Waterfront Restaurant and
New
For Sale
$779,000
33350 County Road 3, Crosslake, MN 56442
Lakeside dining property with approximately 310 feet of Big Pine Lake frontage and a County Road 3 address.
Property Size3,580 SF
Price / SF$217.60
Days on Market7
Property Features for 33350 County Road 3
General Information
Standard status
Active
Size
3,580 SF
Additional Details
Business Included
Yes
Building Details
Year Built
1968
Listing Agency:
Close-Converse Commercial Prop
Listed By:
Chris Close · License #20286846
(218) 828-3334
Source:
Bradadamrealty
Added: Sep 20
Changed: Sep 23
Last Checked: Sep 24 at 3:27PM
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 Prop
Investment Insights
Based on property information with market context.
Patrick’s Cedar Chest Restaurant & Bar is an established restaurant and bar situated along Big Pine Lake in Crosslake, Minnesota. The property includes approximately 310 feet of lake frontage, offering broad water views and a waterfront setting for dining and hospitality operations. The business is located on County Road 3 and has operated from the site since the building was constructed in 1968.
The offering combines a named restaurant and bar business with a commercial property in the Lakes Area. Its location provides access to the Crosslake community and the surrounding tourism market, while the lakeside setting forms a central part of the customer experience.
The offering combines a named restaurant and bar business with a commercial property in the Lakes Area. Its location provides access to the Crosslake community and the surrounding tourism market, while the lakeside setting forms a central part of the customer experience.
Key Highlights
- Approximately 310 feet of frontage on Big Pine Lake
- Established restaurant and bar business: Patrick’s Cedar Chest Restaurant & Bar
- Waterfront setting with Big Pine Lake views
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
$42,916
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
5.51%
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%
$858,320
$858.3K
Cap Rate 7%
$613,086
$613.1K
Cap Rate 9%
$476,844
$476.8K
Market Conditions
NOI Build-Up for 3,580 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
$61.0K $17.04/SF
− Vacancy
−$3.8K −$1.06/SF
EGI
$57.2K $15.98/SF
− OpEx
−$14.3K −$4.00/SF
NOI
$42.9K $11.99/SF
Area
Crow Wing County, MN
Vacancy
6.20%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
25.00%
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%
$858,320
Cap Rate 7%
$613,086
Cap Rate 9%
$476,844
Alternative Uses
Best Use
Specialty Retail
$613.1K
$536.5K – $715.3K
NOI $42,916 @ 7.0% cap · market cap 5.51%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$760.0K
$665.0K – $886.7K
NOI $53,202 @ 7.0% cap · market cap 6.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
42
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 56442, MN
2,720
Population
3,415
Households
0.8
Avg Household Size
60
Median Age
34%
College-Educated
96%
High-School Grad
35.2 sq mi
ZIP Area
77
Density / Sq Mi
$85,179
Median Household Income
$45,481
Median Earnings
$1,071
Median Rent
$534,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Lakeside dining property with approximately 310 feet of Big Pine Lake frontage and a County Road 3 address.
Where is this conventional restaurant located?
The property is located at 33350 County Road 3 Crosslake, MN.
What is the asking price?
The asking price for this property is $779,000.
What are key features of this property?
This property features: Approximately 310 feet of frontage on Big Pine Lake; Established restaurant and bar business: Patrick’s Cedar Chest Restaurant & Bar; Waterfront setting with Big Pine Lake views
