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    503 Lake Street S Long Prairie, MN 56347

    View on Map
    For Sale
    $149,900

    Commercial - Long Prairie, MN

    Property size:
    2,000 SF
    Lot size:
    1.28 Acres
    Added:
    Nov 28, 2025
    Days on Market:
    124
    Last Refresh:
    Apr 1 at 4:06 pm

    Property Features for 503 Lake Street S

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Business/Commercial,Residential-Single Family
    Parking features
    Garage, Garage - Detached
    Exterior features
    Block, Vinyl, Wood
    Standard status
    Active
    APN
    360063100
    Size
    2,000 SF
    Lot size
    1.28 Acres

    Taxes and HOA fees

    TaxYear
    2025
    TaxAnnualAmount
    810

    Utilities

    Heating system
    Other (Heating)

    Building Details

    Year built
    1960
    Architectural style
    Other

    We can help!

    Listing Contact
    Chuck Carstensen
    Chuck Carstensen

    Listing agent Chuck Carstensen

    Listing office RE/MAX Results 11200 W 78th Street, Eden Prairie, MN

    Listing date Nov 28, 2025

    MLS# 6821184 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

    Mixed-Use Property with Outbuildings

    This 1.28-acre mixed-use property, zoned for both residential and commercial use (Residential/C2), offers various outbuildings suitable for storage, hobbies, small business operations, or investment purposes. Among the outbuildings is a 40x50 cement block garage, divided into two sections by an insulated wall. This garage is equipped with electricity, two hanging furnaces (not currently hooked up), and two 10x10 insulated garage doors with openers, plus a separate door entrance and an overhead hoist. The roof, replaced in 2019 with a rubber roof and 8" of styrofoam, is supported by I-beams. Another garage, measuring 16x26, is also present. A small storage shed, 16x20 with an additional 4x6 entry, features a new shingled roof installed in 2025. Additionally, there is an 18x20 garage with one garage door, also re-shingled in 2025, which is currently rented out. Please note that a small utility shed does not come with the property.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Long Prairie
    County
    Todd
    State
    Minnesota
    Longitude
    -94.866316
    Latitude
    45.967578

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    FAQs

    What type of property is this?
    Commercial land - 1.28-acre mixed-use property with multiple outbuildings.
    Where is this commercial land located?
    The property is located at 503 Lake Street S Long Prairie, MN.
    What is the asking price?
    The asking price for this property is $149,900.
    What are key features of this property?
    This property features: 1.28‑acre mixed‑use property (Residential/C2) offering diverse possibilities.; **Large 40x50 cement block garage with insulated divided wall, electricity, rubber roof (replaced 2019), I‑beams, two 10x10 insulated garage doors with openers, separate entrance, and overhead hoist.**; Multiple outbuildings provide ample storage, hobby space, or small business potential.
    (612) 290-3809
    We can help!
    Listing Contact
    Chuck Carstensen
    Chuck Carstensen
    Learn More
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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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