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    Long Lake Commercial Building For Sale Title is generated by Realmo AI

    1 Premier Drive, Long Lake, MN 55356

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    For Sale
    $3,200,000

    Commercial - Long Lake, MN

    Lot size:
    1.39 Acres
    Added:
    Nov 20, 2025
    Days on Market:
    197
    Last Refresh:
    Jun 5 at 2:06 am

    Property Features for 1 Premier Drive

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Business/Commercial,Industrial
    Parking features
    Parking Lot, Paved or Surfaced
    Exterior features
    Block
    Standard status
    Active
    APN
    3411823240067
    Lot size
    1.39 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    51451.76

    Utilities

    Heating system
    Forced Air, Radiant, Zoned (Heating)
    Cooling system
    Zoned

    Building Details

    Year built
    1984
    Flooring type
    Carpet
    Building materials
    Block
    Roof type
    Flat, Rubber
    Architectural style
    Other

    We can help!

    Listing Contact
    Royce Durhman
    Royce Durhman

    Listing agent Royce Durhman

    Listing office Keller Williams Premier Realty Lake Minnetonka 13100 Wayzata Blvd. #400, Wayzata, MN

    Listing date Nov 20, 2025

    MLS# 6820365 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.

    HighLights

    • Significant manufacturing/tech space: 14,083 sf available.
    • Heavy 3‑phase power: suitable for industrial operations.
    • New roof and HVAC: rubber membrane roof and 9 rooftop HVAC units installed in 2019.
    • Ample parking: 77 off‑street parking stalls.
    • Warehouse features: 3,999 sf with 20 ft. clear height, fully heated and air‑conditioned, and 4 drive‑in doors.
    • I‑1 industrial zoning: allows for a variety of industrial uses.

    Overview

    This commercial property in Long Lake, Minnesota, offers a combination of office, manufacturing/tech, and warehouse space. The original building was constructed in 1984, with an addition in 1996. The building includes 8,738 square feet of office space, 14,083 square feet of manufacturing/tech space, and 3,999 square feet of warehouse space. Currently, 5,886 square feet of office space, 14,083 square feet of manufacturing/tech space, and 3,999 square feet of warehouse space are available. The property is situated on 1.39 acres and has 77 off-street parking stalls. It is zoned I-1 Industrial. The manufacturing/tech areas have a clear height of 12 feet, while the warehouse area offers a clear height of 20 feet. Loading is facilitated by 4 drive-in doors. The property is equipped with heavy 3-phase power and a wet, fully sprinkled fire suppression system. In 2019, a new rubber membrane roof and 9 new rooftop HVAC units were installed. The warehouse is fully heated and air-conditioned. The property is currently 10.63% leased, generating an annual gross rental income of $51,451.76 per year.
    Property Profile Location Intelligence

    Current Use by Public Records

    Manufacturing properties

    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 Lake
    County
    Hennepin
    State
    Minnesota
    Longitude
    -93.576627
    Latitude
    44.987064

    FAQs

    What type of property is this?
    Manufacturing property - Manufacturing, tech, office, and warehouse spaces available in Long Lake.
    Where is this manufacturing property located?
    The property is located at 1 Premier Drive Long Lake, MN.
    What is the asking price?
    The asking price for this property is $3,200,000.
    What are key features of this property?
    This property features: Significant manufacturing/tech space: 14,083 sf available.; Heavy 3‑phase power: suitable for industrial operations.; New roof and HVAC: rubber membrane roof and 9 rooftop HVAC units installed in 2019.
    (651) 492-2201
    We can help!
    Listing Contact
    Royce Durhman
    Royce Durhman
    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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