Drive-In Office/Retail
For Sale
Contact for pricing
225 SE 21st St, Grand Rapids, MN 55744
Building includes an elevator, drive-in door/garage, and lighted parking along the Hwy 169 retail corridor.
Property Size12,620 SF
Price / SF$156.10
Days on Market157
Property Features for 225 SE 21st St
General Information
Standard status
Active
Size
12,620 SF
Property subtype
RETAIL
Additional Details
Drive-In Doors
1
Amenities
elevator
lighted parking
Listing Agency:
Greg Follmer Commercial Real Estate
Listed By:
Greg Follmer · License #27078
(218) 310-0013
Source:
Moodyscre
Added: May 27
Changed: Oct 26
Last Checked: Oct 28 at 7:39AM
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 Greg Follmer Commercial Real Estate
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Investment Insights
Based on property information with market context.
This property offers a flexible commercial building suitable for retail, professional office use, or a combination of both. The building features an elevator, a drive-in door/garage, and lighted parking, supporting a mix of customer and operational needs.
Located at 225 SE 21st St in the Hwy 169 retail corridor, it benefits from retail-oriented positioning within the surrounding commercial area. The on-site improvements are designed to accommodate day-to-day operations, including accessible vertical service via the elevator and convenient delivery or vehicle access through the drive-in door/garage.
As a for-sale offering, this property provides a turnkey physical setup for users seeking a multi-purpose space with the key building amenities already in place.
Located at 225 SE 21st St in the Hwy 169 retail corridor, it benefits from retail-oriented positioning within the surrounding commercial area. The on-site improvements are designed to accommodate day-to-day operations, including accessible vertical service via the elevator and convenient delivery or vehicle access through the drive-in door/garage.
As a for-sale offering, this property provides a turnkey physical setup for users seeking a multi-purpose space with the key building amenities already in place.
Key Highlights
- Building on the Hwy 169 retail corridor with an elevator
- Drive‑in door/garage included for easy access
- Lighted parking on site
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$66,591
Cap Rate
3.38%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,331,820
$1.3M
Cap Rate 7%
$951,300
$951.3K
Cap Rate 9%
$739,900
$739.9K
Market Conditions
NOI Build-Up for 12,620 SF
Gross rent
$110.6K $8.76/SF
− Vacancy
−$15.4K −$1.22/SF
EGI
$95.1K $7.54/SF
− OpEx
−$28.5K −$2.26/SF
NOI
$66.6K $5.28/SF
Area
Itasca County, MN
Vacancy
13.95%
Lease Rate
$8.76 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,331,820
Cap Rate 7%
$951,300
Cap Rate 9%
$739,900
Alternative Uses
Best Use
Retail
$951.3K
$832.4K – $1.11M
NOI $66,591 @ 7.0% cap · market cap 3.38%
Second Best
Office B
$809.8K
$708.6K – $944.8K
NOI $56,687 @ 7.0% cap · market cap 2.88%
Theoretical Best
Specialty Retail
$1.22M
$1.06M – $1.42M
NOI $85,167 @ 7.0% cap · market cap 4.32%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
1
Drive-in doors
Location Intelligence
Trade Area within ½ mile
358
Businesses Nearby
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Business Placement
Demographics for 55744, MN
20,096
Population
9,733
Households
2.1
Avg Household Size
45
Median Age
30%
College-Educated
95%
High-School Grad
239.4 sq mi
ZIP Area
84
Density / Sq Mi
$68,213
Median Household Income
$39,232
Median Earnings
$1,014
Median Rent
$232,700
Median Home Value
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Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Retail space - Building includes an elevator, drive-in door/garage, and lighted parking along the Hwy 169 retail corridor.
Where is this retail space located?
The property is located at 225 SE 21st St Grand Rapids, MN.
What is the asking price?
The asking price for this property is $1,970,000.
What are key features of this property?
This property features: Building on the Hwy 169 retail corridor with an elevator; Drive‑in door/garage included for easy access; Lighted parking on site
