Updated Mixed-Use
For Sale
$550,000
32969 Laplant Road, Grand Rapids, MN 55744
MULTI FAMILY, GRAND RAPIDS, MN
Property Size3,384 SF
Lot Size5.00 Acres
Price / SF$162.53
Days on Market144
Property Features for 32969 Laplant Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Multi
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bathroom 1, Bathroom 3, Bedroom 2, Bedroom 1, Bedroom 4, Bedroom 3
Parking features
Parking Lot
Subdivision
Nashwauk/Keewatin/Itasca County
Standard status
Active
Size
3,384 SF
Lot size
5.00 Acres
Building Details
Year built
1963
Number of units
3
Roof type
Metal
Listing Agency:
Keller Williams Classic Realty · Keller Williams Realty
(763) 746-4900
Listed By:
Brian Johnson
(763) 458-1900
Added: May 27
Changed: Sep 16
Last Checked: Oct 17 at 3:06AM
MLS# 147919
Copyright © 2026 Range Association of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This mixed-use property combines two residential rental units with a distinct business area, creating a flexible arrangement for residential and commercial occupancy. The 3,384-square-foot building dates to 1963 and has received updates to HVAC, electrical systems, siding, flooring, paint, and the roof. A metal roof and three bathrooms are also included among the existing improvements.
The property occupies 5 acres along Hwy 169 south of Grand Rapids, with visibility from the highway and a dedicated parking lot. It is zoned Multi and carries a Grand Rapids, Minnesota address. The seller would consider a long-term lease in addition to a sale.
The property occupies 5 acres along Hwy 169 south of Grand Rapids, with visibility from the highway and a dedicated parking lot. It is zoned Multi and carries a Grand Rapids, Minnesota address. The seller would consider a long-term lease in addition to a sale.
Key Highlights
- 5‑acre mixed‑use property along Hwy 169 south of Grand Rapids
- 3,384‑square‑foot building with two residential rental units and a separate business area
- Updates include HVAC, electrical, siding, flooring, paint, and a newer roof
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$15,580
Cap Rate
2.83%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$311,600
$311.6K
Cap Rate 7%
$222,571
$222.6K
Cap Rate 9%
$173,111
$173.1K
Market Conditions
NOI Build-Up for 3,384 SF
Gross rent
$30.3K $8.94/SF
− Vacancy
−$5.3K −$1.57/SF
EGI
$24.9K $7.37/SF
− OpEx
−$9.3K −$2.76/SF
NOI
$15.6K $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%
$311,600
Cap Rate 7%
$222,571
Cap Rate 9%
$173,111
Alternative Uses
Best Use
Mixed Use
$222.6K
$194.8K – $259.7K
NOI $15,580 @ 7.0% cap · market cap 2.83%
Second Best
Apartment 5plus
$191.9K
$167.9K – $223.9K
NOI $13,435 @ 7.0% cap · market cap 2.44%
Theoretical Best
Specialty Retail
$326.2K
$285.5K – $380.6K
NOI $22,837 @ 7.0% cap · market cap 4.15%
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
11
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
Frequently Asked Questions
What type of property is this?
Mixed-use property - Two residential units accompany a separate business area with recent building upgrades.
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‑acre mixed‑use property along Hwy 169 south of Grand Rapids; 3,384‑square‑foot building with two residential rental units and a separate business area; Updates include HVAC, electrical, siding, flooring, paint, and a newer roof
