Commercial Real Estate Market in Princeton, MN
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
38 active listings and 405 off-market properties in Princeton, MN.
Market Trends
Princeton, MN spans 196.0 square miles in Mille Lacs County, Minnesota. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Princeton, MN runs 21.3% across the Midwest region in 2025, up from 13.7% in 2019.
Vacancy Rate % in Midwest region
Retail
Retail vacancy in Princeton, MN runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Princeton, MN runs 4.9% across the Midwest region in 2025, up from 4.4% in 2019. Nearly 1.6x the 2022 low of 3.1%.
Vacancy Rate % in Midwest region
Multifamily
Multifamily vacancy in Princeton, MN runs 8% across the Midwest region in 2025, up from 6.5% in 2022.
Vacancy Rate % in Midwest region
Zoning & Land Use
Land Use Mix share of zoned land by category
- Residential 61.5%
- Commercial 17.8%
- Industrial 13.4%
- Agricultural 5.2%
- Civic 1.5%
Largest Zones share of zoned land by district
Floodplain
Multiple Family Residential
Residential 2
Industrial
Residential
Princeton, MN zones 3,241 acres across 16 districts. Commercial zoning covers 17.8% of zoned land, residential 61.5% and industrial 13.4%. The largest single district is Floodplain at 21.5%. For commercial buyers the practical constraint is that only 31.2% of land carries a commercial or industrial designation.
Floodplain (F-1)
The intent of the floodplain district is to allow agricultural uses, recreation areas, loading and parking areas, airport landing strips, and residential yards that are compatible with floodplain conditions.
Market overview
Demographics & Economy
Princeton, MN has 17,132 residents in 6,838 households. Density runs 87 people per square mile. Median household income here is $89,674 and median gross rent $946 a month.
17,132
Population
6,838
Households
2.5
Avg Household Size
40
Median Age
19%
College-Educated
94%
High-School Grad
196 sq mi
ZIP Area
87
Density / Sq Mi
$89,674
Median Household Income
$48,624
Median Earnings
$946
Median Rent
$299,100
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Spectacle Lake | — | — |
| Zimmerman | — | — |
| Pease | — | — |
| Dalbo | — | — |
Commercial property in Princeton, MN asks $19/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Princeton?
Commercial property in Princeton, MN asks an average of $19 per square foot. The 3 most recent recorded sales traded at a median of $133/SF.
What zoning applies to commercial property in Princeton?
Princeton, MN zones 3,241 acres across 16 districts, of which 17.8% is commercial and 13.4% industrial. The largest single district is Floodplain at 21.5% of zoned land. The intent of the floodplain district is to allow agricultural uses, recreation areas, loading and parking areas, airport landing strips, and residential yards that are compatible with floodplain conditions. Residential zoning covers 61.5% and open space 0%.
Where does Realmo's Princeton market data come from?
Realmo compiles Princeton, MN figures from 6 recent recorded sales, 36 active sale listings, 2 active lease listings, 405 tracked off-market properties, the current Princeton zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 36 active for-sale and 2 active for-lease listings in Princeton, MN. These are ASKING figures from live listings, not closed-transaction prices, and a segment carried by a handful of listings reads as indicative rather than an average.
- Vacancy rates
- Published per-sector market series, taken at the metro level where one exists and otherwise at the Census-region level — a chart reading "in <region> region" is a regional number, not this city's.
- Zoning and land use
- The current municipal zoning release: 3,241 zoned acres across 16 districts. Shares are of zoned land, so parcels the release leaves unclassified are excluded from the mix.
- Refresh
- The monthly aggregates close at the end of the previous month, so 31 August 2026 — not today — is the honest last update.
- Known limitations
- office vacancy is reported at Midwest region level, retail vacancy is reported at Midwest region level and industrial vacancy is reported at Midwest region level.
- Coverage
- Metrics below the 10-observation threshold fall back one geographic level. The geography used is named on each figure.
Compiled by the Realmo Data team · reviewed 31 August 2026 · report a data issue
