Marina with Boat
For Sale
$459,000
2331 Old Highway 169, Ely, MN 55731
Operating marina property with residential accommodations, enclosed boat storage, outdoor capacity, and service-oriented improvements.
Property Size720 SF
Lot Size11.50 Acres
Price / SF$637.50
Days on Market16
Property Features for 2331 Old Highway 169
General Information
Standard status
Active
Size
720 SF
Lot size
11.50 Acres
Site & Location
Road Access
Yes
Outdoor Storage
Yes
Additional Details
Business Included
Yes
Warehouse Space
4,920 SF
Building Details
Year Built
1989
Listing Agency:
Janisch Realty, Inc
(218) 780-6644
Listed By:
Lisa Janisch · License #40298563
Source:
Vibemn
Added: Aug 15
Changed: Aug 28
Last Checked: Aug 29 at 11:56AM
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 Janisch Realty, Inc
Investment Insights
Based on property information with market context.
This marina property includes an operating boat storage, rental, and servicing business on 11.5 acres along a paved road. Improvements include a 4,920-square-foot storage building with 17-foot-high double doors at both ends, an office with laundry and bathroom facilities, and indoor capacity for 14 boats. The building also contains a year-round one-bedroom apartment. A separate year-round one-bedroom house includes a screened porch, while outdoor storage accommodates 50 + boats. The property is positioned at the corner of Highway 169 and Grant McMahan, approximately 5 miles south of Ely. Business operations include boat storage, lake retrieval, motor winterization, spring launch services, tune-ups, rigging, and two pontoon rentals. Additional infrastructure includes a new septic system installed in 2021, a 145-foot drilled well, and Starlink internet.
Key Highlights
- 11.5 acres at the corner of Highway 169 and Grant McMahan
- 4,920 SF storage building with 17‑foot‑high double doors on each end
- Indoor storage for 14 boats plus 50 + boats stored outside
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
$16,292
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
3.55%
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%
$325,840
$325.8K
Cap Rate 7%
$232,743
$232.7K
Cap Rate 9%
$181,022
$181.0K
Market Conditions
NOI Build-Up for 720 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
$29.9K $41.52/SF
− Vacancy
−$3.8K −$5.31/SF
EGI
$26.1K $36.21/SF
− OpEx
−$9.8K −$13.58/SF
NOI
$16.3K $22.63/SF
Area
St. Louis County, MN
Vacancy
12.80%
Lease Rate
$41.52 /SF/Yr
Expense Ratio
37.50%
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%
$325,840
Cap Rate 7%
$232,743
Cap Rate 9%
$181,022
Alternative Uses
Best Use
Mixed Use
$232.7K
$203.7K – $271.5K
NOI $16,292 @ 7.0% cap · market cap 3.55%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$279.3K
$244.4K – $325.9K
NOI $19,551 @ 7.0% cap · market cap 4.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
6
Businesses Nearby
Explore this area
Business Placement
Demographics for 55731, MN
5,494
Population
4,954
Households
1.1
Avg Household Size
54
Median Age
41%
College-Educated
94%
High-School Grad
1,606.7 sq mi
ZIP Area
3
Density / Sq Mi
$62,900
Median Household Income
$31,840
Median Earnings
$641
Median Rent
$202,900
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Marina - Operating marina property with residential accommodations, enclosed boat storage, outdoor capacity, and service-oriented improvements.
Where is this marina located?
The property is located at 2331 Old Highway 169 Ely, MN.
What is the asking price?
The asking price for this property is $459,000.
What are key features of this property?
This property features: 11.5 acres at the corner of Highway 169 and Grant McMahan; 4,920 SF storage building with 17‑foot‑high double doors on each end; Indoor storage for 14 boats plus 50 + boats stored outside
