Flex Property with Heavy
1 Premier Dr, Long Lake, MN 55356
For Sale
$2,950,000
Versatile industrial facility with office, manufacturing, warehouse, and loading capabilities under I-1 zoning.
Property Size26,820 SF
Lot Size1.39 Acres
Price / SF$109.99
Days on Market67
Property Features for 1 Premier Dr
General Information
Standard status
Size
Total Parking Spaces
Lot size
Zoning
Occupancy
Warehouse & Industrial
Warehouse Space
Office Build-Out
Drive-In Doors
Three-Phase Power
Heavy Power
Sprinkler System
Conditioned Warehouse
Additional Details
Gross Income
Building Details
Year Built
Year Renovated
Buildings
Building Size
Listing Agency:
Keller Williams Premier Realty Lake Minnetonka
Listed By:
Royce Durhman
(651) 492-2201
Source:
Homesearchlive
Added: Sep 7
Changed: Nov 11
Last Checked: Oct 7 at 1:07PM
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 26,820 SF flex facility combines office, manufacturing/tech, and warehouse areas within a 1.39-acre property. The building includes 8,738 SF of office space, 14,083 SF dedicated to manufacturing/tech, and 3,999 SF of warehouse area. Available space totals 5,886 SF of office, 14,083 SF of manufacturing/tech, and 3,999 SF of warehouse space. The property is zoned I-1 Industrial and includes 77 off-street parking stalls.
Operational features include heavy 3-phase power, four drive-in doors, and clear heights of 12 ft. in the manufacturing/tech areas and 20 ft. in the warehouse. The warehouse is fully heated and air-conditioned, and the building has a wet, fully sprinkled fire suppression system. A new rubber membrane roof and nine new rooftop HVAC units were installed in 2019. The original building dates to 1984, with an addition completed in 1996.
Operational features include heavy 3-phase power, four drive-in doors, and clear heights of 12 ft. in the manufacturing/tech areas and 20 ft. in the warehouse. The warehouse is fully heated and air-conditioned, and the building has a wet, fully sprinkled fire suppression system. A new rubber membrane roof and nine new rooftop HVAC units were installed in 2019. The original building dates to 1984, with an addition completed in 1996.
Key Highlights
- 26,820 SF flex facility on 1.39 acres
- 14,083 SF manufacturing/tech area and 3,999 SF warehouse
- 5,886 SF office space available
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
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
NOI $353,800 @ 7.0% cap · market cap 11.99%
Second Best
Office B
$4.75M
$4.16M – $5.54M
NOI $332,684 @ 7.0% cap · market cap 11.28%
Theoretical Best
Office A
$6.40M
$5.60M – $7.47M
NOI $447,909 @ 7.0% cap · market cap 15.18%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Properties on Market for Flex space in Hennepin County
Vacancy Rate% for Office in Midwest region
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 - Versatile industrial facility with office, manufacturing, warehouse, and loading capabilities under I-1 zoning.
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 flex facility on 1.39 acres; 14,083 SF manufacturing/tech area and 3,999 SF warehouse; 5,886 SF office space available
