500 1st St E
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500 1st St E
6,900 SF Retail Building Park Rapids, MN 56470 $365,000 ($53/SF)
INVESTMENT HIGHLIGHTS
- Sits near widen Fishhook River's edge near dam.
- Ample Co-op parking
- Liquor Lic avail.
EXECUTIVE SUMMARY
Prime commercial with live-in quarters. CR 34 Location with high traffic counts, water frontage and beautiful views of the Fish Hook River! Over 6,000 total square feet. 4,900 sq ft main level with commercial kitchen, bar and two large dining areas and BAR. Also has a 2 bedroom apartment above. Plenty of sq footage with potential for bar, restaurant, retail and/or office space. Additional parking available on adjoining lot.
TAXES & OPERATING EXPENSES (ACTUAL - 2021) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Taxes |
$11,072
|
$1.60
|
| Operating Expenses |
$2,400
|
$0.35
|
| Total Expenses |
$13,472
|
$1.95
|
TAXES & OPERATING EXPENSES (ACTUAL - 2021)
| Taxes | |
|---|---|
| Annual | $11,072 |
| Annual Per SF | $1.60 |
| Operating Expenses | |
|---|---|
| Annual | $2,400 |
| Annual Per SF | $0.35 |
| Total Expenses | |
|---|---|
| Annual | $13,472 |
| Annual Per SF | $1.95 |
PROPERTY FACTS
Sale Type
Owner User
Sale Conditions
Property Type
Retail
Property Subtype
Building Size
6,900 SF
Building Class
B
Year Built
1950
Price
$365,000
Price Per SF
$53
Tenancy
Single
Building Height
3 Stories
Building FAR
0.40
Lot Size
0.40 AC
Opportunity Zone
Yes
Zoning
B3 - Commercial Mixed Use
Parking
12 Spaces (1.74 Spaces per 1,000 SF Leased)
Frontage
220 FT on 1st St
AMENITIES
- 24 Hour Access
- Conferencing Facility
- Corner Lot
- Restaurant
- Signage
- Waterfront
- Air Conditioning
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Numbers | Total Assessment | $268,700 (2023) | |
| Land Assessment | $77,400 (2023) | Annual Taxes | $11,072 ($1.60/SF) |
| Improvements Assessment | $191,300 (2023) | Tax Year | 2021 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$77,400 (2023)
Improvements Assessment
$191,300 (2023)
Total Assessment
$268,700 (2023)
Annual Taxes
$11,072 ($1.60/SF)
Tax Year
2021
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500 1st St E
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