Building Details

Year Built 2019

Listing Agency: Century 21 Moline Realty Inc

Listed By: Carrie L Gibbs · License #20542911 Show Phone

Source: Searchhousesnow

Added: Sep 2 Changed: Sep 3 Last Checked: Sep 3 at 2:17AM

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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 Century 21 Moline Realty Inc

Investment Insights

Based on property information with market context.

Located at 43020 Blackhawk Rd in Harris, Minnesota, this vineyard property combines production infrastructure with public-facing and outdoor event improvements. The 7,193-square-foot facility was built in 2019 and was originally configured for wine production. A separate timber-frame building provides space that has been used for tastings and events.

Outdoor features include a summer kitchen with a wood-fired pizza oven and a large tent pad area. The property also includes solar panel stations and a Level 2 EV charging station. Set across approximately 14.5 acres, the improvements support continued vineyard-related operations as well as food, beverage, and event-oriented commercial uses identified for the property.

Key Highlights

• Approximately 14.5 acres in Harris, MN
• 7,193‑square‑foot facility built in 2019
• Production building originally configured for wine production

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

$78,143

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

9.19%

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%

$1,562,860 $1.6M

Cap Rate 7%

$1,116,329 $1.1M

Cap Rate 9%

$868,256 $868.3K

Market Conditions

NOI Build-Up for 7,193 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

$116.5K $16.20/SF

− Vacancy

−$4.9K −$0.68/SF

EGI

$111.6K $15.52/SF

− OpEx

−$33.5K −$4.66/SF

NOI

$78.1K $10.86/SF

Area

Chisago County, MN

Vacancy

4.20%

Lease Rate

$16.20 /SF/Yr

Expense Ratio

30.00%

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%

$1,562,860

Cap Rate 7%

$1,116,329

Cap Rate 9%

$868,256

Alternative Uses

Best Use

Industrial

$1.12M

$976.8K – $1.30M (±1% cap)

NOI $78,143 @ 7.0% cap · market cap 9.19%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.72M

$1.50M – $2.00M (±1% cap)

NOI $120,127 @ 7.0% cap · market cap 14.13%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Tessneer Law Office Law Firm

Suggested Use

Top Pick Building Supply Big Box & Wholesale Store Kitchen & Bath Showroom Nursing Home Law Firm Bar & Pub

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

7

Businesses Nearby

Explore this area Business Placement

Demographics for 55032, MN

3,619

Population

1,409

Households

2.6

Avg Household Size

44

Median Age

20%

College-Educated

92%

High-School Grad

67.8 sq mi

ZIP Area

53

Density / Sq Mi

$106,522

Median Household Income

$50,139

Median Earnings

$1,203

Median Rent

$363,200

Median Home Value

Market

Vacancy Rate% for Industrial in Midwest region

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this vineyards located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Vineyard - Commercial property with wine-production infrastructure, a timber-frame event building, and outdoor gathering amenities.

Where is this vineyard located?

The property is located at 43020 Blackhawk Rd Harris, MN.

What is the asking price?

The asking price for this property is $850,000.

What are key features of this property?

This property features: Approximately 14.5 acres in Harris, MN; 7,193‑square‑foot facility built in 2019; Production building originally configured for wine production