End-Unit Flex Space with
For Sale
Under Contract
$129,900
1064 S Victory Drive, Mankato, MN 56001
Commercial Sale, Mankato, MN
Property Size960 SF
Price / SF$135.31
Days on Market10
Property Features for 1064 S Victory Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Business/Commercial
Parking features
Assigned, Driveway, Garage, Open
Subdivision
Cic 77 Victory Drive Cntrctrs Park 1st Amd
High school district
Mankato
Directions
Head south on Victory Dr through the roundabout crossing Stadium Road. Victory Drive Contractors Park entrance will be on the right side.
Standard status
Active Under Contract
APN
R010921326032
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
1497
Utilities
Heating system
Forced Air
Building Details
Year built
2017
Listing Agency:
True Real Estate
Listed By:
Elizabeth Crandall
(507) 345-8783
Added: Sep 17
Changed: Sep 25
Last Checked: Sep 26 at 9:06AM
MLS# 7146252
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 960-square-foot end-unit flex space combines shop and garage functionality with a substantial loft area. The loft includes built-in storage, while the main area features an epoxy-coated floor and a floor drain. Forced-air heating and air conditioning support year-round usability, and a roughed-in bathroom is ready for fixtures to be added.
Constructed in 2017, the property includes assigned, garage, open, and driveway parking features. Its configuration provides a practical setting for storage, workshop, or other flex-space applications supported by the existing improvements.
Constructed in 2017, the property includes assigned, garage, open, and driveway parking features. Its configuration provides a practical setting for storage, workshop, or other flex-space applications supported by the existing improvements.
Key Highlights
- 960‑square‑foot end‑unit shop and garage
- Large loft with built‑in storage areas
- Forced‑air heating and air conditioning
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$7,114
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.48%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$142,280
$142.3K
Cap Rate 7%
$101,629
$101.6K
Cap Rate 9%
$79,044
$79.0K
Market Conditions
NOI Build-Up for 960 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$11.5K $12.00/SF
− Vacancy
−$576 −$0.60/SF
EGI
$10.9K $11.40/SF
− OpEx
−$3.8K −$3.99/SF
NOI
$7.1K $7.41/SF
Area
Blue Earth County, MN
Vacancy
5.00%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
35.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$142,280
Cap Rate 7%
$101,629
Cap Rate 9%
$79,044
Alternative Uses
Best Use
Flex RnD
$101.6K
$88.9K – $118.6K
NOI $7,114 @ 7.0% cap · market cap 5.48%
Second Best
Warehouse
$97.6K
$85.4K – $113.8K
NOI $6,830 @ 7.0% cap · market cap 5.26%
Theoretical Best
Office A
$189.7K
$166.0K – $221.4K
NOI $13,282 @ 7.0% cap · market cap 10.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
163
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 56001, MN
50,729
Population
21,583
Households
2.4
Avg Household Size
30
Median Age
37%
College-Educated
94%
High-School Grad
114.5 sq mi
ZIP Area
443
Density / Sq Mi
$67,224
Median Household Income
$29,122
Median Earnings
$1,088
Median Rent
$263,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Shop and garage space offers climate control, built-in storage, and a bathroom ready for fixture installation.
Where is this flex space located?
The property is located at 1064 S Victory Drive Mankato, MN.
What is the asking price?
The asking price for this property is $129,900.
What are key features of this property?
This property features: 960‑square‑foot end‑unit shop and garage; Large loft with built‑in storage areas; Forced‑air heating and air conditioning
