Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    24560 Smithtown Road Shorewood, MN 55331

    View on Map
    Claim this Listing
    New
    Picture of Residential land & home lots at 24560 Smithtown Road, Shorewood, MN
    For Sale
    $599,000

    Lots & Land - Shorewood, MN

    Lot size:
    1.06 Acres
    Added:
    Apr 13, 2026
    Days on Market:
    3
    Last Refresh:
    Apr 15 at 1:06 am

    Property Features for 24560 Smithtown Road

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    Residential-Single Family
    Standard status
    Active
    APN
    3311723130011
    Lot size
    1.06 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    5296

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Amber Simon

    Listing agent Amber Simon

    Listing office eXp Realty 4525 White Bear Parkway, White Bear Lake, MN

    Listing date Apr 13, 2026

    MLS# 7054352 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

    Shorewood Acreage for Villa Homes

    Located in Shorewood, this parcel offers an opportunity for development. The site, spanning just over an acre, features medium-high density zoning. City-approved preliminary plat and concept plans are in place for the construction of six single-family villa homes. Utilities are readily available, and much of the entitlement process has been completed. The location provides proximity to Lake Minnetonka, offering opportunities for boating, dining, and year-round recreation. Excelsior Commons and the shops and restaurants in Excelsior are nearby. Maynards offers dinner and lake views. Minnesota State Highway 7 is easily accessible, providing connectivity to the Twin Cities while maintaining the tranquility of a lakeside community. This site is suited for building and selling, creating a boutique villa community, or investing in a high-demand area.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    Shorewood
    County
    Hennepin
    State
    Minnesota
    Longitude
    -93.5895
    Latitude
    44.8924

    Nearby Similar for Sale

    • $315,000

      Prime Shorewood Half-Acre Lot

      Half-acre lot near Lake Minnetonka Regional Trail.
      5600 Shorewood Lane, Shorewood, MN 55331
      View Details
    • $799,000

      Spacious Wooded Lot in Shorewood

      Wooded lot near Howards Point, Lake Minnetonka. Owner financing available.
      27755 Island View Rd, Shorewood, MN 55331
      View Details
    • $599,000

      Shorewood Wooded Lot Opportunity

      Oversized wooded lot near Lake Minnetonka and Excelsior.
      25725 Birch Bluff Road, Shorewood, MN 55331
      View Details
    • $550,000

      Residential Land in Shorewood, MN

      1.23 acre residential lot in Minnetonka School District.
      25975 Wild Rose Lane, Shorewood, MN 55331
      View Details
    • $750,000

      Lake Minnetonka Enchanted Island Lot

      Waterfront land on Lake Minnetonka's Enchanted Island.
      4720 Lagoon Drive, Shorewood, MN 55364
      View Details
    • $849,900

      Shorewood Land Near Lake Minnetonka

      1.8-acre lot near Lake Minnetonka, suitable for residential development.
      24695 Glen Road, Shorewood, MN 55331
      View Details
    • $435,000

      Shorewood Land Near Lake Minnetonka

      0.9-acre lot near Lake Minnetonka, ideal for custom home.
      Xxx Glen Road, Shorewood, MN 55331
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - Prime Shorewood parcel with approved plans for six villa homes.
    Where is this residential land & home lot located?
    The property is located at 24560 Smithtown Road Shorewood, MN.
    What is the asking price?
    The asking price for this property is $599,000.
    What are key features of this property?
    This property features: Prime 1+ acre parcel in highly desirable Shorewood location.; Zoned for medium‑high density development with city‑approved preliminary plat and concept plans for six single‑family villa homes.; Utilities are readily available.
    (612) 710-0834
    We can help!
    Listing Contact
    Amber Simon
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!