Watertown Garage Condo For
For Sale
$295,500
721 Industrial Boulevard D5, Watertown, MN 55388
1500 SF garage condo with in-floor heat and amenities.
Property Size1,500 SF
Price / SF$197
Days on Market581
Property Features for 721 Industrial Boulevard D5
General Information
Standard status
Active
Size
1,500 SF
Property subtype
Commercial/Industrial
Building Details
Year Built
2023
Listing Agency:
Edina Realty, Inc.
(952) 212-2374
Listed By:
Butcher Real Estate Team
(952) 212-2374
Source:
Exitrealty
Added: Dec 27, 2024
Changed: Jul 6
Last Checked: Jul 31 at 5:13AM
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 Edina Realty, Inc.
Investment Insights
Based on property information with market context.
This 1500 square foot garage condo at the Workshops of Watertown offers a 30' x 50' space. The unit features sheet rocked walls, a tin ceiling, and a 16' wide by 14' high insulated garage door with an opener. It includes two LED lights, in-floor heat, 100-amp electrical service, a floor trench drain, and a fire suppression system. The unit is rough-in ready for a bathroom with a shower and is structured for a future mezzanine. Exterior features include LP siding, an asphalt shingled roof, concrete aprons, and an asphalt lot. The association provides lawn care, snow removal, refuse services, and security. Upcoming amenities include entrance gates, security fencing, a wash bay, a dump station, and a lounge. Financing options are available. Zoned commercial/multi-use, businesses are welcome.
Key Highlights
- 1500 sq ft garage condo in the Workshops of Watertown.
- Features in‑floor heat and 100‑amp electrical service.
- The 16'x14' insulated garage door comes with an opener.
Financial Insights For Flex RnD
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 | $32.9k | $21.96 |
| − Vacancy | −$1.6k | −$1.10 |
| EGI | $31.3k | $20.86 |
| − OpEx | −$11.0k | −$7.30 |
| NOI | $20.3k | $13.56 |
1,500 SF · lease $21.96/SF/yr · vacancy 5.00% · expense 35.00%
Alternative Uses
Best Use
Flex RnD
$290.6K
$254.3K – $339.0K
NOI $20,340 @ 7.0% cap · market cap 6.88%
Second Best
Industrial
$232.8K
$203.7K – $271.6K
NOI $16,296 @ 7.0% cap · market cap 5.51%
Theoretical Best
Office A
$357.9K
$313.1K – $417.5K
NOI $25,051 @ 7.0% cap · market cap 8.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
9
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 55388, MN
5,984
Population
2,386
Households
2.5
Avg Household Size
39
Median Age
23%
College-Educated
96%
High-School Grad
37.6 sq mi
ZIP Area
159
Density / Sq Mi
$92,273
Median Household Income
$48,955
Median Earnings
$998
Median Rent
$333,100
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - 1500 SF garage condo with in-floor heat and amenities.
Where is this flex space located?
The property is located at 721 Industrial Boulevard D5 Watertown, MN.
What is the asking price?
The asking price for this property is $295,500.
What are key features of this property?
This property features: 1500 sq ft garage condo in the Workshops of Watertown.; Features in‑floor heat and 100‑amp electrical service.; The 16'x14' insulated garage door comes with an opener.
