Building Details

Year built 1984

Building materials Block

Roof type Rubber, Flat

Listing Agency: Keller Williams Premier Realty Lake Minnetonka · Keller Williams Realty k***@kw.com Show Phone

Listed By: Royce Durhman Show Phone

Added: Nov 20, 2025 Changed: Oct 8 Last Checked: Oct 12 at 2:06AM

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MLS# 6820365

Copyright © 2026 Northstar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

Investment Insights

Based on property information with market context.

This block-built flex property contains 8,738 SF of office space, 14,083 SF of manufacturing/tech area, and 3,999 SF of warehouse space. Available areas include 5,886 SF of office, 14,083 SF of manufacturing/tech space, and 3,999 SF of warehouse. The original building dates to 1984, with an addition completed in 1996. Manufacturing/tech areas have 12-foot clear height, while the warehouse offers 20 feet. Four drive-in doors serve the building, which has heavy 3-phase power and wet fire sprinklers.

The 1.39-acre site is zoned I-1 Industrial and includes 77 off-street parking stalls. Building systems were updated in 2019 with a rubber membrane roof and nine rooftop HVAC units. The warehouse is heated and air-conditioned.

Key Highlights

• Available areas: 5,886 SF office, 14,083 SF manufacturing/tech, and 3,999 SF warehouse
• Building area mix: 8,738 SF office, 14,083 SF manufacturing/tech, and 3,999 SF warehouse
• Four drive‑in doors; clear heights are 12 ft. in manufacturing/tech areas and 20 ft. in the warehouse

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 (±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.

Property Analytics

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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

20 ft

Clear height

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

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this flex space located? What is the asking price? Find similar properties What are key features of this property?

Similar Off Market Nearby

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Frequently Asked Questions

What type of property is this?

Flex space - I-1 zoning, heavy three-phase power, and a mix of office, production, and warehouse areas support varied industrial operations.

Where is this flex space located?

The property is located at 1 Premier Drive 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: Available areas: 5,886 SF office, 14,083 SF manufacturing/tech, and 3,999 SF warehouse; Building area mix: 8,738 SF office, 14,083 SF manufacturing/tech, and 3,999 SF warehouse; Four drive‑in doors; clear heights are 12 ft. in manufacturing/tech areas and 20 ft. in the warehouse