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    303 Main St Tower, MN 55790

    Sponsored
    For Sale
    $350,000

    Commercial/Industrial - Tower, MN

    Property size:
    1,200 SF
    Days on Market:
    2
    Last Refresh:
    Mar 4 at 1:06 am

    Property Features for 303 Main St

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Zoning
    COMM
    Rooms
    Basement
    APN
    080-0010-00940
    Basement Y/N
    1
    Size
    1,200 SF

    Utilities

    Heating system
    Forced Air, Propane (Heating)
    Cooling system
    Central Air

    Building Details

    Year built
    1930
    Roof type
    Asphalt, Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    Sherry Zupancich Anderson

    Vermilion Land Office Inc (218) 753-8985

    Listing agent Sherry Zupancich Anderson (218) 753-8985

    Listing date Mar 3, 2026

    MLS# 149564 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.

    Learn more

    Property Insight Report

    Overview

    Nordic-Inspired Boutique on Main Street

    This charming Nordic-inspired home goods boutique is located along a busy state highway corridor leading to the Boundary Waters Canoe Area Wilderness. The retail space features premium leather furniture, custom Napali Rugs, distinctive Nordic decor, cabin decor and gifts. Situated in a harbor town known as the gateway to Lake Vermilion, the store benefits from drive-by visibility and traffic from locals and seasonal visitors. The interiors reflect Scandinavian design, clean lines and natural textures. This is a turnkey retail operation with regional appeal, presence, and room to grow. The property is zoned COMM and has a size of 1200 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Storefront properties

    Suggested Use

    Restaurant Real Estate Agency Dental Office Auto Repair Shop Building Supply Big Box & Wholesale Store Spa & Massage Center Auto Parts Store Hair Salon Food Market

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

    Location Insight

    • Map
    • Local Demand
    City
    Tower
    County
    St. Louis
    State
    Minnesota
    Longitude
    -92.271052
    Latitude
    47.805561

    Nearby Similar for Sale

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    • $49,900
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      RV Lot on Lake Vermillion

      RV lot with boat slip access to Lake Vermillion.
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      Lake Vermilion Resort Opportunity

      Quaint resort on Lake Vermilion with cabins and RV sites.
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    • $176,000
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      Mixed-Use Property in Tower, MN

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      507 Main St, Tower, MN 55790
      View Details

    FAQs

    What type of property is this?
    Storefront property - Charming retail space in Tower, MN, gateway to Lake Vermilion.
    Where is this storefront property located?
    The property is located at 303 Main St Tower, MN.
    What is the asking price?
    The asking price for this property is $350,000.
    What are key features of this property?
    This property features: - Prime location on a busy highway leading to the Boundary Waters Canoe Area Wilderness, ensuring high visibility and traffic.; - Turnkey retail operation with an established presence and strong regional appeal in a sought-after lake area.; - **Curated collection of premium leather furniture, custom Napali Rugs, and distinctive Nordic decor.**
    (218) 780-1071
    Request Owner's contact information
    303 Main St Tower, MN 55790
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    Tower, MN 55790
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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
    303 Main St Tower, MN 55790
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    We can help!
    Listing Contact
    Sherry Zupancich Anderson
    Real Estate License ID: 40026207
    (218) 780-1071 (218) 753-8985
    Learn more
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