Cold Storage Facility For
511 28th Ave S Waite Park, MN
For Sale
Contact for pricing
275,000 SF cold storage facility with highway access.
Property Size275,000 SF
Lot Size19.10 Acres
Price / SF$109.09
Days on Market441
Property Features for 511 28th Ave S
General Information
Standard status
Active
Size
275,000 SF
Lot size
19.10 Acres
Property subtype
INDUSTRIAL
Properties For Sale
at 511 28th Ave S Contact us
Listing Agency:
CBRE - Minnesota
(612) 202-9067
Listed By:
Sandy Barin
(612) 202-9067
Source:
Moodyscre
Added: May 16, 2025
Changed: Jul 6
Last Checked: Jul 21 at 6:31AM
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 CBRE - Minnesota
Investment Insights
Based on property information with market context.
The property at 511 28th S, Waite Park, MN, is a cold storage facility with 275,000 square feet available for sale. It offers access to Hwy I-94 via Hwy 23. The building features recently renovated freezer space that is convertible. The refrigeration system uses Freon, and temperatures can range from -10F to 46F in zones based on tenant requirements. Fire protection is provided by a dry system throughout the building. LED high bay lighting with motion sensor control is installed at racking aisles and dock areas. A truck court of up to 3 acres is available for trailer drops. Recent construction includes 20’ clear height, new refrigeration equipment, a new office area, and a staging area. The facility includes 15 dock doors, with 9 equipped with vertical levelers. An additional 150,000 SF is available for lease.
Key Highlights
- Large cold storage facility: 150,000 SF available for lease and 275,000 SF available for sale.
- Recently renovated freezer space (convertible) with new refrigeration equipment.
- Temperature control: Freon systems allow temperatures from -10F to 46F in zones.
Financial Insights For Warehouse
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $2.74M | $9.96 |
| − Vacancy | −$109.6k | −$0.40 |
| EGI | $2.63M | $9.56 |
| − OpEx | −$394.4k | −$1.43 |
| NOI | $2.24M | $8.13 |
275,000 SF · lease $9.96/SF/yr · vacancy 4.00% · expense 15.00%
Alternative Uses
Best Use
Warehouse
$31.93M
$27.94M – $37.25M
NOI $2,235,024 @ 7.0% cap · market cap 7.45%
Second Best
Industrial
$26.29M
$23.01M – $30.68M
NOI $1,840,608 @ 7.0% cap · market cap 6.14%
Theoretical Best
Office A
$60.21M
$52.69M – $70.25M
NOI $4,214,813 @ 7.0% cap · market cap 14.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Similar Off Market Nearby
- Ace Storage — 3055 3rd St S, Waite Park, MN 56387
- West End Storage — 313 34th Ave S, Waite Park, MN 56387
- St Cloud Cold Storage — 519 28th Ave S, Waite Park, MN 56387
Frequently Asked Questions
What type of property is this?
Warehouse - 275,000 SF cold storage facility with highway access.
Where is this warehouse located?
The property is located at 511 28th Ave S Waite Park, MN.
What is the asking price?
The asking price for this property is $30,000,000.
What are key features of this property?
This property features: Large cold storage facility: 150,000 SF available for lease and 275,000 SF available for sale.; Recently renovated freezer space (convertible) with new refrigeration equipment.; Temperature control: Freon systems allow temperatures from -10F to 46F in zones.
