Commercial Land with Heated Storage
For Sale
$229,000
4303 Hwy 53, Orr, MN 55771
LAND - Orr, MN
Property Size2,016 SF
Lot Size4.77 Acres
Price / SF$113.59
Days on Market329
Property Features for 4303 Hwy 53
General Information
Property type
Land
Property subtype
Other
Elementary school district
St.Louis County
Middle school district
St.Louis County
High school district
St.Louis County
Subdivision
Rural N of Hwy 169 - 135
Standard status
Active
Lot size
4.77 Acres
Listing Agency:
Re/Max Lake Country · RE/MAX International
(218) 757-3233
Listed By:
Raymond Ingebretsen · License #40744576
(218) 780-3007
Added: Oct 2, 2025
Changed: Aug 2
Last Checked: Aug 26 at 1:06PM
MLS# 149113
Copyright © 2026 Range Association of REALTORS. 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.
A 4.77-acre multi-use commercial land site on Hwy 53 offering practical space for vehicles and trailers, plus a 42x48 heated storage building. The property is currently run as a gift shop and includes storage/pole building space along with a couple of office/bunk rooms, a bathroom, and on-site utilities via a private well and septic.
The site is located just south of Orr and is described as a short distance from Pelican Lake. Its location is also presented as a convenient jumping-off point for exploring local ATV and snowmobile trails and nearby lakes, including Kjostad, Elbow, Ban, Myrtle, Elephant, Black Duck, Crane, Lake Vermilion, and Voyageurs National Park.
The site is located just south of Orr and is described as a short distance from Pelican Lake. Its location is also presented as a convenient jumping-off point for exploring local ATV and snowmobile trails and nearby lakes, including Kjostad, Elbow, Ban, Myrtle, Elephant, Black Duck, Crane, Lake Vermilion, and Voyageurs National Park.
Key Highlights
- 4.77‑acre multi‑use site on Hwy 53 just south of Orr
- Ample parking for vehicles and trailers
- 42x48 heated storage building included
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
$9,683
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
4.23%
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%
$193,660
$193.7K
Cap Rate 7%
$138,329
$138.3K
Cap Rate 9%
$107,589
$107.6K
Market Conditions
NOI Build-Up for 2,016 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
$11.9K $5.88/SF
− Vacancy
−$462 −$0.23/SF
EGI
$11.4K $5.65/SF
− OpEx
−$1.7K −$0.85/SF
NOI
$9.7K $4.80/SF
Area
St. Louis County, MN
Vacancy
3.90%
Lease Rate
$5.88 /SF/Yr
Expense Ratio
15.00%
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%
$193,660
Cap Rate 7%
$138,329
Cap Rate 9%
$107,589
Alternative Uses
Best Use
Warehouse
$138.3K
$121.0K – $161.4K
NOI $9,683 @ 7.0% cap · market cap 4.23%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$782.0K
$684.3K – $912.4K
NOI $54,743 @ 7.0% cap · market cap 23.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
7
Businesses Nearby
Explore this area
Business Placement
Demographics for 55771, MN
1,485
Population
1,904
Households
0.8
Avg Household Size
53
Median Age
21%
College-Educated
92%
High-School Grad
1,115.4 sq mi
ZIP Area
1
Density / Sq Mi
$65,893
Median Household Income
$27,163
Median Earnings
$850
Median Rent
$167,700
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Commercial land - Commercial land on Hwy 53 with ample parking, a heated 42x48 storage building, offices, bathroom, and private well and septic.
Where is this commercial land located?
The property is located at 4303 Hwy 53 Orr, MN.
What is the asking price?
The asking price for this property is $229,000.
What are key features of this property?
This property features: 4.77‑acre multi‑use site on Hwy 53 just south of Orr; Ample parking for vehicles and trailers; 42x48 heated storage building included
