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    Cold Storage Facility For Sale Title is generated by Realmo AI

    511 28th S, Waite Park, MN

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    275,000 SF cold storage facility with highway access.

    Type:INDUSTRIAL
    Property size:
    275,000 SF
    Lot size:
    19.10 Acres
    Price / SF:
    $109/SF
    Added:
    May 16, 2025
    Days on Market:
    395
    Last Refresh:
    May 20 at 9:07 pm

    Property Features for 511 28th S

    General Information

    Standard status
    Active
    Size
    275,000 SF
    Lot size
    19.10 Acres
    Property subtype
    INDUSTRIAL

    Properties For Sale

    at 511 28th S Contact us

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    Listing Contact
    Sandy Barin

    Listing agent Sandy Barin

    Listing office CBRE - Minnesota

    Listing date May 16, 2025

    Source Moodyscre

    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

    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.
    • Excellent highway access: Conveniently located near Hwy I‑94 via Hwy 23.
    • Features 15 dock doors (9 with vertical levelers) and up to 3 acres for trailer drops.
    • New construction: Includes 20’ clear height, new office area, and staging area.

    Overview

    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.

    Local 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 (±1% cap)
    NOI $2,235,024 @ 7.0% cap · market cap 7.45%
    Second Best
    Industrial
    $26.29M
    $23.01M – $30.68M (±1% cap)
    NOI $1,840,608 @ 7.0% cap · market cap 6.14%
    Theoretical Best
    Office A
    $60.21M
    $52.69M – $70.25M (±1% cap)
    NOI $4,214,813 @ 7.0% cap · market cap 14.05%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Warehouses

    Suggested Use

    Restaurant Real Estate Agency Law Firm Big Box & Wholesale Store Hotel & Motel Auto Parts Store Building Supply Kitchen & Bath Showroom Auto Repair Shop HVAC Service

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places 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

    Location Insight

    • Map
    • Local Demand
    City
    Waite Park
    County
    Stearns
    State
    Minnesota
    Longitude
    -94.2577
    Latitude
    45.544

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    FAQs

    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 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.
    (612) 202-9067 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Sandy Barin
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