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    23836 Smiley Rd Nisswa, MN 56468

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    For Sale
    $1,750,000

    Three-story commercial facility suitable for entertainment, restaurant, or office/retail.

    Type:Retail
    Property size:
    14,642 SF
    Added:
    Mar 9, 2026
    Days on Market:
    24
    Last Refresh:
    Mar 19 at 10:08 pm

    Property Features for 23836 Smiley Rd

    General Information

    Standard status
    Active
    Size
    14,642 SF
    Property subtype
    Retail

    Building Details

    Year Built
    2002

    We can help!

    Listing Contact
    Chris Close, CCIM
    Chris Close, CCIM

    Listing agent Chris Close, CCIM License #MN 20286846

    Listing office Close-Converse Commercial Properties

    Listing date Mar 9, 2026

    Source Crexi

    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 Close-Converse Commercial Properties

    Overview

    Landmark Commercial Facility in Nisswa

    This three-story commercial facility is located along Hwy 371 in Nisswa. The property is suited for an entertainment venue, restaurant, reception hall, brewery concept, or creative office/retail use. The main level features a large open reception/event space and a commercial kitchen with walk-in coolers. It also includes a separate entertainment area with existing axe-throwing lanes. The upper level offers additional open space for dining or events and includes access to a rooftop deck. The lower level, formerly brewery operations, now provides expansive warehouse-style space with walk-in coolers, mezzanine seating, storage areas, and restroom facilities. Outdoor amenities include a patio with a band shell for live music or events, and two overhead doors, including a loading dock. Ample paved front parking is available, along with additional gravel parking in the rear. The property has visibility along one of the Lakes Area’s primary corridors. From Hwy 371 and CR 77/CR 13 Stoplight Intersection in Nisswa, head East on CR 13, then South on Smiley Road. The property is on the West just after Spirits of Nisswa. The property size is 14642 square feet.
    Location Intelligence

    Current Use by Public Records

    Breweries

    Suggested Use

    Restaurant Law Firm Spa & Massage Center Building Supply Real Estate Agency Auto Repair Shop Big Box & Wholesale Store Hair Salon Nail Salon Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Nisswa
    County
    Crow Wing
    State
    Minnesota
    Longitude
    -94.297527
    Latitude
    46.4973961

    Nearby Similar for Sale

    • $1,950,000
      36,288 SF

      Nisswa Office and Warehouse Opportunity

      Versatile property with income, flexible space, and long-term potential.
      23973 Hazelwood Drive S, Nisswa, MN 56468
      View Details
    • $6,095,000
      4 SF

      Lakeside Resort in Nisswa, Minnesota

      Premier lakeside resort destination with updated guest cottages and lodge.
      26050 Oak Ln, Nisswa, MN 56468
      View Details

    FAQs

    What type of property is this?
    Restaurant - Three-story commercial facility suitable for entertainment, restaurant, or office/retail.
    Where is this restaurant located?
    The property is located at 23836 Smiley Rd Nisswa, MN.
    What is the asking price?
    The asking price for this property is $1,750,000.
    What are key features of this property?
    This property features: Landmark commercial facility on Hwy 371 in Nisswa with exceptional visibility.; Versatile three‑story layout suitable for entertainment, restaurant, events, brewery, or office/retail.; Includes a large open reception/event space, commercial kitchen with walk‑in coolers, and axe‑throwing lanes.
    (218) 828-3334
    We can help!
    Listing Contact
    Chris Close, CCIM
    Chris Close, CCIM
    Real Estate License ID: MN 20286846
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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