Welcome to Old Oleary Island on stunning Pelican Lake, a rare opportunity to own a fully operational short-term rental with outstanding cash flow and an impressive booking rate on Airbnb/VRBO. Just a one-minute boat ride from the city of Orr, this 2-bed, 1-bath island retreat features water views from nearly every window, a cozy bunk house for extra guests, and a wood-fired hot tub for unforgettable evenings under the stars. A newer septic system and docks on two sides of the island make for easy lake access. In addition to this property, buyers have the chance to purchase another nearby retreat, located just a one-minute boat ride away on the mainland, which may even include a barge for transporting items to and from the island. This is your chance to enjoy a Northwoods retreat while generating strong rental income, whether you keep it as a successful vacation rental, use it as your personal getaway, or both. Endless opportunities - too much to list! Be sure to view the virtual tour!
Active
$449,900
4549 Old Oleary Is, Orr, MN 55771
2beds
1,040sqft
Est.:
Single Family Residence
Built in 1993
0.39 Acres Lot
$-- Zestimate®
$433/sqft
$-- HOA
What's special
Wood-fired hot tubCozy bunk houseEasy lake access
- 122 days |
- 231 |
- 11 |
Zillow last checked: 8 hours ago
Listing updated: September 11, 2025 at 10:06am
Listed by:
James Marx 218-969-1478,
Mirabella Realty
Source: NorthstarMLS as distributed by MLS GRID,MLS#: 6770522
Tour with a local agent
Facts & features
Interior
Bedrooms & bathrooms
- Bedrooms: 2
- Bathrooms: 1
- Full bathrooms: 1
Rooms
- Room types: Living Room, Kitchen, Bedroom 1, Bedroom 2, Bedroom 3
Bedroom 1
- Level: Main
- Area: 120 Square Feet
- Dimensions: 10x12
Bedroom 2
- Level: Main
- Area: 94.8 Square Feet
- Dimensions: 7.9x12
Bedroom 3
- Level: Main
- Area: 42.24 Square Feet
- Dimensions: 9.6x4.4
Kitchen
- Level: Main
- Area: 156 Square Feet
- Dimensions: 12x13
Living room
- Level: Main
- Area: 200 Square Feet
- Dimensions: 10x20
Heating
- Baseboard, Dual
Cooling
- Window Unit(s)
Appliances
- Included: Dryer, Microwave, Range, Refrigerator, Washer
Features
- Basement: None
- Number of fireplaces: 1
Interior area
- Total structure area: 1,040
- Total interior livable area: 1,040 sqft
- Finished area above ground: 1,040
- Finished area below ground: 0
Property
Parking
- Parking features: Off Site
- Details: Garage Dimensions (0), Garage Door Height (0), Garage Door Width (0)
Accessibility
- Accessibility features: None
Features
- Levels: One
- Stories: 1
- Patio & porch: Deck, Enclosed, Porch, Screened
- Has view: Yes
- View description: Lake, Panoramic
- Has water view: Yes
- Water view: Lake
- Waterfront features: Lake Front, Waterfront Num(69084100), Lake Acres(11546), Lake Depth(38)
- Body of water: Pelican
- Frontage length: Water Frontage: 497
Lot
- Size: 0.39 Acres
- Dimensions: 178 x 128
- Features: Island/Peninsula
Details
- Additional structures: Bunk House, Storage Shed
- Foundation area: 1040
- Parcel number: 425003000010
- Zoning description: Residential-Single Family
Construction
Type & style
- Home type: SingleFamily
- Property subtype: Single Family Residence
Materials
- Wood Siding, Timber/Post & Beam
- Roof: Asphalt
Condition
- Age of Property: 32
- New construction: No
- Year built: 1993
Utilities & green energy
- Electric: 100 Amp Service
- Gas: Electric, Propane
- Sewer: Septic System Compliant - Yes
- Water: Lake Water
Community & HOA
Community
- Subdivision: Leiding Town Of
HOA
- Has HOA: No
Location
- Region: Orr
Financial & listing details
- Price per square foot: $433/sqft
- Tax assessed value: $239,200
- Annual tax amount: $2,731
- Date on market: 8/12/2025
- Cumulative days on market: 41 days
Estimated market value
Not available
Estimated sales range
Not available
Not available
Price history
Price history
| Date | Event | Price |
|---|---|---|
| 9/11/2025 | Price change | $449,900-2.2%$433/sqft |
Source: Range AOR #148852 Report a problem | ||
| 8/12/2025 | Listed for sale | $459,900+170.5%$442/sqft |
Source: Range AOR #148852 Report a problem | ||
| 1/29/2021 | Sold | $170,000-10.1%$163/sqft |
Source:  NorthstarMLS as distributed by MLS GRID #5699174 Report a problem | ||
| 1/8/2021 | Pending sale | $189,000$182/sqft |
Source: RE/MAX Lake Country #6094518 Report a problem | ||
| 9/24/2020 | Listed for sale | $189,000$182/sqft |
Source: RE/MAX Lake Country #5231972 Report a problem | ||
Public tax history
Public tax history
| Year | Property taxes | Tax assessment |
|---|---|---|
| 2024 | $2,256 +12.8% | $239,200 +5.1% |
| 2023 | $2,000 +59.2% | $227,600 +21.2% |
| 2022 | $1,256 -10.4% | $187,800 +82.3% |
Find assessor info on the county website
BuyAbility℠ payment
Est. payment
$2,723/mo
Principal & interest
$2187
Property taxes
$379
Home insurance
$157
Climate risks
Neighborhood: 55771
Nearby schools
GreatSchools rating
- 4/10North Woods Elementary SchoolGrades: PK-6Distance: 11.8 mi
- 7/10North Woods SecondaryGrades: 7-12Distance: 11.8 mi
- Loading
- Loading
