Corner Lot Retail-Style Office
For Sale
$499,900
35732 Allen Ave, Crosslake, MN 56442
Storefront exterior with large display windows plus office, storage, and two bathrooms for an owner-operator setup.
Property Size4,236 SF
Price / SF$118.01
Days on Market661
Property Features for 35732 Allen Ave
General Information
Standard status
Active
Size
4,236 SF
Taxes and HOA fees
Annual Taxes
$4,817
Listing Agency:
Kurilla Real Estate LTD
(218) 839-1890
Listed By:
Sarah Morrison
(218) 839-1890
Source:
Exprealty
Added: Oct 21, 2024
Changed: Aug 8
Last Checked: Aug 11 at 9:47AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Kurilla Real Estate LTD
Investment Insights
Based on property information with market context.
This retail-style commercial building sits on a corner lot and features log siding with stone accents and sizeable front display windows. Inside, the entry includes tiled flooring and transitions to hardwood floors throughout, with high ceilings and significant natural light. The back portion of the space is set up for office use, with additional storage and two bathrooms.
The exterior improvements include a new Daikin commercial furnace installed in fall 2024, and a new roof completed in October 2022. The property is positioned within Crosslake Town Square.
The layout supports a business that needs customer-facing storefront presence while maintaining dedicated office and storage areas. With two bathrooms on site and interior finishes that include hardwood flooring, this configuration can fit a range of owner-operator and professional service uses seeking a ready-to-occupy commercial building. Offered for sale, the property provides an opportunity to establish or relocate a business in a single, functional structure designed to serve both front-of-house and back-of-house needs.
The exterior improvements include a new Daikin commercial furnace installed in fall 2024, and a new roof completed in October 2022. The property is positioned within Crosslake Town Square.
The layout supports a business that needs customer-facing storefront presence while maintaining dedicated office and storage areas. With two bathrooms on site and interior finishes that include hardwood flooring, this configuration can fit a range of owner-operator and professional service uses seeking a ready-to-occupy commercial building. Offered for sale, the property provides an opportunity to establish or relocate a business in a single, functional structure designed to serve both front-of-house and back-of-house needs.
Key Highlights
- 4,236 SF commercial building on a corner lot in Crosslake Town Square
- Front exterior features log siding, stone, and sizable display windows for storefront visibility
- Interior includes tiled entry, hardwood floors, high ceilings, and lots of natural light
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
$39,283
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
7.86%
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%
$785,660
$785.7K
Cap Rate 7%
$561,186
$561.2K
Cap Rate 9%
$436,478
$436.5K
Market Conditions
NOI Build-Up for 4,236 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
$61.0K $14.40/SF
− Vacancy
−$4.9K −$1.15/SF
EGI
$56.1K $13.25/SF
− OpEx
−$16.8K −$3.97/SF
NOI
$39.3K $9.27/SF
Area
Crow Wing County, MN
Vacancy
8.00%
Lease Rate
$14.40 /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%
$785,660
Cap Rate 7%
$561,186
Cap Rate 9%
$436,478
Alternative Uses
Best Use
Office B
$686.2K
$600.5K – $800.6K
NOI $48,036 @ 7.0% cap · market cap 9.61%
Second Best
Retail
$561.2K
$491.0K – $654.7K
NOI $39,283 @ 7.0% cap · market cap 7.86%
Theoretical Best
Office A
$899.3K
$786.9K – $1.05M
NOI $62,950 @ 7.0% cap · market cap 12.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
171
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 56442, MN
2,720
Population
3,415
Households
0.8
Avg Household Size
60
Median Age
34%
College-Educated
96%
High-School Grad
35.2 sq mi
ZIP Area
77
Density / Sq Mi
$85,179
Median Household Income
$45,481
Median Earnings
$1,071
Median Rent
$534,100
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Storefront property - Storefront exterior with large display windows plus office, storage, and two bathrooms for an owner-operator setup.
Where is this storefront property located?
The property is located at 35732 Allen Ave Crosslake, MN.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: 4,236 SF commercial building on a corner lot in Crosslake Town Square; Front exterior features log siding, stone, and sizable display windows for storefront visibility; Interior includes tiled entry, hardwood floors, high ceilings, and lots of natural light
