Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Commercial Development Site in Prior Lake Title is generated by Realmo AI

    County Rd 42 & Shepherds Path NW, Prior Lake, MN

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    2.95 acre commercial site with retail and commercial potential.

    Type:LAND
    Lot size:
    2.95 Acres
    Added:
    Jul 31, 2025
    Days on Market:
    296
    Last Refresh:
    Apr 5 at 8:37 pm

    Property Features for County Rd 42 & Shepherds Path NW

    General Information

    Standard status
    Active
    Lot size
    2.95 Acres
    Property subtype
    LAND

    We can help!

    Listing Contact
    Brian Pankratz
    Brian Pankratz

    Listing agent Brian Pankratz

    Listing office CBRE - Minnesota

    Listing date Jul 31, 2025

    Source Moodyscre

    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 CBRE - Minnesota

    HighLights

    • High‑visibility location with frontage on CR‑42/140th St. NW.
    • Flexible future land use allows for various retail and commercial developments, including drive‑thru.
    • Convenient access via ¾ intersection at Shepherds Path NW.
    • Located near major attractions: Mystic Lake Casino and Canterbury Park.
    • Site size: ± 2.95 acres suitable for development.
    • Proximity to recreational amenities: lakes, parks, and golf courses.

    Overview

    A commercial development site encompassing approximately 2.95 acres is available for sale in Prior Lake, Minnesota. The future land use designation permits a variety of retail and commercial applications, including drive-thru establishments. The site benefits from frontage on CR-42/140th St. NW, providing visibility and accessibility. Access to CR-42/140th St. NW is facilitated via a three-quarter intersection at Shepherds Path NW. The location is near Mystic Lake Casino, Canterbury Park, and Upper/Lower Prior Lake. Area amenities include lakes, parks, golf courses, and entertainment venues.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Map

    City
    Prior Lake
    County
    Scott
    State
    Minnesota
    Longitude
    -93.4278
    Latitude
    44.7303

    Nearby Similar for Sale

    • $2,300,000
      19,962 SF

      Prior Lake Office Building

      19,962 SF office building in growing Prior Lake area.
      5505 Cottonwood Lane SE, Prior Lake, MN 55372
      View Details
    • $1,900,000

      Prior Lake Commercial Land Available

      Commercial land for sale in Prior Lake, Minnesota.
      14162 Commerce Avenue NE, Prior Lake, MN 55372
      View Details
    • Contact for pricing

      Prime Commercial Space in Prior Lake

      Flexible commercial space in a high-demand, vibrant community.
      4636 Colorado Street SE, Prior Lake, MN 55372
      View Details
    • $499,900

      Acreage Lot with Lake Views

      Premier 3.79-acre lot with lake views in Prior Lake.
      6167 Lake Drive, Prior Lake, MN 55372
      View Details
    • $599,000

      Tara Farm Land Opportunity

      9.47-acre lot in luxury acreage community near Lakeville.
      20011 Nevada Avenue, Credit River Twp, MN 55372
      View Details
    • $999,000

      Scenic 10-Acre Land Parcel

      Private 10-acre land with Credit River frontage in Prior Lake.
      19516 Hampshire Court, Prior Lake, MN 55372
      View Details
    • $390,000

      Expansive Homesite in Credit River

      7.24 acre homesite for custom estate in Credit River.
      20860 Horseshoe Court, Credit River, MN 55372
      View Details
    • $350,000

      Scenic Land with Sunset Views

      Tranquil 5.93-acre lot perfect for custom home construction.
      21423 Vergus Avenue, Spring Lake Twp, MN 55372
      View Details
    • $350,000

      2.52 Acre Homesite Opportunity

      Exceptional homesite for a custom estate home in Credit River.
      20956 Horseshoe Court, Credit River, MN 55372
      View Details
    • $375,000

      Lakefront Lot for Custom Home

      6+ acre lakefront lot ideal for custom home building.
      21567 Vergus Avenue, Spring Lake Twp, MN 55372
      View Details
    • $499,900

      Residential Land in Prime Location

      Buildable corner lot near Prior Lake with utilities ready.
      14691 Bluebird Trail NE, Prior Lake, MN 55372
      View Details
    • $135,000

      Fractional Lakefront Ownership Opportunity

      Fractional lakefront lot on Prior Lake with private access.
      XXX Red Oaks Road, Prior Lake, MN 55372
      View Details

    FAQs

    What type of property is this?
    Commercial land - 2.95 acre commercial site with retail and commercial potential.
    Where is this commercial land located?
    The property is located at County Rd 42 & Shepherds Path NW Prior Lake, MN.
    What is the asking price?
    The asking price for this property is $963,765.
    What are key features of this property?
    This property features: High‑visibility location with frontage on CR‑42/140th St. NW.; Flexible future land use allows for various retail and commercial developments, including drive‑thru.; Convenient access via ¾ intersection at Shepherds Path NW.
    (952) 924-4665 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Brian Pankratz
    Brian Pankratz
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    County Rd 42 & Shepherds Path NW, Prior Lake, MN
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!