Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    57082 State Highway 23 Sandstone, MN 55072

    View on Map
    Claim this Listing
    For Sale
    Under Contract
    $64,900

    Lots & Land - Sandstone, MN

    Lot size:
    7.58 Acres
    Added:
    May 9, 2025
    Days on Market:
    356
    Last Refresh:
    Apr 29 at 1:06 pm

    Property Features for 57082 State Highway 23

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    Residential-Single Family
    Standard status
    Active Under Contract
    APN
    0300354012
    Lot size
    7.58 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    188

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Chuck Carstensen
    Chuck Carstensen

    Listing agent Chuck Carstensen

    Listing office RE/MAX Results 11200 W 78th Street, Eden Prairie, MN

    Listing date May 9, 2025

    MLS# 6717837 Listing URL

    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.

    Overview

    Land Bordering Banning State Park

    This 7.58-acre buildable lot is located on State Highway 23, just North of Sandstone, MN. The entire East side of the property borders Banning State Park, providing access to the Kettle River and overlooking Wolf Creek. The land features two driveway approaches and a large clearing, suitable for home or cabin construction. The terrain is mostly level and includes rock ledges overlooking the land. Mature trees, including poplar, ash, birch, maples, and oaks, are present throughout the property, offering scenic views of Banning State Park. The property may have business or commercial potential due to its location. Potential buyers should inquire with township officials about zoning options.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Restaurant Real Estate Agency Spa & Massage Center Dental Office Building Supply Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Sandstone
    County
    Pine
    State
    Minnesota
    Longitude
    -92.865859
    Latitude
    46.143882

    Nearby Similar for Sale

    • $270,000
      2,595 SF

      Sandstone Commercial Office Building on Land

      Well-located commercial building on 2.98 acres with expansion potential.
      21 Minnesota St, Sandstone, MN 55072
      View Details
    • $750,000

      36+ Acreage with I35 Access

      High visibility acreage with commercial and residential potential.
      1909 County Hwy 61, Sandstone Twp, MN 55072
      View Details
    • $199,900

      Commercial Land Near I-35

      10-acre commercial property with development potential near I-35 in Sandstone.
      000 State Hwy 23 S., Sandstone, MN 55072
      View Details
    • $65,000

      Residential Lot with Built Shop

      Residential lot featuring a fully built, insulated three-car shop.
      425 Division Street, Sandstone, MN 55072
      View Details
    • $24,975

      Wooded Acreage for Outdoor Retreat

      1.25-acre wooded property perfect for recreation and relaxation.
      Lots 7-13 Kingsdale Road, Sandstone, MN 55072
      View Details
    • $28,000

      Sandstone Buildable Lot Near Golf

      1.4-acre buildable lot near Sandstone Country Club and golf course.
      Tbd Mallard Place, Sandstone, MN 55072
      View Details
    • $94,900

      Grindstone River Recreational Retreat

      Recreational land with river frontage, camper, and bunkhouse near Grindstone Lake.
      51791 Riverside Lane, Dell Grove Twp, MN 55072
      View Details
    • $128,000

      40 Acres Minnesota Recreational Land

      40 acres of wooded land ideal for recreation and hunting.
      0 Doyle Road, New Dosey Twp, MN 55072
      View Details
    • $199,000

      Wilderness Property Along Crooked Creek

      60-acre wilderness property known for trophy bear and deer.
      0000 Crooked Lake Rd, Danforth Twp, MN 55072
      View Details
    • $199,000

      60 Acres Hunting Land in MN

      Wilderness property with creek, ag field, and abundant wildlife.
      000 Crooked Lake Rd, Danforth Twp, MN 55072
      View Details
    • $23,500

      Land Near Lake Lena

      3.33-acre parcel near recreational trails and state forest.
      Tbd Grace Lake Road, Sandstone, MN 55072
      View Details

    FAQs

    What type of property is this?
    Land - 7+ acre buildable lot bordering Banning State Park.
    Where is this land located?
    The property is located at 57082 State Highway 23 Sandstone, MN.
    What is the asking price?
    The asking price for this property is $64,900.
    What are key features of this property?
    This property features: Borders Banning State Park with access to Kettle River and overlooks Wolf Creek.; Prime location on Hwy 23, offering business/commercial potential.; Buildable 7+ acre lot with two driveway approaches and a large clearing.
    (612) 290-3809
    We can help!
    Listing Contact
    Chuck Carstensen
    Chuck Carstensen
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!