Flex Space with Detached
For Sale
$1,099,000
1301 N Nokomis NE, Alexandria, MN 56308
B1 General Business property supports office, retail, service, showroom, storage, and multi-tenant configurations.
Property Size7,595 SF
Lot Size4.00 Acres
Price / SF$144.70
Days on Market16
Property Features for 1301 N Nokomis NE
General Information
Standard status
Active
Size
7,595 SF
Lot size
4.00 Acres
Zoning
B1 General Business
Additional Details
Road Access
Yes
Building Details
Year Built
1983
Buildings
2
Listing Agency:
Counselor Realty Inc of Alex
(320) 808-4425
Listed By:
Justin Habel
Source:
Tayloronken
Added: Aug 16
Changed: Aug 31
Last Checked: Aug 25 at 5:32AM
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 Counselor Realty Inc of Alex
Investment Insights
Based on property information with market context.
This flex property includes a primary commercial building with two private offices, two bathrooms, and adaptable space for retail, service, showroom, office, storage, or multi-tenant operations. A detached 40' x 48' building constructed in 2020 adds 1,920 square feet for inventory, equipment, workshop, or operational needs. Recent capital improvements include a new roof, furnace, and A/C units.
The property occupies 4 acres at 1301 N Nokomis NE in Alexandria, with exposure along a commercial corridor carrying an Annual Average Daily Traffic count of approximately 9,100 vehicles per day. Its setting near downtown Alexandria and the Chain of Lakes provides access to nearby retail and recreation areas, with added seasonal traffic during the lake season.
The property occupies 4 acres at 1301 N Nokomis NE in Alexandria, with exposure along a commercial corridor carrying an Annual Average Daily Traffic count of approximately 9,100 vehicles per day. Its setting near downtown Alexandria and the Chain of Lakes provides access to nearby retail and recreation areas, with added seasonal traffic during the lake season.
Key Highlights
- 4‑acre commercial property at 1301 N Nokomis NE, Alexandria, MN 56308
- Approximately 9,100 vehicles per day in Annual Average Daily Traffic
- B1 General Business zoning
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
$58,962
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
5.37%
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%
$1,179,240
$1.2M
Cap Rate 7%
$842,314
$842.3K
Cap Rate 9%
$655,133
$655.1K
Market Conditions
NOI Build-Up for 7,595 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
$75.6K $9.96/SF
− Vacancy
−$6.3K −$0.83/SF
EGI
$69.4K $9.13/SF
− OpEx
−$10.4K −$1.37/SF
NOI
$59.0K $7.76/SF
Area
Douglas County, MN
Vacancy
8.30%
Lease Rate
$9.96 /SF/Yr
Expense Ratio
15.00%
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%
$1,179,240
Cap Rate 7%
$842,314
Cap Rate 9%
$655,133
Alternative Uses
Best Use
Warehouse
$842.3K
$737.0K – $982.7K
NOI $58,962 @ 7.0% cap · market cap 5.37%
Second Best
Industrial
$656.2K
$574.2K – $765.6K
NOI $45,935 @ 7.0% cap · market cap 4.18%
Theoretical Best
Specialty Retail
$2.39M
$2.10M – $2.79M
NOI $167,625 @ 7.0% cap · market cap 15.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
167
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 56308, MN
26,391
Population
14,350
Households
1.8
Avg Household Size
44
Median Age
33%
College-Educated
96%
High-School Grad
155.9 sq mi
ZIP Area
169
Density / Sq Mi
$76,831
Median Household Income
$43,999
Median Earnings
$921
Median Rent
$307,600
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - B1 General Business property supports office, retail, service, showroom, storage, and multi-tenant configurations.
Where is this flex space located?
The property is located at 1301 N Nokomis NE Alexandria, MN.
What is the asking price?
The asking price for this property is $1,099,000.
What are key features of this property?
This property features: 4‑acre commercial property at 1301 N Nokomis NE, Alexandria, MN 56308; Approximately 9,100 vehicles per day in Annual Average Daily Traffic; B1 General Business zoning
