Retail and Event Space
21 N Lake Ave Duluth, MN 55802
For Sale
$499,900
COMMERCIAL - Duluth, MN
Property Size8,000 SF
Lot Size0.09 Acres
Price / SF$62.49
Days on Market49
Property Features for 21 N Lake Ave
General Information
Property type
Commercial Sale
Property subtype
Other
Bathrooms
2
Rooms
Bathroom 1, Bathroom 2
Interior features
Restrooms, Storage, Stage
Standard status
Active
Size
8,000 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4928
Utilities
Heating system
Steam
Building Details
Year built
1908
Number of units
3
Roof type
Rubber, Flat
Additional Structures
Storage
Listing Agency:
RE/MAX Results
(952) 829-2900
Listed By:
Lynn Nephew · License #RA20389043
(952) 829-2900
Added: Jun 11
Changed: Jul 11
Last Checked: Jul 29 at 1:06AM
MLS# 6125984
Copyright © 2026 Lake Superior Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This character-filled commercial building features a low-maintenance brick exterior and a main level with two storefront spaces. Both areas include hardwood floors and generous storage, and the layout can function as separate units or as one connected space through a double-door opening. The main level also includes three bathrooms, including one fully accessible.
Upstairs, the expansive second level is currently operated as an event venue and is accessible via a handicap lift chair. The venue includes a large ballroom with a stage, a commercial kitchen, a meeting room, a coat room, an office, and a dressing room with a private bath. Substantial upper-level storage is also included.
Located at 21 N Lake Ave in Duluth, the property offers parking availability at the ramp across the street. The combined configuration supports multiple operational models, including retail use on the main level alongside event programming upstairs, or a flexible single larger setup depending on how the storefront spaces are utilized.
Upstairs, the expansive second level is currently operated as an event venue and is accessible via a handicap lift chair. The venue includes a large ballroom with a stage, a commercial kitchen, a meeting room, a coat room, an office, and a dressing room with a private bath. Substantial upper-level storage is also included.
Located at 21 N Lake Ave in Duluth, the property offers parking availability at the ramp across the street. The combined configuration supports multiple operational models, including retail use on the main level alongside event programming upstairs, or a flexible single larger setup depending on how the storefront spaces are utilized.
Key Highlights
- Downtown commercial building built in 1908 with low‑maintenance brick exterior
- Main level features two storefront spaces with hardwood floors and generous storage
- Main level can operate as separate units or as one connected space via a double‑door opening
Financial Insights For Industrial
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $47.0k | $5.88 |
| − Vacancy | −$1.8k | −$0.23 |
| EGI | $45.2k | $5.65 |
| − OpEx | −$13.6k | −$1.70 |
| NOI | $31.6k | $3.96 |
8,000 SF · lease $5.88/SF/yr · vacancy 3.90% · expense 30.00%
Alternative Uses
Best Use
Specialty Retail
$3.10M
$2.72M – $3.62M
NOI $217,233 @ 7.0% cap · market cap 43.46%
Second Best
Retail
$1.08M
$945.0K – $1.26M
NOI $75,600 @ 7.0% cap · market cap 15.12%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Similar Off Market Nearby
- Superior Blooms — 315 W Superior St STE 204, Duluth, MN 55802
Frequently Asked Questions
What type of property is this?
Storefront property - Brick retail building with two storefronts and an upstairs event venue featuring a commercial kitchen and accessible lift access.
Where is this storefront property located?
The property is located at 21 N Lake Ave Duluth, 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: Downtown commercial building built in 1908 with low‑maintenance brick exterior; Main level features two storefront spaces with hardwood floors and generous storage; Main level can operate as separate units or as one connected space via a double‑door opening
