Building Details

Year Built 2006

Buildings 1

Listing Agency: Close-Converse Commercial Prop

Listed By: Chris Close · License #20286846 Show Phone

Source: Vibemn

Added: Sep 9 Changed: Sep 11 Last Checked: Sep 11 at 11:41AM

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Investment Insights

Based on property information with market context.

This operating mini golf property includes a retail building, a substantial parking area, and outdoor space used for displays and activities. The sale includes the existing mini golf equipment, water wars attraction, human foosball setup, and a frozen yogurt counter.

Built in 2006, the property is located at 24228 State Highway 210 in Deerwood, Minnesota. The existing configuration supports continued use as a golf and recreation destination, with a retail component and multiple outdoor attractions already in place.

Key Highlights

• Operating mini golf property with retail building
• Mini golf equipment included in the sale
• Water wars and human foosball attractions

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

$11,165

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

2.98%

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%

$223,300 $223.3K

Cap Rate 7%

$159,500 $159.5K

Cap Rate 9%

$124,056 $124.1K

Market Conditions

NOI Build-Up for 1,204 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

$17.3K $14.40/SF

− Vacancy

−$1.4K −$1.15/SF

EGI

$16.0K $13.25/SF

− OpEx

−$4.8K −$3.97/SF

NOI

$11.2K $9.27/SF

Area

Crow Wing County, MN

Vacancy

8.00%

Lease Rate

$14.40 /SF/Yr

Expense Ratio

30.00%

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%

$223,300

Cap Rate 7%

$159,500

Cap Rate 9%

$124,056

Alternative Uses

Best Use

Retail

$159.5K

$139.6K – $186.1K (±1% cap)

NOI $11,165 @ 7.0% cap · market cap 2.98%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$255.6K

$223.7K – $298.2K (±1% cap)

NOI $17,892 @ 7.0% cap · market cap 4.77%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Golf courses & driving ...

Suggested Use

Top Pick Parking Lot & Garage Building Supply Auto Repair Shop Storage Facility Furniture & Home Goods Bakery

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

Lease Details

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

100

Businesses Nearby

Explore this area Business Placement

Demographics for 56444, MN

3,044

Population

2,579

Households

1.2

Avg Household Size

54

Median Age

38%

College-Educated

95%

High-School Grad

51.7 sq mi

ZIP Area

59

Density / Sq Mi

$74,265

Median Household Income

$42,802

Median Earnings

$850

Median Rent

$318,500

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

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this golf courses & driving ranges located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Golf course & driving range - Operating recreation property includes outdoor attractions and a frozen yogurt counter.

Where is this golf course & driving range located?

The property is located at 24228 State Highway 210 Deerwood, MN.

What is the asking price?

The asking price for this property is $375,000.

What are key features of this property?

This property features: Operating mini golf property with retail building; Mini golf equipment included in the sale; Water wars and human foosball attractions