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    #7 State Highway 371 NW Backus, MN 56435

    View on Map
    For Sale
    $119,000

    Lots & Land - Backus, MN

    Property size:
    1,536 SF
    Lot size:
    0.07 Acres
    Added:
    Oct 15, 2025
    Days on Market:
    168
    Last Refresh:
    Mar 31 at 2:06 pm

    Property Features for #7 State Highway 371 NW

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    Business/Commercial,Lot
    Standard status
    Active
    APN
    TBD
    Size
    1,536 SF
    Lot size
    0.07 Acres

    Taxes and HOA fees

    TaxYear
    2025
    TaxAnnualAmount
    196
    Expense value
    50
    Expense
    Home Owner Assessments Fee
    Expense freq.
    Monthly

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Christopher Michael Mattson

    Listing agent Christopher Michael Mattson

    Listing office Realty ONE Group Choice 1893 Station Parkway NW, Andover, MN

    Listing date Oct 15, 2025

    MLS# 6803325 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

    Highway 371 Flex Space

    These 32x48 steel buildings offer a solution for those needing additional space for boats, RVs, cars, snowmobiles, or ATVs. Located off Highway 371 in Backus, Minnesota, the property is suitable for cabin owners, hobbyists, or anyone requiring extra storage. Each building features a concrete floor with in-floor heat, four daylight windows, a 16x14 overhead door, a commercial door opener, and is plumbed for water and septic, with connected electric. The lot size is 0.0705 acres. The property is zoned for business and commercial use. The larger lot provides options for a private well and septic holding tank.
    Location Intelligence

    Current Use by Public Records

    Flex space

    Map

    City
    Backus
    County
    Cass
    State
    Minnesota
    Longitude
    -94.5030392
    Latitude
    46.8317646

    Nearby Similar for Sale

    • $119,900

      Storage Buildings Off Highway 371

      32x48 steel buildings with in-floor heat and overhead doors.
      6 State Highway 371 NW, Backus, MN 56435
      View Details
    • $189,000

      Finished Steel Buildings for Storage

      Premium to-be-built storage buildings with heat and bathroom.
      #27 Tbd State Hwy 371 NW, Backus, MN 56435
      View Details

    FAQs

    What type of property is this?
    Flex space - 32x48 steel buildings with in-floor heat and highway access.
    Where is this flex space located?
    The property is located at #7 State Highway 371 NW Backus, MN.
    What is the asking price?
    The asking price for this property is $119,000.
    What are key features of this property?
    This property features: 32x48 steel building with concrete floor and in‑floor heat; Plumbed for water and septic, connected electric; 16x14 overhead door with commercial opener
    (218) 232-9200
    We can help!
    Listing Contact
    Christopher Michael Mattson
    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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