Flex Space With
For Sale
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125 Division Street, Waite Park, MN 56387
Adaptable commercial building combining customer-facing showroom space with shop and warehouse areas.
Property Size5,760 SF
Lot Size1.03 Acres
Price / SF$294.27
Days on Market8
Property Features for 125 Division Street
General Information
Standard status
Active
Size
5,760 SF
Total Parking Spaces
51
Lot size
1.03 Acres
Property subtype
Retail
Site & Location
Traffic Count
18,229 vehicles/day
Road Access
Yes
Additional Details
Warehouse Space
2,160 SF
Amenities
large storefront windows
Building Details
Year Built
2004
Buildings
1
Listing Agency:
SVN | GC Real Estate
(320) 420-6485
Listed By:
Kate Hanson · License #MN
Source:
Crexi
Added: Aug 4
Changed: Aug 9
Last Checked: Aug 10 at 8:29AM
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 SVN | GC Real Estate
Investment Insights
Based on property information with market context.
Built in 2004, this flex property provides a combined 5,760 SF layout with approximately 3,600 SF of showroom area and approximately 2,160 SF dedicated to shop and warehouse functions. Large storefront windows, a well-lit interior, and a configuration that can be adapted for retail, dining, office, or service-oriented operations support a range of commercial uses. The property occupies two parcels totaling 44,866 SF and includes approximately 51 parking stalls.
The building is positioned along Division Street in Waite Park, on a corridor reporting approximately 18,229 vehicles per day. Nearby destinations include Crossroads Shopping Center, Walgreens, Chick-fil-A, Applebee's, Olive Garden, Smile Orthodontics, Urban Style Salon, and Great Harvest Bread Company. The site also offers signage potential and convenient access from a highly traveled commercial thoroughfare.
The building is positioned along Division Street in Waite Park, on a corridor reporting approximately 18,229 vehicles per day. Nearby destinations include Crossroads Shopping Center, Walgreens, Chick-fil-A, Applebee's, Olive Garden, Smile Orthodontics, Urban Style Salon, and Great Harvest Bread Company. The site also offers signage potential and convenient access from a highly traveled commercial thoroughfare.
Key Highlights
- 5,760 SF flex property with approximately 3,600 SF showroom and 2,160 SF shop/warehouse space
- Two parcels totaling 44,866 SF
- Approximately 51 parking stalls
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
$77,246
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
4.56%
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%
$1,544,920
$1.5M
Cap Rate 7%
$1,103,514
$1.1M
Cap Rate 9%
$858,289
$858.3K
Market Conditions
NOI Build-Up for 5,760 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
$115.4K $20.04/SF
− Vacancy
−$5.1K −$0.88/SF
EGI
$110.4K $19.16/SF
− OpEx
−$33.1K −$5.75/SF
NOI
$77.2K $13.41/SF
Area
Stearns County, MN
Vacancy
4.40%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
30.00%
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%
$1,544,920
Cap Rate 7%
$1,103,514
Cap Rate 9%
$858,289
Alternative Uses
Best Use
Retail
$1.10M
$965.6K – $1.29M
NOI $77,246 @ 7.0% cap · market cap 4.56%
Second Best
Flex RnD
$988.2K
$864.7K – $1.15M
NOI $69,177 @ 7.0% cap · market cap 4.08%
Theoretical Best
Office A
$1.26M
$1.10M – $1.47M
NOI $88,281 @ 7.0% cap · market cap 5.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
18,229 VPD
Traffic count
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,399
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 56387, MN
7,715
Population
3,460
Households
2.2
Avg Household Size
35
Median Age
19%
College-Educated
87%
High-School Grad
8.9 sq mi
ZIP Area
867
Density / Sq Mi
$57,387
Median Household Income
$36,511
Median Earnings
$1,072
Median Rent
$230,500
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
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Frequently Asked Questions
What type of property is this?
Flex space - Adaptable commercial building combining customer-facing showroom space with shop and warehouse areas.
Where is this flex space located?
The property is located at 125 Division Street Waite Park, MN.
What is the asking price?
The asking price for this property is $1,695,000.
What are key features of this property?
This property features: 5,760 SF flex property with approximately 3,600 SF showroom and 2,160 SF shop/warehouse space; Two parcels totaling 44,866 SF; Approximately 51 parking stalls
