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    5731 Highway 61 Lutsen, MN 55612

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    For Sale
    $2,900,000

    Premier 27-hole golf course in Lutsen, Minnesota.

    Property size:
    213 SF
    Added:
    Nov 21, 2025
    Days on Market:
    137
    Last Refresh:
    Apr 6 at 12:31 am

    Property Features for 5731 Highway 61

    General Information

    Standard status
    Active
    Size
    213 SF

    We can help!

    Listing Contact
    Frank Jermusek, JD

    Listing agent Frank Jermusek, JD

    Listing office

    Listing date Nov 21, 2025

    Source Svn

    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 Frank Jermusek, JD

    Overview

    Superior National Golf Course

    Superior National Golf Course at Lutsen is a premier golf destination located on Minnesota's North Shore of Lake Superior. Situated in the Sawtooth Mountains and near Lake Superior’s shoreline, this golf course offers an experience for players of all skill levels. Superior National features 27 holes of golf, including the River and Canyon "Premier 18" designed by golf course architect Jeffrey Brauer, and the Mountain 9. The property includes a clubhouse with a pro shop, bar and grill, and golf simulator, providing year-round recreation. Additional amenities include a driving range, putting green, lessons, equipment rentals, and a beverage cart. A $4.6 million renovation of the River and Canyon Nines was completed in 2018. The property is located in Lutsen, Minnesota, in Cook County along the North Shore of Lake Superior, between the Sawtooth Mountains and the lake. Lutsen is known for its outdoor recreation opportunities and is a hub for visitors exploring the Superior Hiking Trail, the Boundary Waters Canoe Area Wilderness, and the many state parks in close proximity. Lutsen is home to Lutsen Mountains, Minnesota’s largest ski resort, which offers year-round activities. The property is located 90 miles northeast of Duluth, MN, 100 miles southwest of Thunder Bay, ON, 245 miles northeast of Minneapolis, MN and 330 miles northeast of Fargo, ND. The property is located on 213.16 acres and includes a 4,500 square foot clubhouse with an outdoor patio.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Golf courses & driving ...

    Map

    City
    Lutsen
    County
    Cook
    State
    Minnesota
    Longitude
    -90.679
    Latitude
    47.6459

    FAQs

    What type of property is this?
    Golf course & driving range - Premier 27-hole golf course in Lutsen, Minnesota.
    Where is this golf course & driving range located?
    The property is located at 5731 Highway 61 Lutsen, MN.
    What is the asking price?
    The asking price for this property is $2,900,000.
    What are key features of this property?
    This property features: Premier 27‑hole golf course in Lutsen, MN, a popular outdoor vacation destination.; Located between Lake Superior and the Sawtooth Mountains, offering majestic views.; Ranked among Minnesota's top 10 golf courses, featuring a $4.6 million renovation completed in 2018.
    (952) 820-1615
    We can help!
    Listing Contact
    Frank Jermusek, JD
    Learn More
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    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
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