Flex Space with
For Sale
$239,900
42242 Highway 47, Isle, MN 56342
Commercial Sale, Isle, MN
Property Size1,200 SF
Lot Size0.70 Acres
Price / SF$199.92
Days on Market11
Property Features for 42242 Highway 47
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Business/Commercial
Parking features
Parking Lot
Window features
Double Pane Windows
Patio and Porch features
Deck
Fencing
Chain Link
Subdivision
Isle Harbor Beach
Lot features
Irregular Lot, Property Adjoins Public Land, Tree Coverage - Light
High school district
Isle
Directions
From Isle, go North on Hwy 47 approx. 1 mile to property on the right.
Standard status
Active
APN
054000580
Lot size
0.70 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
1409
Utilities
Sewer type
Private Sewer, Mound Septic
Heating system
Forced Air
Cooling system
Central Air
Water source
Well, Private
Building Details
Year built
1984
Building materials
Timber/Post & Beam
Roof type
Metal
Listing Agency:
Keller Williams Realty Professionals
(218) 454-4300
Listed By:
Hans Woelfle
(320) 515-1337
Added: Sep 16
Changed: Sep 24
Last Checked: Sep 26 at 8:06AM
MLS# 7145254
Copyright © 2026 Northstar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This flex property occupies a 0.699-acre commercial lot and includes a 30-by-40-foot pole building constructed in 1984. The 1,200-square-foot structure combines office space, a half bath, showroom area, and garage space. Additional features include a fenced back lot, front parking, a deck, metal roofing, forced-air heat, and central air conditioning.
The property is located at 42242 Highway 47, just north of Isle, Minnesota, near Mille Lacs Lake and other surrounding lakes. Private well water and mound septic service the site, while timber/post-and-beam construction provides the building framework. The layout offers a mix of customer-facing, office, storage, and work areas within a compact commercial setting.
The property is located at 42242 Highway 47, just north of Isle, Minnesota, near Mille Lacs Lake and other surrounding lakes. Private well water and mound septic service the site, while timber/post-and-beam construction provides the building framework. The layout offers a mix of customer-facing, office, storage, and work areas within a compact commercial setting.
Key Highlights
- 0.699‑acre lot along Highway 47 just north of Isle, MN
- 30x40 pole barn with 1,200 SF of space
- Office, half bath, showroom, and garage space
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
$16,272
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
6.78%
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%
$325,440
$325.4K
Cap Rate 7%
$232,457
$232.5K
Cap Rate 9%
$180,800
$180.8K
Market Conditions
NOI Build-Up for 1,200 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
$26.4K $21.96/SF
− Vacancy
−$1.3K −$1.10/SF
EGI
$25.0K $20.86/SF
− OpEx
−$8.8K −$7.30/SF
NOI
$16.3K $13.56/SF
Area
Mille Lacs County, MN
Vacancy
5.00%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
35.00%
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%
$325,440
Cap Rate 7%
$232,457
Cap Rate 9%
$180,800
Alternative Uses
Best Use
Flex RnD
$232.5K
$203.4K – $271.2K
NOI $16,272 @ 7.0% cap · market cap 6.78%
Second Best
Retail
$211.1K
$184.8K – $246.3K
NOI $14,780 @ 7.0% cap · market cap 6.16%
Theoretical Best
Office A
$286.3K
$250.5K – $334.0K
NOI $20,041 @ 7.0% cap · market cap 8.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Fenced yard
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
26
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 56342, MN
2,791
Population
2,409
Households
1.2
Avg Household Size
55
Median Age
18%
College-Educated
93%
High-School Grad
193.0 sq mi
ZIP Area
14
Density / Sq Mi
$61,313
Median Household Income
$41,350
Median Earnings
$836
Median Rent
$233,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Versatile commercial property with an office, half bath, showroom, garage area, fenced rear yard, and front parking.
Where is this flex space located?
The property is located at 42242 Highway 47 Isle, MN.
What is the asking price?
The asking price for this property is $239,900.
What are key features of this property?
This property features: 0.699‑acre lot along Highway 47 just north of Isle, MN; 30x40 pole barn with 1,200 SF of space; Office, half bath, showroom, and garage space
