Storefront Property With Storage
For Sale
$229,000
4303 Hwy 53 N, Orr, MN 55771
LOT/LAND, Orr, MN
Property Size2,016 SF
Lot Size4.77 Acres
Price / SF$113.59
Days on Market337
Property Features for 4303 Hwy 53 N
General Information
Property type
Commercial Sale
Property subtype
Other
Lot features
Irregular Lot, Low Land, Tree Coverage - Heavy, Level
Elementary school district
St. Louis County #2142
Middle school district
St. Louis County #2142
High school district
St. Louis County #2142
Directions
3/4 mile south of Orr, Hwy 53
Subdivision
LSAR
Standard status
Active
Lot size
4.77 Acres
Taxes and HOA fees
Tax Year
2025
Utilities
Utilities
Propane
Amenities
heated storage building
office/bunk rooms
bathroom
private well
septic
parking
Listing Agency:
RE/MAX Lake Country · RE/MAX International
(218) 757-3233
Listed By:
Raymond Ingebretsen · License #40744576
(218) 780-3007
Added: Oct 2, 2025
Changed: Aug 19
Last Checked: Sep 3 at 9:06AM
MLS# 6122235
Copyright © 2026 Lake Superior 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.
Investment Insights
Based on property information with market context.
This commercial storefront property occupies 4.77 acres along Hwy 53 and includes a 42 by 48 heated storage building. The building has office and bunk rooms, a bathroom, private well and septic, and propane service. The property is currently operated as a gift shop and provides parking suitable for vehicles and trailers.
Located just south of Orr, the property is near Pelican Lake and the surrounding recreational area. Nearby ATV and snowmobile trails, lakes including Lake Vermilion, and Voyageurs National Park add to the site's broader northwoods setting.
Located just south of Orr, the property is near Pelican Lake and the surrounding recreational area. Nearby ATV and snowmobile trails, lakes including Lake Vermilion, and Voyageurs National Park add to the site's broader northwoods setting.
Key Highlights
- 4.77‑acre commercial property along Hwy 53
- 42x48 heated storage building
- Current gift shop operation
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$19,051
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.32%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$381,020
$381.0K
Cap Rate 7%
$272,157
$272.2K
Cap Rate 9%
$211,678
$211.7K
Market Conditions
NOI Build-Up for 2,016 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$30.2K $15.00/SF
− Vacancy
−$3.0K −$1.50/SF
EGI
$27.2K $13.50/SF
− OpEx
−$8.2K −$4.05/SF
NOI
$19.1K $9.45/SF
Area
St. Louis County, MN
Vacancy
10.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$381,020
Cap Rate 7%
$272,157
Cap Rate 9%
$211,678
Alternative Uses
Best Use
Retail
$272.2K
$238.1K – $317.5K
NOI $19,051 @ 7.0% cap · market cap 8.32%
Second Best
Warehouse
$138.3K
$121.0K – $161.4K
NOI $9,683 @ 7.0% cap · market cap 4.23%
Theoretical Best
Specialty Retail
$782.0K
$684.3K – $912.4K
NOI $54,743 @ 7.0% cap · market cap 23.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
7
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 55771, MN
1,485
Population
1,904
Households
0.8
Avg Household Size
53
Median Age
21%
College-Educated
92%
High-School Grad
1,115.4 sq mi
ZIP Area
1
Density / Sq Mi
$65,893
Median Household Income
$27,163
Median Earnings
$850
Median Rent
$167,700
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Storefront property - Multi-use commercial property with heated storage, office areas, a bathroom, and private well and septic.
Where is this storefront property located?
The property is located at 4303 Hwy 53 N Orr, MN.
What is the asking price?
The asking price for this property is $229,000.
What are key features of this property?
This property features: 4.77‑acre commercial property along Hwy 53; 42x48 heated storage building; Current gift shop operation
