Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    33040 Aspenwood Dr Pequot Lakes, MN 56472
    Back to Search
    Property profile & analytics

    33040 Aspenwood Dr Pequot Lakes, MN 56472

    View on Map
    • Retail properties & Spaces
    • 14,428 SF
    • 2.31 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties & Spaces

    Property Details for 33040 Aspenwood Dr

    Year built
    2004
    Lot size
    2.31 lot acres
    Property size
    14,428 SF
    Property type
    Retail properties & Spaces

    Description

    This exceptional 14,428 square foot commercial property, situated on a 2.31-acre lot in Pequot Lakes, Minnesota (APN 26350547), presents a unique investment opportunity. Built in 2004, the building currently operates as a five-screen movie theater, offering flexibility for a new owner to continue this established business or explore alternative uses. The Highway Business District (C-2) zoning allows for a wide range of possibilities, including large-scale industrial facilities or open-display retail spaces. The expansive 118-space parking lot provides ample room for customers or inventory display. Conveniently located off Highway 371, between Pequot Lakes and Jenkins on County Road 16, this property enjoys high visibility and easy access for those traveling along the popular north woods corridor, serving Pequot Lakes, Jenkins, Nisswa, Pine River, and Backus. The asking price is $675,000. This prime location and versatile zoning make this property an attractive investment with significant potential for growth and return. The address is 33040 Aspenwood Drive, Pequot Lakes, MN 56472.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Pequot Lakes
    County
    Crow Wing
    State
    Minnesota
    Longitude
    -94.3193
    Latitude
    46.6319

    Comparable in this City

    • Value Estimation by Request
      64,295 SF

      4326 Lk St

      Distribution properties • 64,295 SF
      4326 Lk St, Pequot Lakes, MN 56472
      View Details
    • Value Estimation by Request
      5,200 SF

      4326 Lk St

      Distribution properties • 5,200 SF
      4326 Lk St, Pequot Lakes, MN 56472
      View Details
    • Value Estimation by Request
      1,120 SF

      31158 Government Dr

      RETAIL STORES (PERSONAL SERVICES) • 1,120 SF
      31158 Government Dr, Pequot Lakes, MN 56472-1001
      View Details
    • Value Estimation by Request
      18,300 SF

      Pequot Lakes, MN 56472

      PARKING LOT • 18,300 SF
      Pequot Lakes, MN 56472
      View Details
    • Value Estimation by Request
      1,280 SF

      Pequot Lakes, MN 56472

      BARBER, HAIR SALON • 1,280 SF
      Pequot Lakes, MN 56472
      View Details
    • Value Estimation by Request
      1,296 SF

      Pequot Lakes, MN 56472

      RESTAURANT • 1,296 SF
      Pequot Lakes, MN 56472
      View Details

    Similar Nearby for Sale

    • New
      $379,000
      Pending

      Versatile Commercial Building in Jenkins

      50x80 shop with office space and potential for various uses.
      33484 State Hwy 371, Jenkins, MN 56472
      View Details
    • $179,000
      807 SF

      Prime Pequot Lakes Commercial Building

      Stand-alone building on Main Street, ideal for retail or office.
      4560 Main St, Pequot Lakes, MN 56472
      View Details
    • $3,790,000
      17.90 Acres

      Highway 371 Commercial Development Land

      Prime commercial land off Highway 371 in Pequot Lakes.
      Tbd Tbd - Main St, Pequot Lakes, MN 56472
      View Details
    • Contact for pricing
      1.01 Acres

      Breezy Point Acre Corner Lot

      One-acre wooded corner lot near lakes and golf courses.
      Tbd Percheron Dr, Breezy Point, MN 56472
      View Details
    • Contact for pricing
      2.89 Acres

      Island Property on Pine River

      Island property surrounded by the Pine River with great fishing.
      Tbd Is, Pine River, MN 56472
      View Details
    • $195,000
      25.00 Acres

      Pequot Lakes Land Opportunity

      25 acres of diverse terrain, ideal for building or recreation.
      48Th St SW, Pequot Lakes, MN 56472
      View Details
    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.
    33040 Aspenwood Dr
    Pequot Lakes, MN 56472
    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

    Thank You for Inquiry
    33040 Aspenwood Dr, Pequot Lakes, MN, 56472
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!