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    221 Kennedy Memorial Drive Hoyt Lakes, MN 55750

    View on Map
    For Sale
    $347,500

    Commercial/Industrial - Hoyt Lakes, MN

    Property size:
    14,600 SF
    Added:
    May 21, 2024
    Days on Market:
    681
    Last Refresh:
    Apr 1 at 10:06 pm

    Property Features for 221 Kennedy Memorial Drive

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    COM
    Parking
    10
    Parking features
    Paved or Surfaced
    Standard status
    Active
    APN
    142-0071-00030
    Size
    14,600 SF

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Building materials
    Brick
    Roof type
    Rubber
    Architectural style
    Other

    We can help!

    Listing Contact
    Norma Jean Jofs
    Norma Jean Jofs

    Listing agent Norma Jean Jofs

    Listing office Next Door Realty 112 Main St N, Aurora, MN

    Listing date May 21, 2024

    MLS# 146715 Listing URL

    Copyright © 2026 Range 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.

    Overview

    Mesaba Drug Store in Hoyt Lakes

    Located on the main street in Hoyt Lakes, the Mesaba Drug Store is a community staple. This pharmacy and variety store has served the residents of Hoyt Lakes and surrounding areas for years. The store offers a wide array of products, including a full-service pharmacy counter and an impressive selection of items. The store stocks household essentials, clothing, sporting goods, toys, and more. The property is located in Hoyt Lakes, MN, and has a property size of 14,600 square feet. The zoning is COM.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Thrifty White Pharmacy Pharmacy Mesaba Drug and Marketplace Pharmacy

    Suggested Use

    Restaurant Spa & Massage Center Dental Office Auto Repair Shop Hair Salon Nail Salon Hotel & Motel Pharmacy Food Market Grocery & Convenience Store

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

    Similar Places Nearby

    • Thrifty White Pharmacy — 221 Kennedy Memorial Dr, Hoyt Lakes, MN 55750
    • Mesaba Drug and Marketplace — 221 Kennedy Memorial Dr, Hoyt Lakes, MN 55750

    Location Insight

    • Map
    • Local Demand
    City
    Hoyt Lakes
    County
    St. Louis
    State
    Minnesota
    Longitude
    -92.145801
    Latitude
    47.520402

    Nearby Similar for Sale

    • $1,900,000
      13,880 SF

      Turn-Key Assisted Living Facility

      20-unit assisted living facility on 8.1 acres in Hoyt Lakes.
      421 Kennedy Memorial Drive, Hoyt Lakes, MN 55750
      View Details
    • $347,500

      Mesaba Drug Store For Sale

      Community staple pharmacy and variety store in Hoyt Lakes, Minnesota.
      221 Kennedy Memorial Dr, Hoyt Lakes, MN, 55750-1141
      View Details

    FAQs

    What type of property is this?
    Drug store - Classic pharmacy and variety store serving Hoyt Lakes and surrounding areas.
    Where is this drug store located?
    The property is located at 221 Kennedy Memorial Drive Hoyt Lakes, MN.
    What is the asking price?
    The asking price for this property is $347,500.
    What are key features of this property?
    This property features: Centrally located on the main street in the heart of Hoyt Lakes.; Established business serving the community for years.; Full‑service pharmacy counter.
    (218) 780-2860
    We can help!
    Listing Contact
    Norma Jean Jofs
    Norma Jean Jofs
    Real Estate License ID: 40713911
    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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