400 Main ST S, Biwabik, MN 55708 - MLS#6615095 - Chad Pederson

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Chad Pederson

chad@pedersonrealty.com +1(612) 325-8745

$950,000

Est. payment - /mo

7,405 Sqft Lot

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UPDATED:

11/11/2024 08:16 PM

Key Details

Property Type Condo, Commercial

Sub Type Apartment,Mixed Use,Business,Duplex Up and Down,Office,Other

Listing Status Active

Purchase Type For Sale

Subdivision Biwabik

MLS Listing ID 6615095

Year Built 1920

Annual Tax Amount $3,331

Tax Year 2024

Contingent None

Lot Size 7,405 Sqft

Acres 0.17

Lot Dimensions 125x50

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, a nugget ice machine, a Turbofan commercial oven, and an espresso machine). 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 with drainage, 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 seperate 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.

Location

State MN

County St. Louis

Zoning Business/Commercial

Rooms

Basement Block, Crawl Space, Daylight/Lookout Windows, Drain Tiled, Drainage System, Owner Access, Storage Space

Kitchen Prep Station, Refrigerator, Shelving and Racks, Other, Dishwasher, Freezer, Ice Machine, Oven

Interior

Heating Boiler, Ductless Mini-Split, Heat Pump, Hot Water, Humidifier, Radiant Floor, Radiator(s), Zoned

Cooling Ductless Mini-Split, Heat Pump, Zoned

Inclusions Building, Business Assets, Business, Fixture/Equipment, Land, Leases

Fireplace No

Appliance Cooktop, Dishwasher, Dryer, Electric Water Heater, ENERGY STAR Qualified Appliances, Exhaust Fan, Microwave, Range, Refrigerator, Stainless Steel Appliances, Wall Oven, Washer

Exterior

Garage Guest Parking, Paved, Open

Utilities Available Electric Separate, Hot Water Separate

Roof Type Age 8 Years or Less,Architectural Shingle

Present Use Bed & Breakfast,Commercial,Food Service,Laundromat

Parking Type Guest Parking, Paved, Open

Building

Lot Description Corner Lot

Story Two

Foundation 1400

Sewer City Sewer/Connected

Water City Water/Connected

Level or Stories Two

Structure Type Stucco

Schools

School District Mesabi East

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Listed by Tammy Schotzko • Better Homes and Gardens Real Estate First Choice

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Chad Pederson

+1(612) 325-8745

Broker | License ID: 20586306

Broker License ID: 20586306

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