Building Details

Year Built 1920

Listing Agency: RE/MAX Results

Listed By: Monica Schafer · License #NST502038670

Source: Thehomgroup

Added: Oct 23 Last Checked: Oct 23 at 3:18AM

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Investment Insights

Based on property information with market context.

Built in 1920, this bar and entertainment business serves pizza and other light food. Its event calendar includes weekly dart and pool tournaments, live bands, birthday parties, and baby showers. The designated kitchen area has a sink and plumbing. The current food offering and kitchen setup are the existing features described for food service.

Two residential apartments are located on-site, and both are leased. The property combines bar operations and event hosting with these residential units.

Key Highlights

• Two leased residential apartments on‑site
• Weekly dart and pool tournaments, live bands, birthday parties, and baby showers
• Food service currently includes pizza and light items

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$20,967

Cap Rate

7.77%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$419,340 $419.3K

Cap Rate 7%

$299,529 $299.5K

Cap Rate 9%

$232,967 $233.0K

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,554 SF

Gross rent

$40.7K $8.94/SF

− Vacancy

−$7.2K −$1.57/SF

EGI

$33.5K $7.37/SF

− OpEx

−$12.6K −$2.76/SF

NOI

$21.0K $4.60/SF

Area

Itasca County, MN

Vacancy

17.60%

Lease Rate

$8.94 /SF/Yr

Expense Ratio

37.50%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$419,340

Cap Rate 7%

$299,529

Cap Rate 9%

$232,967

Alternative Uses

Best Use

Specialty Retail

$439.0K

$384.2K – $512.2K (±1% cap)

NOI $30,733 @ 7.0% cap · market cap 11.39%

Second Best

Mixed Use

$299.5K

$262.1K – $349.5K (±1% cap)

NOI $20,967 @ 7.0% cap · market cap 7.77%

Theoretical Best

—

—

same as Best Use

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Troy Otterson Foster Care Service Tavern on the Range Bar & Pub

Suggested Use

Top Pick Plumbing Service HVAC Service Catering Service (Bike/Boat/Book/etc) Store Kitchen & Bath Showroom Computer & Electronic Repair

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

100%

Occupancy

Turnkey business

Opportunity

Location Intelligence

Trade Area within ½ mile

101

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 55709, MN

4,199

Population

2,479

Households

1.7

Avg Household Size

46

Median Age

20%

College-Educated

96%

High-School Grad

223.9 sq mi

ZIP Area

19

Density / Sq Mi

$71,163

Median Household Income

$41,020

Median Earnings

$925

Median Rent

$206,300

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Similar Off Market Nearby

• Locker Room Bar & Grill — 403 Roosevelt Ave, Coleraine, MN 55722

Frequently Asked Questions

What type of property is this?

Bar & Pub - The operating venue serves pizza and hosts recurring tournaments and live music.

Where is this bar & pub located?

The property is located at 209 2nd Street Bovey, MN.

What is the asking price?

The asking price for this property is $269,900.

What are key features of this property?

This property features: Two leased residential apartments on‑site; Weekly dart and pool tournaments, live bands, birthday parties, and baby showers; Food service currently includes pizza and light items