Mixed-Use Property with Rental
For Sale
$550,000
32969 Laplant Road, Grand Rapids, MN 55744
Two residential apartments are paired with a separate unit for business use.
Property Size5,040 SF
Lot Size5.00 Acres
Price / SF$109.13
Days on Market688
Property Features for 32969 Laplant Road
General Information
Standard status
Active
Size
5,040 SF
Lot size
5.00 Acres
Property subtype
Multi-family
Lease Term
[]
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Multifamily Units
2
Building Details
Year Built
1963
Listing Agency:
Keller Williams Classic Realty
Listed By:
Brian Johnson
(763) 458-1900
Source:
C21atwood
Added: Nov 24, 2024
Changed: Oct 11
Last Checked: Oct 12 at 8:11PM
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 Keller Williams Classic Realty
Investment Insights
Based on property information with market context.
This 5,040-square-foot mixed-use property contains two residential rental units and a separate business unit. Built in 1963, the property has received updates to its HVAC, electrical system, siding, flooring, paint, and roof.
The 5-acre site is on Hwy 169, south of Grand Rapids. The owner may also consider a long-term lease.
The 5-acre site is on Hwy 169, south of Grand Rapids. The owner may also consider a long-term lease.
Key Highlights
- 5 acres on Hwy 169, south of Grand Rapids
- 5,040‑square‑foot mixed‑use property built in 1963
- Two residential rental units and a separate business unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$23,205
Cap Rate
4.22%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$464,100
$464.1K
Cap Rate 7%
$331,500
$331.5K
Cap Rate 9%
$257,833
$257.8K
Market Conditions
NOI Build-Up for 5,040 SF
Gross rent
$45.1K $8.94/SF
− Vacancy
−$7.9K −$1.57/SF
EGI
$37.1K $7.37/SF
− OpEx
−$13.9K −$2.76/SF
NOI
$23.2K $4.60/SF
Area
Itasca County, MN
Vacancy
17.60%
Lease Rate
$8.94 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$464,100
Cap Rate 7%
$331,500
Cap Rate 9%
$257,833
Alternative Uses
Best Use
Mixed Use
$331.5K
$290.1K – $386.8K
NOI $23,205 @ 7.0% cap · market cap 4.22%
Second Best
Apartment 5plus
$285.8K
$250.1K – $333.5K
NOI $20,009 @ 7.0% cap · market cap 3.64%
Theoretical Best
Specialty Retail
$485.9K
$425.2K – $566.9K
NOI $34,013 @ 7.0% cap · market cap 6.18%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
14
Businesses Nearby
Explore this area
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two residential apartments are paired with a separate unit for business use.
Where is this mixed-use property located?
The property is located at 32969 Laplant Road Grand Rapids, MN.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 5 acres on Hwy 169, south of Grand Rapids; 5,040‑square‑foot mixed‑use property built in 1963; Two residential rental units and a separate business unit
