10035 Pokegama Lake Road Dr
Pine City, MN · View the listing ↗
Photos courtesy of RE/MAX ADVANTAGE PLUS, via Realtor.com.
Needs more info before these numbers mean much. No reliable rent estimate: too few comparable rentals close by, and no RentCast estimate.
No rent estimate yet, so the numbers can't be run. Run it yourself in the calculator →
First look
This is not a 2–4 unit rental. It's a vacant 1920 sanatorium, about 12,700 sq ft, with broken windows, graffiti and no bedrooms or bathrooms. The listing's own words are 'total rehab project' and 'Sold AS IS.' We have no rent estimates, no county record and no underwriting, so there is no income to analyze. At $225K the real number is the full gut-and-convert cost, and that could dwarf the price. Don't tour without a structural engineer, a contractor and a hard look at zoning, financing and insurance. It's a development gamble, not a small-multifamily buy.
Things to consider
- Rehab cost is the real price A full gut of 12,700 sq ft with no baths or bedrooms could cost several times the $225K ask. Get contractor bids before offering.Listing says: “It's a total rehab project.”
- No income and no comparables There are no rents, no unit count and no underwriting. Any returns depend on a conversion plan you'd have to build and verify.
- Financing and insurance are hard in this condition Most lenders won't lend on a vacant, unsafe building, and insurers may decline. Plan on cash or a construction loan.Listing says: “Sold AS IS.”
- Hazards likely in a 1920 institutional building Asbestos, lead paint and structural moisture are common here and could add abatement costs.From photo 3
- Water and zoning decide what you can build A community well and unclear zoning may limit the unit count and use. Confirm with the city before any offer.Listing says: “access to community well, city sewer”
- Long time on market gives negotiating room 173 days listed suggests little buyer interest. Price should reflect that.
From the photos
Based on 10 of the listing photos. Photos can hide as much as they show; an inspection is the real answer.
Condition and repairs
- neededTotal rehab of the entire buildingListing says: It's a total rehab project.
- neededNo bedrooms and no bathrooms; plumbing is roughed in onlyListing says: there are no actual Bed RM's, and plumbing is in however no bathrooms
- neededSold as-isListing says: Sold AS IS.
AI-assisted first read of the listing description and photos (Claude), checked against public records. Every rent and repair above quotes the listing; verify with the agent, leases and an inspection.
Red flags and opportunities
Watch for
- highBuilding is unfinished and unsafe to enter; the seller disclaims it Listing says: Enter the building at your own risk. · AI review
- mediumCouldn't match this address to a county parcel record, so taxes and unit count are unverified. Public record: County parcels: no match for 10035 POKEGAMA LAKE RD DR
- mediumSold as-is: the seller won't fix what the inspection finds. Price that in. Listing says: "building. Senior Rental or a Multifamily Rental? Sold AS IS . It was built as a Sanatorium in"
- mediumWater is a community well, not a private one. Ask about capacity, cost and whether it can serve a multi-unit conversion. Listing says: access to community well, city sewer · AI review
- mediumZoning is stated loosely and with a typo; confirm what uses are actually permitted Listing says: Current zoning is High Density Residential and commercia. · AI review
- mediumListing beds/baths (12/7) don't match the description of no bedrooms or bathrooms Based on: data: listing.beds · AI review
- mediumTaxes, assessments and parcel details are unverified Based on: data: county.tax · AI review
Opportunities
- Long time on market: room to negotiate. Based on: Listing data: 173 days on market
- Large lakeside site, zoned for high density, close to I-35 Listing says: Current zoning is High Density Residential and commercia. · AI review
- Over 5 months on market gives room to negotiate Based on: data: listing.days_on_market · AI review
- Senior housing or multifamily conversion is possible, but only with a funded plan Listing says: Senior Rental or a Multifamily Rental? · AI review
Questions for the agent
- Has any engineer, environmental or asbestos/lead survey been done? Can I see it?
- What are the actual zoning and permitted uses, and has the city said what a conversion needs?
- Who owns the community well and what does it cost and cover?
- What are the property taxes and any special assessments?
- Is the roof sound, and is there water damage inside the structure?
- Can the property be insured and financed in this condition?
Bottom line
A vacant 1920 sanatorium needing a full gut rehab is a development project, not a rental, and the $225K price is only the start. AI-assisted summary
What the records say
Where each number comes from
Price history Realtor.com
On the market since 2026-04-15 (173 days).
| Date | Event | Price |
|---|---|---|
| Listed | $225,000 |
From the listing Listing
| Listed as | other |
| Property tax, 2025 | $776 |
| County | Pine |
| Parcel number | 0285792000 |
As the listing states it (NorthstarMLS, via Realtor.com). We don't have county records here yet; check the tax, homestead status and special assessments with the county.
Crime, rental-license and vacant-building records are only available for St. Paul and Minneapolis so far. Check with Pine City on rental licensing before you buy.