499,900.
    What are key features of this property?
    This property features: - Two storefront spaces with **hardwood floors and flexible configuration (separate or connected)**.; - **Expansive second-level event venue with ballroom, stage, and commercial kitchen.**; - Convenient parking available at the ramp across the street.
    (218) 310-7790
    Request Owner's contact information
    21 N Lake Ave Duluth, MN 55802
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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
    21 N Lake Ave Duluth, MN 55802
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    We can help!
    Listing Contact
    Lynn Nephew
    Lynn Nephew
    Real Estate License ID: RA20389043
    (218) 310-7790 (218) 722-2810 (952) 829-2900
    Learn more
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