Flex Space with Warehouse
12384 234th Street, Cold Spring, MN 56320
For Sale
$795,000
Commercial Sale, Cold Spring, MN
Property Size9,880 SF
Lot Size1.70 Acres
Price / SF$80.47
Days on Market52
Property Features for 12384 234th Street
General Information
Property type
Property subtype
Zoning description
Parking features
Subdivision
High school district
Directions
Standard status
APN
Lot size
Taxes and HOA fees
Tax Year
Tax Annual Amount
Utilities
Sewer type
Heating system
Cooling system
Water source
Building Details
Year built
Listing Agency:
Agency North Real Estate, Inc
(320) 774-3100
Listed By:
Wendy Hendricks · License #40438191
(320) 267-6373
Added: Sep 17
Changed: Oct 8
Last Checked: Nov 7 at 1:06PM
MLS# 7145558
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.
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Investment Insights
Based on property information with market context.
This 1991 flex property combines approximately 1,150 square feet of conditioned office space with 8,730 square feet of heated warehouse area. The warehouse is arranged across three sections, with bathrooms serving two areas, concrete floors, mostly 13-foot ceilings, and 12-foot overhead doors. The building also includes 3-phase power, natural gas, central air, baseboard heating, security cameras, and updated overhead and service doors. A private well and septic system serve the property.
Set on 1.70 acres at 12384 234th Street in Cold Spring, the site includes a private parking area with additional room for outdoor storage or expansion. Its position just off Hwy 23 provides access between St. Cloud, I-94, and Cold Spring. The layout can support a single occupant or division into two or three suites.
Set on 1.70 acres at 12384 234th Street in Cold Spring, the site includes a private parking area with additional room for outdoor storage or expansion. Its position just off Hwy 23 provides access between St. Cloud, I-94, and Cold Spring. The layout can support a single occupant or division into two or three suites.
Key Highlights
- Approximately 10,000 square feet of combined office and warehouse space
- About 1150 ft of conditioned office space and 8730 ft of heated warehouse space
- Warehouse includes mostly 13‑foot ceilings, 12‑foot overhead doors, and concrete floors
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$66,128
Cap Rate
8.32%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,322,560
$1.3M
Cap Rate 7%
$944,686
$944.7K
Cap Rate 9%
$734,756
$734.8K
Market Conditions
NOI Build-Up for 9,880 SF
Gross rent
$98.4K $9.96/SF
− Vacancy
−$3.9K −$0.40/SF
EGI
$94.5K $9.56/SF
− OpEx
−$28.3K −$2.87/SF
NOI
$66.1K $6.69/SF
Area
Stearns County, MN
Vacancy
4.00%
Lease Rate
$9.96 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,322,560
Cap Rate 7%
$944,686
Cap Rate 9%
$734,756
Alternative Uses
Best Use
Flex RnD
$1.70M
$1.48M – $1.98M
NOI $118,659 @ 7.0% cap · market cap 14.93%
Second Best
Warehouse
$1.15M
$1.00M – $1.34M
NOI $80,298 @ 7.0% cap · market cap 10.10%
Theoretical Best
Office A
$2.16M
$1.89M – $2.52M
NOI $151,427 @ 7.0% cap · market cap 19.05%
Zoning and permitted uses should be independently verified with authorities.
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See the owner, sales and loan history
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Current Use
Lease Details
13 ft
Clear height
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
23
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 56320, MN
7,985
Population
3,630
Households
2.2
Avg Household Size
44
Median Age
32%
College-Educated
93%
High-School Grad
51.1 sq mi
ZIP Area
156
Density / Sq Mi
$90,346
Median Household Income
$45,947
Median Earnings
$1,283
Median Rent
$312,000
Median Home Value
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Market
Vacancy Rate% for Industrial in Midwest region
Frequently Asked Questions
What type of property is this?
Flex space - Versatile owner-user or multi-suite configuration with office, heated warehouse, and private parking.
Where is this flex space located?
The property is located at 12384 234th Street Cold Spring, MN.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: Approximately 10,000 square feet of combined office and warehouse space; About 1150 ft of conditioned office space and 8730 ft of heated warehouse space; Warehouse includes mostly 13‑foot ceilings, 12‑foot overhead doors, and concrete floors
