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    Land Near Several Lakes Title is generated by Realmo AI

    Lot C Tbd County Road 51, Bovey, MN 55709

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    Claim this Listing
    For Sale
    $140,000

    Lots & Land - Bovey, MN

    Lot size:
    12.10 Acres
    Added:
    Aug 28, 2024
    Days on Market:
    633
    Last Refresh:
    May 22 at 3:06 pm

    Property Features for Lot C Tbd County Road 51

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    Shoreline
    Standard status
    Active
    APN
    TBD
    Lot size
    12.10 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    0

    Utilities

    Water front features
    Waterfront
    Water front
    1

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Amanda Jensen
    Amanda Jensen

    Listing agent Amanda Jensen

    Listing office Move It Real Estate Group by Lakehomes.com 225 NW 1st Ave, Grand Rapids, MN

    Listing date Aug 28, 2024

    MLS# 6593694 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.

    HighLights

    • 12.1 acres of land, offering ample space and privacy.
    • Located in the Mississippi River watershed.
    • Waterfront property with direct access to water activities.
    • Connects to multiple lakes (Haskell, Scrapper, and Balsam) via navigable channel, perfect for boating enthusiasts.
    • Seller willing to do a contract for deed at 6% interest, making ownership more accessible.
    • Located 15 miles north of Bovey, MN.

    Overview

    This 12.1-acre property, located 15 miles north of Bovey, MN, features a mix of fields and trees. Situated in the Mississippi River watershed, the land includes access to an unnamed lake connected to Haskell, Scrapper, and Balsam lakes. A shallow channel allows navigation between these lakes for small boats. The seller is open to a contract for deed with a 6% interest rate. The property is located on County Road 51 in Itasca County.
    Location Intelligence

    Current Use by Public Records

    Land

    Map

    City
    Bovey
    County
    Itasca
    State
    Minnesota
    Longitude
    -93.3384
    Latitude
    47.2774

    Nearby Similar for Sale

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      Blackberry Lake Waterfront Acreage

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      View Details
    • $289,900

      Trout Lake Waterfront Land

      4.2 acres with 328' of hard bottom shoreline.
      Tbd Bluebill Bay Road, Bovey, MN 55709
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    • $145,000

      Bovey, MN Waterfront Land

      8.6 acres of land with lake access.
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    • $135,000

      Bovey, MN Land Opportunity

      15 acres near connected lakes and public land.
      Lot D Tbd County Road 51, Bovey, MN 55709
      View Details

    FAQs

    What type of property is this?
    Land - 12.1 acres near interconnected lakes, north of Bovey, MN.
    Where is this land located?
    The property is located at Lot C Tbd County Road 51 Bovey, MN.
    What is the asking price?
    The asking price for this property is $140,000.
    What are key features of this property?
    This property features: 12.1 acres of land, offering ample space and privacy.; Located in the Mississippi River watershed.; Waterfront property with direct access to water activities.
    (218) 327-9889
    We can help!
    Listing Contact
    Amanda Jensen
    Amanda Jensen
    Real Estate License ID: 40752554
    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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