Garage Condo Flex
For Sale
$246,250
721 Industrial Boulevard #D2, Watertown, MN 55388
Commercial/multi-use zoning supports business occupancy in a newly built workshop unit.
Property Size1,250 SF
Price / SF$197
Days on Market582
Property Features for 721 Industrial Boulevard #D2
General Information
Standard status
Active
Size
1,250 SF
Property subtype
Commercial
Zoning
commercial/multi use
Warehouse & Industrial
Drive-In Doors
1
Power
100 amps
Sprinkler System
Yes
Amenities
lawn care
snow removal
refuse
security
Building Details
Year Built
2023
Listing Agency:
Edina Realty, Inc.
(952) 212-2374
Listed By:
Butcher Real Estate Team
(952) 212-2374
Source:
Juverealestate
Added: Dec 26, 2024
Changed: Jul 31
Last Checked: Jul 31 at 12:53PM
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.
Garage condo unit D2 at the Workshops of Watertown offers 1,250 square feet in a 25' x 50' configuration. Built in 2023, the unit features sheet-rocked walls, a tin ceiling, a 16' wide by 14' high insulated garage door with opener, two LED lights, in-floor heat, 100-amp electrical service, a floor trench drain, and a fire suppression system. The space also includes a bathroom rough-in with shower and is structured for a future mezzanine. Exterior improvements include LP siding, an asphalt shingled roof, concrete aprons, and an asphalt lot.
The property is located at 721 Industrial Boulevard in Watertown, Minnesota, and is zoned commercial/multi-use. Association services include lawn care, snow removal, refuse, and security. Future planned amenities include entrance gates, security fencing, a wash bay, dump station, and lounge.
The property is located at 721 Industrial Boulevard in Watertown, Minnesota, and is zoned commercial/multi-use. Association services include lawn care, snow removal, refuse, and security. Future planned amenities include entrance gates, security fencing, a wash bay, dump station, and lounge.
Key Highlights
- 1,250 SF garage condo configured as a 25' x 50' unit
- 16' W x 14' H insulated garage door with opener
- In‑floor heat, 100‑amp electrical service, and fire suppression system
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 | $27.5k | $21.96 |
| − Vacancy | −$1.4k | −$1.10 |
| EGI | $26.1k | $20.86 |
| − OpEx | −$9.1k | −$7.30 |
| NOI | $17.0k | $13.56 |
1,250 SF · lease $21.96/SF/yr · vacancy 5.00% · expense 35.00%
Alternative Uses
Best Use
Flex RnD
$242.1K
$211.9K – $282.5K
NOI $16,950 @ 7.0% cap · market cap 6.88%
Second Best
Warehouse
$235.6K
$206.1K – $274.8K
NOI $16,490 @ 7.0% cap · market cap 6.70%
Theoretical Best
Office A
$298.2K
$261.0K – $347.9K
NOI $20,876 @ 7.0% cap · market cap 8.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Drive-in doors
Yes
Sprinkler system
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
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Frequently Asked Questions
What type of property is this?
Flex space - Commercial/multi-use zoning supports business occupancy in a newly built workshop unit.
Where is this flex space located?
The property is located at 721 Industrial Boulevard #D2 Watertown, MN.
What is the asking price?
The asking price for this property is $246,250.
What are key features of this property?
This property features: 1,250 SF garage condo configured as a 25' x 50' unit; 16' W x 14' H insulated garage door with opener; In‑floor heat, 100‑amp electrical service, and fire suppression system
