Building Details

Year Built 1984

Listing Agency: Keller Williams Premier Realty Lake Minnetonka

Listed By: Royce Durhman Show Phone

Source: Searchhousesnow

Added: Sep 7 Changed: Oct 6 Last Checked: Oct 7 at 1:16PM

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Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Keller Williams Premier Realty Lake Minnetonka

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Investment Insights

Based on property information with market context.

This flex property at 1 Premier Dr includes 8,738 SF of office area, 14,083 SF dedicated to manufacturing and technology functions, and 3,999 SF of warehouse space within a 26,820 SF building. The property has 1.39 acres and was developed in phases, with the original structure completed in 1984 and an addition completed in 1996. Current occupancy is 10.63%, with 5,886 SF of office space, 14,083 SF of manufacturing/tech space, and 3,999 SF of warehouse space available.

The facility is zoned I-1 Industrial and provides 77 off-street parking stalls. Manufacturing and technology areas have 12-foot clear heights, while the warehouse reaches 20 feet. Four drive-in doors support loading, and heavy three-phase power serves the building. Improvements include a rubber membrane roof installed in 2019, nine rooftop HVAC units installed in 2019, and wet-pipe fire sprinklers throughout. The warehouse is heated and air-conditioned.

Key Highlights

• 26,820 SF building on 1.39 acres
• 8,738 SF office, 14,083 SF manufacturing/tech, and 3,999 SF warehouse
• I‑1 Industrial zoning with heavy three‑phase power

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$220,911

Cap Rate

7.49%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$4,418,220 $4.4M

Cap Rate 7%

$3,155,871 $3.2M

Cap Rate 9%

$2,454,567 $2.5M

Is this asking price fair?

Market Conditions

NOI Build-Up for 26,820 SF

Gross rent

$386.2K $14.40/SF

− Vacancy

−$46.3K −$1.73/SF

EGI

$339.9K $12.67/SF

− OpEx

−$119.0K −$4.44/SF

NOI

$220.9K $8.24/SF

Area

Hennepin County, MN

Vacancy

12.00%

Lease Rate

$14.40 /SF/Yr

Expense Ratio

35.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$4,418,220

Cap Rate 7%

$3,155,871

Cap Rate 9%

$2,454,567

Alternative Uses

Best Use

Warehouse

$5.05M

$4.42M – $5.90M (±1% cap)

NOI $353,800 @ 7.0% cap · market cap 11.99%

Second Best

Office B

$4.55M

$3.98M – $5.31M (±1% cap)

NOI $318,484 @ 7.0% cap · market cap 10.80%

Theoretical Best

Office A

$6.40M

$5.60M – $7.47M (±1% cap)

NOI $447,909 @ 7.0% cap · market cap 15.18%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Open Analytics

Current Use

Flex space

Suggested Use

Top Pick Real Estate Agency Law Firm HVAC Service Parking Lot & Garage Electrical Service Restaurant

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

4

Drive-in doors

10.6%

Occupancy

Yes

Heavy power

Yes

Sprinkler system

Location Intelligence

Trade Area within ½ mile

382

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 55356, MN

5,790

Population

2,312

Households

2.5

Avg Household Size

45

Median Age

64%

College-Educated

98%

High-School Grad

13.1 sq mi

ZIP Area

442

Density / Sq Mi

$171,333

Median Household Income

$90,433

Median Earnings

$1,732

Median Rent

$712,800

Median Home Value

Market

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

Similar Off Market Nearby

• Dining On Hold — 1865 Wayzata Blvd, Long Lake, MN 55356

Frequently Asked Questions

What type of property is this?

Flex space - Industrial flex property with office, production, and warehouse areas, I-1 zoning, heavy three-phase power, and extensive parking.

Where is this flex space located?

The property is located at 1 Premier Dr Long Lake, MN.

What is the asking price?

The asking price for this property is $2,950,000.

What are key features of this property?

This property features: 26,820 SF building on 1.39 acres; 8,738 SF office, 14,083 SF manufacturing/tech, and 3,999 SF warehouse; I‑1 Industrial zoning with heavy three‑phase power