Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    Lot 2 Jacobs Drive Pelican Rapids, MN 56572

    View on Map
    For Sale
    $79,000

    Land, Other - Pelican Rapids, MN

    Lot size:
    1.84 Acres
    Added:
    Jan 22, 2026
    Days on Market:
    69
    Last Refresh:
    Apr 1 at 9:06 pm

    Property Features for Lot 2 Jacobs Drive

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    Residential-Single Family
    Standard status
    Active
    APN
    42000990293000
    Lot size
    1.84 Acres

    Utilities

    Water front features
    Lake Front
    Water front
    1

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Michael J Finstad

    Listing agent Michael J Finstad

    Listing office Engel & Völkers Minneapolis Downtown 1601 Hennepin Avenue, Minneapolis, MN

    Listing date Jan 22, 2026

    MLS# 7010957 Listing URL

    Copyright © 2026 Engel & Völkers. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Lakefront Lot in Pelican Rapids

    This 1.84-acre lot on private Lake Jacobs is located just outside Pelican Rapids, MN, in Minnesota's lake country. The property is zoned for residential single-family use, offering a blend of natural beauty, recreational opportunities, and peaceful seclusion. Electricity is already on site. The location provides easy access to nearby towns and amenities. The lake offers opportunities for ice fishing during winter months and boating, swimming, and kayaking in warmer weather. The lot is suitable for immediate enjoyment with an RV or camper, or for building a cabin or year-round residence. The area features abundant wildlife and pristine surroundings. This lot offers opportunities for fishing and relaxation.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Recreation land

    Map

    City
    Pelican Rapids
    County
    Otter Tail
    State
    Minnesota
    Longitude
    -96.211284
    Latitude
    46.570996

    Nearby Similar for Sale

    • $138,900

      Commercial Office Building in Pelican Rapids

      Single-level commercial building near downtown Pelican Rapids, MN.
      424 E Mill Avenue, Pelican Rapids, MN 56572
      View Details
    • $225,000

      Franklin Lake Shoreline Lot

      150 feet of shoreline on a top fishing lake.
      E Lake Lizzie Rd, Lida Twp, MN 56572
      View Details
    • $20,000

      Buildable Lot in Pinewood Estates

      0.23-acre lot in Pelican Rapids' Pinewood Estates development.
      209 4th Avenue NE, Pelican Rapids, MN 56572
      View Details
    • $20,000

      Buildable Lot in Pinewood Estates

      0.23-acre lot in new Pelican Rapids development.
      203 4th Avenue NE, Pelican Rapids, MN 56572
      View Details
    • $20,000

      Buildable Lot in Pinewood Estates

      0.23-acre lot in new Pelican Rapids development.
      202 4th Avenue NE, Pelican Rapids, MN 56572
      View Details
    • $20,000

      Buildable Lot in Pelican Rapids

      0.23-acre lot in Pinewood Estates, Pelican Rapids, MN
      201 4th Avenue NE, Pelican Rapids, MN 56572
      View Details
    • $65,000

      Commercial Lot on Highway 59

      0.71 acre commercial lot in central business district.
      10xx S Broadway, Pelican Rapids, MN 56572
      View Details
    • $65,000

      Residential Lots by Pelican River

      Residential lots available in exclusive development with river access.
      Lot 4 Block 3 River View Trail, Pelican Rapids, MN 56572
      View Details
    • $55,000

      Residential Lots by Pelican River

      Residential lots in exclusive development with river access and utilities.
      Lot 1 Block 1 River View Trail, Pelican Rapids, MN 56572
      View Details
    • $150,000

      Residential Lots by Pelican River

      Exclusive development with river access and modern amenities.
      Lot 6 Block 1 River View Trail, Pelican Rapids, MN 56572
      View Details
    • $105,000

      Residential Lots by Pelican River

      Residential lots in exclusive development with river access and utilities.
      Lot 19 Block 2 River View Trail, Pelican Rapids, MN 56572
      View Details
    • $125,000

      Land with River Access

      Residential lots with river access and utilities in Pelican Rapids.
      Lot 1 Block 2 River View Trail, Pelican Rapids, MN 56572
      View Details

    FAQs

    What type of property is this?
    Recreation land - 1.84-acre lake lot near Pelican Rapids, MN with electricity.
    Where is this recreation land located?
    The property is located at Lot 2 Jacobs Drive Pelican Rapids, MN.
    What is the asking price?
    The asking price for this property is $79,000.
    What are key features of this property?
    This property features: 1.84‑acre lakefront lot on private Lake Jacobs, offering exclusive access and privacy.; Located in Minnesota's lake country near Pelican Rapids, known for its natural beauty and recreational opportunities.; Versatile property suitable for immediate RV/camper use or building a cabin/year‑round home.
    (612) 338-3836
    We can help!
    Listing Contact
    Michael J Finstad
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!