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    Mule Lake Store Opportunity Title is generated by Realmo AI

    3062 State Highway 84 NE, Longville, MN 56655

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    Claim this Listing
    New
    For Sale
    $315,000

    Commercial - Longville, MN

    Lot size:
    2.54 Acres
    Added:
    May 20, 2026
    Days on Market:
    3
    Last Refresh:
    May 22 at 3:06 pm

    Property Features for 3062 State Highway 84 NE

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Business/Commercial,Residential-Single Family
    Parking features
    Driveway, Garage, Garage - Attached
    Exterior features
    Log Siding, Wood
    Fireplace
    1
    Appliances
    Range
    Standard status
    Active
    APN
    464690120
    Lot size
    2.54 Acres

    Taxes and HOA fees

    Tax Year
    2026
    Tax Annual Amount
    1897

    Utilities

    Heating system
    Fireplace(s), Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    1953
    Roof type
    Asphalt, Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    Melanie Mix

    Listing agent Melanie Mix

    Listing office Heartland Real Estate 1466 Co. Rd 5, Pine River, MN

    Listing date May 20, 2026

    MLS# 7075138 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

    This property presents a unique opportunity to own a local landmark with a long-standing history in the community. For 68 years, the Mule Lake Store served as a popular gathering place for both residents and visitors. Situated on State Highway 84, the once-thriving business was a convenient stop for customers from the surrounding lakes. Although the store has been closed for several years, it offers the potential to revive a cherished establishment. The store features a covered deck, ideal for serving refreshments. The interior space was previously stocked with a variety of goods, including sporting equipment, bait and tackle, gasoline, groceries, and an ATM, catering to outdoor enthusiasts and those seeking everyday necessities. Attached to the store is a two-bedroom home with a wood-burning fireplace, offering a blend of work and residential living. Located in Cass County, the 2.54-acre property is surrounded by lakes. The property is zoned for both business/commercial and residential-single family use. This property offers the chance to own a piece of local history and create a new vision for the space. The community is ready for its revival.
    Property Profile Location Intelligence

    Current Use by Public Records

    Grocery and convenience stores

    Suggested Use

    Real Estate Agency Building Supply Hotel & Motel Storage Facility Travel Agency

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

    Location Insight

    • Map
    • Local Demand
    City
    Longville
    County
    Cass
    State
    Minnesota
    Longitude
    -94.274544
    Latitude
    46.916747

    FAQs

    What type of property is this?
    Grocery and convenience store - Revive a beloved local store with attached two-bedroom home.
    Where is this grocery and convenience store located?
    The property is located at 3062 State Highway 84 NE Longville, MN.
    What is the asking price?
    The asking price for this property is $315,000.
    (218) 259-3082
    We can help!
    Listing Contact
    Melanie Mix
    Request Owner's contact information
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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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