Former Restaurant Building on
For Sale
Contact for pricing
15115 Edgewood Dr, Baxter, MN
Restaurant building on a bustling highway corridor in Baxter, MN.
Property Size6,802 SF
Lot Size1.77 Acres
Price / SF$220.52
Days on Market290
Property Features for 15115 Edgewood Dr
General Information
Standard status
Active
Size
6,802 SF
Lot size
1.77 Acres
Listing Agency:
Close-Converse Commercial Properties
(218) 831-7510
Listed By:
Christopher C. Close
(218) 831-7510
Source:
Moodyscre
Added: Nov 3, 2025
Changed: Aug 9
Last Checked: Aug 19 at 8:55AM
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 Close-Converse Commercial Properties
Investment Insights
Based on property information with market context.
The former Prairie Bay building, a restaurant property located along the Hwy 371 corridor in Baxter, Minnesota, is available for purchase. The property, previously a local catering business, offers multiple dining areas, a bar with seating, and a commercial kitchen equipped with a pizza oven. The building has a total area of 6,802 square feet and is suitable for creating a dining experience or a culinary hub.
Key Highlights
- Fully‑equipped commercial kitchen with pizza oven.
- Multiple stylish dining areas and a charming bar.
- Located on the bustling Hwy 371 corridor in Baxter.
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
$81,540
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
5.44%
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%
$1,630,800
$1.6M
Cap Rate 7%
$1,164,857
$1.2M
Cap Rate 9%
$906,000
$906.0K
Market Conditions
NOI Build-Up for 6,802 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
$115.9K $17.04/SF
− Vacancy
−$7.2K −$1.06/SF
EGI
$108.7K $15.98/SF
− OpEx
−$27.2K −$4.00/SF
NOI
$81.5K $11.99/SF
Area
Crow Wing County, MN
Vacancy
6.20%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
25.00%
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%
$1,630,800
Cap Rate 7%
$1,164,857
Cap Rate 9%
$906,000
Alternative Uses
Best Use
Specialty Retail
$1.16M
$1.02M – $1.36M
NOI $81,540 @ 7.0% cap · market cap 5.44%
Second Best
Retail
$901.1K
$788.5K – $1.05M
NOI $63,079 @ 7.0% cap · market cap 4.21%
Theoretical Best
Office A
$1.44M
$1.26M – $1.68M
NOI $101,083 @ 7.0% cap · market cap 6.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
323
Businesses Nearby
260k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 50%
Home Improvements & Furnishings 19%
Shops & Services 15%
Groceries 10%
Menards
Home Improvements & Furnishings
46,990 visits/mo
0.1 miles
Aldi
Groceries
25,236 visits/mo
0.5 miles
Culver's
Dining
25,162 visits/mo
0.1 miles
Holiday Station Store
Shops & Services
17,774 visits/mo
0.1 miles
Arby's
Dining
17,460 visits/mo
0.1 miles
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Restaurant - Restaurant building on a bustling highway corridor in Baxter, MN.
Where is this restaurant located?
The property is located at 15115 Edgewood Dr Baxter, MN.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Fully‑equipped commercial kitchen with **pizza oven**.; Multiple stylish dining areas and a charming bar.; Located on the bustling Hwy 371 corridor in Baxter.
