Live-Work Building with
507 Main St Tower, MN 55790
507 Main St, Tower, MN, 55790
$159,000
For Sale
$159,000
Downtown live-work building with main-floor office/retail space, large windows, and a 3-bedroom residence above.
Property Size1,512 SF
Price / SF$105.16
Days on Market371
Property Features for 507 Main St
General Information
- Standard status
- Active
- Size
- 1,512 SF
Listing agency
Vermilion Land Office, Inc
(218) 753-8985
Listed by
Sherry Anderson · License #40026207
(218) 753-8985
Source
Exprealty
Added: Jul 16, 2025 Updated: Jul 21 at 4:57AM Checked: Jul 21 at 4:57AM
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 Vermilion Land Office, Inc
Investment Insights
Based on property information with market context.
This live-work property combines commercial space on the main level with residential living quarters upstairs. The main floor features a spacious office area with an open layout and large windows designed to support visibility and natural light. The upper level includes private living quarters with three bedrooms, one bathroom, and a kitchenette.
The building is located downtown just off a busy main street/highway with high traffic flow and visibility. An attached bonus two-stall garage is also included. The property is near Lake Vermilion, providing access to the surrounding community and outdoor attractions.
Overall, the layout supports a tenant or owner-operator looking for business space below and a home above, with the convenience of a two-stall garage.
The building is located downtown just off a busy main street/highway with high traffic flow and visibility. An attached bonus two-stall garage is also included. The property is near Lake Vermilion, providing access to the surrounding community and outdoor attractions.
Overall, the layout supports a tenant or owner-operator looking for business space below and a home above, with the convenience of a two-stall garage.
Key Highlights
- Downtown live‑work building with main‑floor office/retail space and a 3‑bedroom residence above
- Main floor features a spacious open office area with large windows for natural light and visibility
- Upper level includes 3 bedrooms, 1 bathroom, and a kitchenette
Local Financial Insights For Retail
Simulate Cap Rate and NOI
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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $22.7k | $15.00 |
| − Vacancy | −$2.3k | −$1.50 |
| EGI | $20.4k | $13.50 |
| − OpEx | −$6.1k | −$4.05 |
| NOI | $14.3k | $9.45 |
1,512 SF · lease $15.00/SF/yr · vacancy 10.00% · expense 30.00%
Alternative Uses
Best Use
Mixed Use
$488.8K
$427.7K – $570.2K
NOI $34,214 @ 7.0% cap · market cap 21.52%
Second Best
Office B
$299.6K
$262.2K – $349.6K
NOI $20,974 @ 7.0% cap · market cap 13.19%
Theoretical Best
Specialty Retail
$586.5K
$513.2K – $684.3K
NOI $41,057 @ 7.0% cap · market cap 25.82%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Live-work space
Similar For Sale Nearby
FAQs
What type of property is this?
Live-work space - Downtown live-work building with main-floor office/retail space, large windows, and a 3-bedroom residence above.
Where is this live-work space located?
The property is located at 507 Main St Tower, MN.
What is the asking price?
The asking price for this property is $159,000.
What are key features of this property?
This property features: Downtown live‑work building with main‑floor office/retail space and a 3‑bedroom residence above; Main floor features a spacious open office area with large windows for natural light and visibility; Upper level includes 3 bedrooms, 1 bathroom, and a kitchenette
