Building Details

Year Built 1994

Listing Agency: Close-Converse Commercial Prop

Listed By: Chris Close · License #20286846 Show Phone

Source: Homesminn

Added: Sep 11 Changed: Oct 25 Last Checked: Oct 7 at 2:52PM

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Investment Insights

Based on property information with market context.

This 4,446-square-foot restaurant property, built in 1994, is configured for drive-through food service and includes a canopy with a dedicated service window. The interior combines an open customer-facing area with a commercial kitchen, storage rooms, multiple offices, and three restrooms. Furniture, fixtures, and equipment are included in place, supporting an existing food-service setup or a new operator’s concept.

An unfinished 1,560-square-foot basement adds substantial supplemental space for storage or operational support. The property occupies a corner along Hwy 210 at 221 4th St in Ironton, with a layout that accommodates restaurant-focused use and related retail or service operations.

Key Highlights

• Drive‑through canopy and dedicated service window
• 4,446 square feet; built in 1994
• Commercial kitchen with open retail/service area

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$26,050

Cap Rate

5.93%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$521,000 $521.0K

Cap Rate 7%

$372,143 $372.1K

Cap Rate 9%

$289,444 $289.4K

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,446 SF

Gross rent

$38.7K $8.71/SF

− Vacancy

−$1.5K −$0.34/SF

EGI

$37.2K $8.37/SF

− OpEx

−$11.2K −$2.51/SF

NOI

$26.1K $5.86/SF

Area

Crow Wing County, MN

Vacancy

3.90%

Lease Rate

$8.71 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$521,000

Cap Rate 7%

$372,143

Cap Rate 9%

$289,444

Alternative Uses

Best Use

Specialty Retail

$761.4K

$666.2K – $888.3K (±1% cap)

NOI $53,297 @ 7.0% cap · market cap 12.14%

Second Best

Retail

$589.0K

$515.4K – $687.2K (±1% cap)

NOI $41,230 @ 7.0% cap · market cap 9.39%

Theoretical Best

Office A

$943.9K

$825.9K – $1.10M (±1% cap)

NOI $66,071 @ 7.0% cap · market cap 15.05%

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

Drive through restaurants

Suggested Use

Top Pick Building Supply Auto Parts Store Law Firm Storage Facility Plumbing Service Grocery & Convenience Store

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

Location Intelligence

Trade Area within ½ mile

105

Businesses Nearby

Explore this area Business Placement

Demographics for 56455, MN

1,692

Population

820

Households

2.1

Avg Household Size

43

Median Age

21%

College-Educated

91%

High-School Grad

24.5 sq mi

ZIP Area

69

Density / Sq Mi

$65,962

Median Household Income

$36,293

Median Earnings

$994

Median Rent

$200,000

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Frequently Asked Questions

What type of property is this?

Drive through restaurant - Adaptable restaurant building with drive-through service, commercial kitchen, offices, storage, and existing furniture, fixtures, and equipment.

Where is this drive through restaurant located?

The property is located at 221 4th St Ironton, MN.

What is the asking price?

The asking price for this property is $439,000.

What are key features of this property?

This property features: Drive‑through canopy and dedicated service window; 4,446 square feet; built in 1994; Commercial kitchen with open retail/service area