Building Details

Year Built 2025

Listing Agency: eXp Realty

Listed By: Kurt E Sutherland · License #40489706 Show Phone

Source: Chrisfritchteam

Added: Aug 17 Changed: Oct 4 Last Checked: Oct 4 at 3:53PM

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Investment Insights

Based on property information with market context.

This 2025 flex space property offers garage condominium units designed for owner customization. Each approximately 1,200-square-foot unit includes 18-foot sidewalls, a 14-foot overhead door, floor drain, interior water spigot, and a rough-in bath. The layout also allows room for a future loft or mezzanine. A maintenance-free exterior, private entrance, paved parking, additional parking availability, and generous vehicle turnaround space support a range of work and storage needs.

The gated condominium community is positioned just north of I-94 and County Road 19/Labeaux Ave in Otsego. There are 66 association-maintained units available, with immediate occupancy offered. Association services include garbage collection, snow removal, lawn care, and use of a clubhouse for family or business gatherings.

Key Highlights

• Approximately 1,200 SF per unit with 18 ft sidewalls
• 14 ft overhead door, floor drain, interior water spigot, and rough‑in bath
• 66 association‑maintained units available

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$16,272

Cap Rate

4.87%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$325,440 $325.4K

Cap Rate 7%

$232,457 $232.5K

Cap Rate 9%

$180,800 $180.8K

Market Conditions

NOI Build-Up for 1,200 SF

Gross rent

$26.4K $21.96/SF

− Vacancy

−$1.3K −$1.10/SF

EGI

$25.0K $20.86/SF

− OpEx

−$8.8K −$7.30/SF

NOI

$16.3K $13.56/SF

Area

Wright County, MN

Vacancy

5.00%

Lease Rate

$21.96 /SF/Yr

Expense Ratio

35.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$325,440

Cap Rate 7%

$232,457

Cap Rate 9%

$180,800

Alternative Uses

Best Use

Flex RnD

$232.5K

$203.4K – $271.2K (±1% cap)

NOI $16,272 @ 7.0% cap · market cap 4.87%

Second Best

Warehouse

$226.1K

$197.9K – $263.8K (±1% cap)

NOI $15,830 @ 7.0% cap · market cap 4.74%

Theoretical Best

Office A

$286.3K

$250.5K – $334.0K (±1% cap)

NOI $20,041 @ 7.0% cap · market cap 6.00%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Flex space

Suggested Use

Top Pick Real Estate Agency Auto Repair Shop Restaurant Building Supply Big Box & Wholesale Store Auto Parts Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

18 ft

Clear height

1

Drive-in doors

Yes

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

56

Businesses Nearby

Balanced

Demand for This Use

Explore this area Business Placement

Demographics for 55301, MN

12,791

Population

4,720

Households

2.7

Avg Household Size

33

Median Age

44%

College-Educated

98%

High-School Grad

8.2 sq mi

ZIP Area

1,560

Density / Sq Mi

$131,157

Median Household Income

$65,890

Median Earnings

$1,458

Median Rent

$324,000

Median Home Value

Market

Vacancy Rate% for Industrial in Midwest region

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this flex space located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Flex space - Built units offer customizable work, storage, and business space with immediate occupancy.

Where is this flex space located?

The property is located at 7041 Kagan Avenue 11i Otsego, MN.

What is the asking price?

The asking price for this property is $333,900.

What are key features of this property?

This property features: Approximately 1,200 SF per unit with 18 ft sidewalls; 14 ft overhead door, floor drain, interior water spigot, and rough‑in bath; 66 association‑maintained units available