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    Updated Mixed-Use Investment Opportunity Title is generated by Realmo AI

    400 Main S Street, Biwabik, MN 55708

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    For Sale
    $950,000

    Updated mixed-use property with apartments and commercial spaces in Biwabik,MN.

    Type:Commercial/Industrial
    Property size:
    3,304 SF
    Lot size:
    0.17 Acres
    Price / SF:
    $287/SF
    Added:
    Mar 12, 2026
    Days on Market:
    67
    Last Refresh:
    Apr 5 at 10:28 pm

    Property Features for 400 Main S Street

    General Information

    Standard status
    Active
    Size
    3,304 SF
    Lot size
    0.17 Acres
    Property subtype
    Commercial/Industrial

    Building Details

    Year Built
    1920

    We can help!

    Listing Contact
    Tammy Schotzko

    Listing agent Tammy Schotzko License #40893997

    Listing office Better Homes and Gardens Real Estate First Choice

    Listing date Mar 12, 2026

    Source Exitrealty

    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 Better Homes and Gardens Real Estate First Choice

    HighLights

    • Prime location on Main Street in Biwabik, MN, near Giants Ridge, offering high visibility and traffic.
    • Updated mixed‑use property with 3 revenue‑generating apartments and 2 commercial spaces.
    • Extensive recent upgrades including new plumbing, electrical, heat distribution, windows, insulation, and solar panels.
    • Turnkey apartments feature refinished hardwood floors, new kitchens with quartz countertops and stainless steel appliances, tiled bathrooms, and included furnishings.
    • Equipped commercial spaces, including a potential coffee shop with new appliances and a detached space with solar PV, radiant floor heating, and modern amenities, ready for build‑out.
    • Convenient amenities such as on‑site laundry center, private patio, ample parking, and proximity to grocery store, gas station, and city park.

    Overview

    Located on Main Street in Biwabik, Minnesota, near Giants Ridge Golf and Ski Resort, this updated mixed-use property offers a live-work-play opportunity. The building includes three apartments, two commercial spaces, a laundry center, and a private outdoor hardscape patio. The apartments feature refinished hardwood flooring, new kitchen cabinetry with quartz countertops, stainless-steel appliances, and tiled bathrooms. Each unit incorporates decorative elements that pay homage to the area's mining history, and all furnishings are included in the sale. The property offers two commercial spaces available for lease. One is a professionally designed 750 sq. ft. coffee shop with a walk-up window. Installation of equipment, countertops, and cabinetry is pending, along with final work on the bathroom, utility room, and electrical/plumbing connections for coffee shop-specific equipment. The other commercial space is a 1000 sq. ft. detached unit with a new roof installed in 2022, a solar PV system with a 200-amp electrical service and grid tie, radiant floor heating, polished concrete floors, and roughed-in water, sewer, bathroom, and utility room connections. It also features an Arctic Heat Pump system, new windows, LED lighting, and spray foam insulation. The on-site laundry center includes three washers, three dryers, and storage space. A four-car parking pad is located adjacent to an easily accessible alley. Recent upgrades include new plumbing (supply and drain), electrical service, heat distribution system, windows, whole-building ventilation, spray foam insulation, solar panels, and drywall. The property is located near a grocery store, gas station, and a city park. The property size is 3304 sq. ft.

    Financial Insights

    Value Estimation Calculated for Mixed Use

    Conservative
    $830.7K
    NOI $74,764 @ 9.00% cap · cautious / downside scenario
    Moderate
    $1.07M
    NOI $74,764 @ 7.00% cap · market / base-case scenario
    Aggressive
    $1.50M
    NOI $74,764 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Mixed Use

    Component $ $/SF
    Gross rent $137.2k $41.52
    − Vacancy −$17.6k −$5.31
    EGI $119.6k $36.21
    − OpEx −$44.9k −$13.58
    NOI $74.8k $22.63
    3,304 SF · lease $41.52/SF/yr · vacancy 12.80% · expense 37.50%

    Alternative Use Scenarios

    Best Use
    Mixed Use
    $1.07M
    $934.6K – $1.25M (±1% cap)
    NOI $74,764 @ 7.0% cap · market cap 7.87%
    Second Best
    Office B
    $654.7K
    $572.9K – $763.9K (±1% cap)
    NOI $45,832 @ 7.0% cap · market cap 4.82%
    Theoretical Best
    Specialty Retail
    $1.28M
    $1.12M – $1.50M (±1% cap)
    NOI $89,717 @ 7.0% cap · market cap 9.44%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Green Bean Coffeehaus Cafe & Coffee Shop Honk the Moose Playground Family Recreation Center Green Gate Gasthaus Hotel & Motel 4th & Main Barber ... Barber Shop

    Suggested Use

    Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Gym & Fitness Center Hotel & Motel Department Store Kitchen & Bath Showroom

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

    Location Insight

    • Map
    • Local Demand
    City
    Biwabik
    County
    St. Louis
    State
    Minnesota
    Longitude
    -92.3437
    Latitude
    47.5327

    FAQs

    What type of property is this?
    Mixed-use property - Updated mixed-use property with apartments and commercial spaces in Biwabik,MN.
    Where is this mixed-use property located?
    The property is located at 400 Main S Street Biwabik, MN.
    What is the asking price?
    The asking price for this property is $950,000.
    What are key features of this property?
    This property features: Prime location on Main Street in Biwabik, MN, near Giants Ridge, offering high visibility and traffic.; Updated mixed‑use property with 3 revenue‑generating apartments and 2 commercial spaces.; Extensive recent upgrades including new plumbing, electrical, heat distribution, windows, insulation, and solar panels.
    (218) 751-2511
    We can help!
    Listing Contact
    Tammy Schotzko
    Real Estate License ID: 40893997
    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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