Triplex with Five-Stall Pole
For Sale
$724,900
6761 County Road 16, Pequot Lakes, MN 56472
Residential Income, Pequot Lakes, MN
Property Size2,496 SF
Lot Size1.00 Acre
Price / SF$290.42
Days on Market54
Property Features for 6761 County Road 16
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning description
Residential-Multi-Family
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 2, Bathroom 4, Bedroom 2, Bedroom 3, Bathroom 3, Bedroom 4, Bathroom 1, Bedroom 1
Parking features
Driveway, Garage - Detached
Exterior features
Metal
High school district
Pequot Lakes
Directions
From MN-371 N: turn right onto Co Rd 16 in Jenkins, property will be on the right in just under 4 miles.
Standard status
Active
APN
68290610
Size
2,496 SF
Lot size
1.00 Acre
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
1564
Utilities
Heating system
Forced Air, Baseboard
Building Details
Year built
2004
Building materials
Frame, Steel
Listing Agency:
eXp Realty
(612) 751-9303
Listed By:
Chad Schwendeman
(612) 751-9303
Added: Jul 2
Changed: Aug 19
Last Checked: Aug 24 at 3:06AM
MLS# 7100000
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.
Investment Insights
Based on property information with market context.
This triplex offers three spacious units with warm tongue-and-groove finishes and an Up North feel. Two of the units are described as fully furnished, and each unit includes private in-unit washer and dryer plus a dedicated comfort system with forced-air heating. The layout is supported by on-demand water heating and supplementary baseboard heat, with air conditioning noted. The two main-level units each have a private patio, and the upper-level unit includes a deck overlooking the woods.
Outside, the property sits on a level 1-acre lot with tidy landscaping and ample parking. A standout feature is a five-stall pole building with electricity, pristine concrete floors, and dedicated storage for each unit, sized to help accommodate vehicles, boats, and recreational equipment. The detached garage and driveway are also noted.
Built in 2004, the home totals 2,496 square feet and is located at 6761 County Road 16 in Pequot Lakes, Crow Wing County, MN. The property is approximately three minutes from a full-service marina for quick access to the Whitefish Chain and nearby recreation.
Outside, the property sits on a level 1-acre lot with tidy landscaping and ample parking. A standout feature is a five-stall pole building with electricity, pristine concrete floors, and dedicated storage for each unit, sized to help accommodate vehicles, boats, and recreational equipment. The detached garage and driveway are also noted.
Built in 2004, the home totals 2,496 square feet and is located at 6761 County Road 16 in Pequot Lakes, Crow Wing County, MN. The property is approximately three minutes from a full-service marina for quick access to the Whitefish Chain and nearby recreation.
Key Highlights
- 3‑unit triplex with two fully furnished units
- 1‑acre level lot with tidy landscaping and ample parking
- 2,496 SF home built in 2004
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
$22,785
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
3.14%
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%
$455,700
$455.7K
Cap Rate 7%
$325,500
$325.5K
Cap Rate 9%
$253,167
$253.2K
Market Conditions
NOI Build-Up for 2,496 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
$34.4K $13.80/SF
− Vacancy
−$1.9K −$0.76/SF
EGI
$32.6K $13.04/SF
− OpEx
−$9.8K −$3.91/SF
NOI
$22.8K $9.13/SF
Area
Crow Wing County, MN
Vacancy
5.50%
Lease Rate
$13.80 /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%
$455,700
Cap Rate 7%
$325,500
Cap Rate 9%
$253,167
Alternative Uses
Best Use
Multifamily LT 5
$325.5K
$284.8K – $379.8K
NOI $22,785 @ 7.0% cap · market cap 3.14%
Second Best
Apartment 5plus
$290.6K
$254.3K – $339.1K
NOI $20,345 @ 7.0% cap · market cap 2.81%
Theoretical Best
Office A
$529.9K
$463.7K – $618.2K
NOI $37,093 @ 7.0% cap · market cap 5.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2
Businesses Nearby
Explore this area
Business Placement
Demographics for 56472, MN
8,315
Population
6,212
Households
1.3
Avg Household Size
46
Median Age
34%
College-Educated
96%
High-School Grad
154.9 sq mi
ZIP Area
54
Density / Sq Mi
$81,938
Median Household Income
$42,052
Median Earnings
$848
Median Rent
$299,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Triplex on a level 1-acre lot with private patios and a five-stall pole building with electricity and dedicated storage.
Where is this triplex located?
The property is located at 6761 County Road 16 Pequot Lakes, MN.
What is the asking price?
The asking price for this property is $724,900.
What are key features of this property?
This property features: 3‑unit triplex with two fully furnished units; 1‑acre level lot with tidy landscaping and ample parking; 2,496 SF home built in 2004
