Restaurant Building with Commercial
For Sale
$1,500,000
15115 Edgewood Drive, Brainerd, MN 56401
Established restaurant property with several dining zones, bar seating, and a pizza oven-equipped kitchen.
Property Size6,802 SF
Days on Market303
Property Features for 15115 Edgewood Drive
General Information
Standard status
Active
Size
6,802 SF
Property subtype
Commercial
Zoning
Business/Commercial
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$28,170
Amenities
multiple stylish dining areas
charming bar with additional seating
spacious fully-equipped commercial kitchen featuring a pizza oven
Building Details
Building Size
6,802 SF
Year Built
2003
Stories
1
Units
1
Listing Agency:
Close-Converse Commercial Prop
(218) 831-7510
Listed By:
Chris Close · License #20286846
(218) 831-7510
Source:
Ivyrealestategroup
Added: Oct 31, 2025
Changed: Aug 28
Last Checked: Aug 23 at 3:13AM
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 Prop
Investment Insights
Based on property information with market context.
Built in 2003, this 6,802-square-foot restaurant property includes several distinct dining areas, a bar with supplementary seating, and a fully equipped commercial kitchen. A pizza oven is also included, supporting a range of restaurant concepts and operating formats.
The property is positioned along the Hwy 371 corridor and carries an Edgewood Dr address in Brainerd, Minnesota. The existing restaurant layout provides a built-in framework for food service operations, with customer seating, bar service, and commercial kitchen functions already incorporated into the building.
The property is positioned along the Hwy 371 corridor and carries an Edgewood Dr address in Brainerd, Minnesota. The existing restaurant layout provides a built-in framework for food service operations, with customer seating, bar service, and commercial kitchen functions already incorporated into the building.
Key Highlights
- 6,802‑square‑foot restaurant building constructed in 2003
- Multiple dining areas provide distinct customer seating zones
- Bar area includes additional seating
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
Industrial
$569.3K
$498.2K – $664.2K
NOI $39,854 @ 7.0% cap · market cap 2.66%
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
Current Use
Lease Details
Yes
Highway access
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
Demographics for 56401, MN
30,632
Population
16,038
Households
1.9
Avg Household Size
40
Median Age
24%
College-Educated
94%
High-School Grad
322.6 sq mi
ZIP Area
95
Density / Sq Mi
$70,269
Median Household Income
$40,172
Median Earnings
$918
Median Rent
$237,900
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Established restaurant property with several dining zones, bar seating, and a pizza oven-equipped kitchen.
Where is this conventional restaurant located?
The property is located at 15115 Edgewood Drive Brainerd, 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: 6,802‑square‑foot restaurant building constructed in 2003; Multiple dining areas provide distinct customer seating zones; Bar area includes additional seating
