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Biwabik,MN 55708
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
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