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    812 7Th Ave Two Harbors, MN 55616
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    812 7Th Ave, Two Harbors, MN 55616

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    • Turn key restaurants
    • 2,230 SF
    For Sale
    $749,000
    View Listing →
    Turn-Key Restaurant Opportunity For Sale
    $749,000
    3,475 SF

    Turn-Key Restaurant Opportunity

    Restaurant and retail property in high-visibility location.

    812 7th Ave, Two Harbors, MN
    View Listing
    Property ID
    US46-2093987
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Vanilla Bean - Two Harbors / Restaurant
    • Agate Bay Outfitters LLC / (Bike/Boat/Book/etc) Store

    Property Details for 812 7Th Ave

    Year built
    1995
    Construction
    WOOD
    Property type
    Turn key restaurants
    APN
    23-7661-33010
    APU
    23766133010

    Description

    This exceptional turnkey restaurant opportunity in Two Harbors, Minnesota, is ideally situated on a main thoroughfare, ensuring high visibility and ample foot traffic. The property, known as the "Vanilla Bean," boasts a total of 3,718 square feet, encompassing a 2,670 square foot interior dining area and an additional 805 square feet of outdoor patio seating, perfect for the busy summer and fall seasons. An adjacent 1,404 square foot retail building is currently leased, providing additional income potential. The property includes ample parking for patrons and staff. Built in 1903 and renovated in 1995, this single-story building sits on two parcels of land (APN: 23-7661-33010 / 23-7661-33010) and is offered at an asking price of $749,000 ($201.45 per square foot). 2022 property taxes totaled $9,654.58. This is a rare chance to acquire a well-established, profitable business in a desirable location. The property is available for purchase.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Two Harbors
    County
    Lake
    State
    Minnesota
    Longitude
    -91.6755
    Latitude
    47.0254
    CBSA code
    20260
    CBSA name
    DULUTH, MN-WI METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $8,360
    $20,100
    $297,400
    $317,500
    -
    $20,100
    $297,400
    $317,500

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    Similar Nearby for Sale

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      3,475 SF

      Turn-Key Restaurant Opportunity

      Restaurant and retail property in high-visibility location.
      812 7Th Ave, Two Harbors, MN 55616
      View Details
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      Restaurant/Bar on Highway 61

      Retail/commercial property with high visibility and Lake Superior views.
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      Retail Space on Highway 61

      High-visibility retail space near 7th Avenue business corridor.
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      Commercial Land on Highway 61

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      34.87 Acres

      Heavily Wooded Acreage Near Two Harbors

      34.8-acre wooded parcel near Two Harbors, Minnesota.
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    • $1,190,000
      341.70 Acres

      341.7 Acres of Vacant Land

      341.7 acres of land with 1550 ft shoreline.
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      View Details

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    • Contact for pricing
      13,500 SF

      Highway Sites Leasing Opportunity

      Leasing opportunities with great visibility outside of Two Harbors.
      872 Stanley Rd, Two Harbors, MN 55616
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    View Listing
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    Two Harbors, MN 55616
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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.

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