For Sale: Biwabik MLS# 6615095
Active
$950,000
Commercial: 2 Stories
Built 1920
0.17 acres
Mesabi East schools
MLS# 6615095
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Property Description
Prime Investment Opportunity on Main Street, Biwabik, MN. Located just miles from Giants Ridge Golf and Ski Resort in the heart of Minnesota’s Iron Range on the Main Street of Biwabik, this updated mixed-use property offers an exceptional live-work-play opportunity. This versatile building features: 3 revenue-generating apartments ideal for both short-term rentals or long-term tenants, 2 commercial spaces perfect for retail or office use, laundry center, and private outdoor hardscape patio for tenants or guests. Extensive recent upgrades include new plumbing (supply and drain), electrical service, heat distribution system, windows, whole-building ventilation, spray foam insulation, solar panels, and drywall. With its prime location and sustainable upgrades, this property is a smart and profitable investment opportunity. Each of the 3 apartments features beautifully refinished hardwood flooring, new kitchen cabinetry with quartz countertops, and stainless-steel appliances. The bathrooms are elegantly tiled, while the stunning wood trim throughout adds a touch of timeless craftsmanship. Each unit is thoughtfully designed, incorporating unique decorative elements that pay homage to the area's rich mining history, creating distinctive and inviting living spaces. All furnishings are included in the sale. The property offers two commercial spaces available for lease, including a professionally designed 750 sq. ft. coffee shop (COMM1) featuring a convenient walk-up window facing the street. The space includes brand-new commercial appliances (refrigerators, nugget ice machine, Turbofan commercial oven, espresso machine, etc. See full list under documents). The installation of equipment, countertops, and cabinetry is pending. Final work on the bathroom, utility room, and electrical/plumbing connections for coffee shop-specific equipment is remaining. This presents an excellent opportunity for a business looking to customize and establish a presence in a busy prime location with an average exposure of 4400 cars a day. The 1000sf detached commercial space (COMM2) has been extensively upgraded and is equipped with a range of modern amenities. Highlights include a new roof installed in 2022, a solar PV system with a 200-amp electrical service and grid tie, radiant floor heating, polished concrete floors, and roughed-in water, sewer, bathroom, and utility room connections. The space also features an Arctic Heat Pump system for efficient heating and air conditioning, new windows, LED lighting, and spray foam insulation for enhanced energy efficiency. This commercial unit is well-prepared to accommodate a variety of business needs and is ready for build-out. There is also a convenient on-site laundry center with 3 washers, 3 dryers, and storage space. A private hardscaped patio provides an outdoor retreat, while a 4-car parking pad, located adjacent to an easily accessible alley, ensures ample parking. Seller is willing to separate the property into two parcels and would retain the parcel with second commerical space on it. The location is highly convenient, with a grocery store and gas station nearby, and a city park directly across the street, enhancing the property's appeal for both tenants and businesses. Listing agent related to seller.
Listing
Listing Status:
Active
Contingency:
None
List Price:
$950,000
Property Type:
Commercial
City:
Biwabik
Garage Spaces:
0
County:
St. Louis
Year Built:
1920
State:
MN
Property Style:
2 Stories
Zip Code:
55708
Subdivision Name:
Biwabik
Interior
Ceiling Height:
8-10
Ranges:
One Per Unit
Refrigerators:
One Per Unit
Appliances Included:
- Cooktop
- Dishwasher
- Dryer
- ENERGY STAR Qualified Appliances
- Electric Water Heater
- Exhaust Fan
- Microwave
- Range
- Refrigerator
- Stainless Steel Appliances
- Wall Oven
- Washer
Basement Details:
- Block
- Crawl Space
- Daylight/Lookout Windows
- Drain Tiled
- Drainage System
- Owner Access
- Storage Space
Exterior
Stories:
Two
Garage Spaces:
0
Other Parking Spaces:
4
Air Conditioning:
Ductless Mini-Split, Heat Pump, Zoned
Foundation Size:
1,400 ft2
Foundation Dimensions:
25x56
Handicap Accessible:
None
Road Responsibility:
Public Maintained Road
Heating System:
- Boiler
- Ductless Mini-Split
- Heat Pump
- Hot Water
- Humidifier
- Radiant Floor
- Radiator(s)
- Zoned
Parking Features:
- Guest Parking
- Open
- Paved
Shared Amenities:
Patio
Unit Amenities:
- City View
- Hardwood Floors
- Main Floor Primary Bedroom
- Natural Woodwork
- Paneled Doors
- Tile Floors
- Washer/Dryer Hookup
Road Frontage:
- City Street
- Curbs
- Paved Streets
- Sidewalks
- State Road
- Storm Sewer
- Street Lights
Exterior Material:
Stucco
Roof Details:
- Age 8 Years or Less
- Architectural Shingle
Lot & Land
Acres:
0.17
Geolocation:
47.532597, -92.343621
Inclusions:
Building, Business Assets, Business, Fixture/Equipment, Land, Leases
Lot Dimensions:
125 x 50
Zoning:
Business/Commercial
Lot Description:
Corner Lot
Farm
Topography:
Level
Schools
School District:
2711
District Phone:
218-229-3321
Financial & Taxes
Tax Year:
2024
Annual Taxes:
$3,331
Lender-owned:
No
Assessment Pending:
Yes
Taxes w/ Assessments:
$3,588
Units
Total Units:
4
Miscellaneous
Current Use:
- Bed & Breakfast
- Commercial
- Food Service
- Laundromat
Fuel System:
- Electric
- Natural Gas
- Solar
Owner Occupied:
No
Sewer System:
City Sewer/Connected
Available Utilities:
- Electric Separate
- Hot Water Separate
Water System:
City Water/Connected
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Local Home Mortgage Professionals
Eric Bloomstrand
Branch Sales Manager
Fairway Home Mortgage NMLS#274211
612-961-2600
Eric Bloomstrand is a Branch Sales Manager at Fairway Home Mortgage with 30+ years of experience in the mortgage banking services industry. Eric has extensive skills in construction loans, FHA financing, VA loans, USDA, and first-time buyer down payment assistance programs. He is a well-qualified finance professional with a Bachelor of Science focused in Finance and Marketing from Minnesota State University, Mankato. Helping individuals acquire their dream home is his passion.
Connect with Eric today to get started with your home purchase!
Listing provided by RMLS,
courtesy of Better Homes and Gardens Real Estate First Choice.
Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.
Disclaimer: The information contained in this listing has not been verified by TheMLSonline.com and should be verified by the buyer.