Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Land Near Lake Vermilion Title is generated by Realmo AI

    Parcel 3 Tbd Hwy 115, Tower, MN 55790

    View on Map
    Claim this Listing
    Pending
    Contact for pricing

    Lots & Land - Greenwood Twp, MN

    Lot size:
    1.90 Acres
    Added:
    Sep 13, 2025
    Days on Market:
    257
    Last Refresh:
    May 27 at 11:06 am

    Property Features for Parcel 3 Tbd Hwy 115

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    Residential-Single Family
    Standard status
    Pending
    APN
    TBD
    Lot size
    1.90 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    40

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Steven Amundson

    Listing agent Steven Amundson

    Listing office Property Brokers of Minnesota 3157 Superior Dr NW, Rochester, MN

    Listing date Sep 13, 2025

    MLS# 6791271 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.

    HighLights

    • Conveniently located between Frazer Bay & Daisy Bay, close to Lake Vermilion.
    • Ideal spot to build a storage building for recreational toys.
    • Quick access to public boat launches.
    • Close proximity to snowmobile trails.
    • Provides a basecamp for outdoor adventures.
    • Parcel 3 has a road into the lot.

    Overview

    This 1.9-acre lot is conveniently located between Frazer Bay and Daisy Bay, offering a suitable location for constructing a storage building. The property is situated close to Lake Vermilion, providing access to public boat launches, snowmobile trails, and outdoor activities. According to the listing, this property is an ideal location for enjoying the area's recreational opportunities. Parcel 3 includes a road into the lot.
    Location Intelligence

    Current Use by Public Records

    Recreation land

    Map

    City
    Tower
    County
    St. Louis
    State
    Minnesota
    Longitude
    -92.440052
    Latitude
    47.859058

    Nearby Similar for Sale

    • $350,000

      Nordic-Inspired Boutique on Main Street

      Charming retail space in Tower, MN, gateway to Lake Vermilion.
      303 Main Street, Tower, MN 55790
      View Details
    • $164,500

      Lake Vermilion Homesite Opportunity

      Homesite in Waters of Vermilion community with lake access.
      80046 Alder Lane, Tower, MN 55790
      View Details
    • $339,900

      Historic Tower Multi-Use Commercial Building

      Downtown Tower multi-use building with income potential near Lake Vermilion.
      601 Main St, Tower, MN 55790-0000
      View Details
    • $162,500

      Lake Vermilion Homesite Opportunity

      Homesite in Waters of Vermilion community with lake access.
      80052 Tamarack Trail, Tower, MN 55790
      View Details
    • $124,000

      Lake Vermilion Homesite Opportunity

      Lake Vermilion homesite with community utilities and access to amenities.
      80048 Tamarack Trail, Tower, MN 55790
      View Details
    • $139,500

      Lake Vermilion Homesite Opportunity

      Homesite in Waters of Vermilion community with lake access.
      80075 Waters of Vermilion Road, Tower, MN 55790
      View Details
    • $115,500

      Lake Vermilion Homesite Opportunity

      Homesite in Waters of Vermilion community with lake access.
      80012 Conifer Crest, Tower, MN 55790
      View Details
    • $189,000

      Pike River Flowage Land Parcel

      9.7 acre waterfront land near Tower, MN.
      Koski Road, Tower, MN 55790
      View Details
    • $159,000

      Mixed-Use Property in Tower, MN

      Commercial property with residential living quarters in a prime location.
      507 Main Street, Tower, MN 55790
      View Details
    • $119,000

      Lake Vermilion Homesite Opportunity

      Homesite in Waters of Vermilion community with lake access.
      80054 Tamarack Trail, Tower, MN 55790
      View Details
    • $210,000

      Highway Frontage Land Near Tower

      126.25-acre tract with highway frontage near Mesabi Bike Trail.
      Highway 135, Tower, MN 55790
      View Details
    • $195,000

      Tower, MN Waterfront Land Parcel

      5.19 acres with 495' of south-facing lakeshore.
      5248 Ely Island S, Tower, MN 55790
      View Details

    FAQs

    What type of property is this?
    Land - 1.9 acre lot near Lake Vermilion with road access.
    Where is this land located?
    The property is located at Parcel 3 Tbd Hwy 115 Tower, MN.
    What is the asking price?
    The asking price for this property is Off market.
    What are key features of this property?
    This property features: Conveniently located between Frazer Bay & Daisy Bay, close to Lake Vermilion.; Ideal spot to build a storage building for recreational toys.; Quick access to public boat launches.
    (218) 780-5941
    We can help!
    Listing Contact
    Steven Amundson
    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

    Thank You for Inquiry
    Parcel 3 Tbd Hwy 115, Greenwood Twp, MN 55790
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!