Listing Agency: Realty Growth, Inc Show Phone

Listed By: Bucky Beeman Show Phone

Source: Moodyscre

Added: Dec 28, 2022 Changed: Oct 7 Last Checked: Oct 16 at 11:50AM

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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 Realty Growth, Inc

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Investment Insights

Based on property information with market context.

The 18,000-square-foot flex property combines professional office areas, conference space, and warehouse space within a multi-tenant layout. Separate utility metering and independent heating serve each unit, supporting distinct occupancy and operating arrangements. Shared restrooms and a break area are also provided, with access points distributed throughout the building.

Located on North 7th Street in Lake City, the property includes on-site parking for tenants and visitors. Units are available in varying sizes, allowing the building to accommodate different space requirements and configurations. The layout supports both owner occupancy and separate tenant spaces, with leasing options available for portions of the property.

Key Highlights

• 18,000‑square‑foot flex property with office, conference, and warehouse areas
• Separate utility metering and independent heating for each unit
• Multi‑tenant layout with units available in varying sizes

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$107,730

Cap Rate

8.62%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,154,600 $2.2M

Cap Rate 7%

$1,539,000 $1.5M

Cap Rate 9%

$1,197,000 $1.2M

Is this asking price fair?

Market Conditions

NOI Build-Up for 18,000 SF

Gross rent

$162.0K $9.00/SF

− Vacancy

−$8.1K −$0.45/SF

EGI

$153.9K $8.55/SF

− OpEx

−$46.2K −$2.56/SF

NOI

$107.7K $5.98/SF

Area

Wabasha County, MN

Vacancy

5.00%

Lease Rate

$9.00 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,154,600

Cap Rate 7%

$1,539,000

Cap Rate 9%

$1,197,000

Alternative Uses

Best Use

Office B

$3.79M

$3.32M – $4.42M (±1% cap)

NOI $265,356 @ 7.0% cap · market cap 21.23%

Second Best

Flex RnD

$3.12M

$2.73M – $3.63M (±1% cap)

NOI $218,055 @ 7.0% cap · market cap 17.44%

Theoretical Best

Office A

$5.29M

$4.63M – $6.17M (±1% cap)

NOI $370,138 @ 7.0% cap · market cap 29.61%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Goihl Chiropractic Alternative Medicine Practice Rivers Edge Wellness Gym & Fitness Center ActivePT - Lake City Medical Clinic Balanced Body Massage ... Alternative Medicine Practice

Suggested Use

Top Pick Building Supply Law Firm Big Box & Wholesale Store Real Estate Agency Hair Salon Nail Salon

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

Location Intelligence

Trade Area within ½ mile

179

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 55041, MN

7,800

Population

3,825

Households

2

Avg Household Size

49

Median Age

31%

College-Educated

96%

High-School Grad

143.9 sq mi

ZIP Area

54

Density / Sq Mi

$83,673

Median Household Income

$47,845

Median Earnings

$992

Median Rent

$265,300

Median Home Value

Market

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

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Frequently Asked Questions

What type of property is this?

Flex space - Office, conference, and warehouse areas support varied commercial configurations.

Where is this flex space located?

The property is located at 1215 N 7th St Lake City, MN.

What is the asking price?

The asking price for this property is $1,250,000.

What are key features of this property?

This property features: 18,000‑square‑foot flex property with office, conference, and warehouse areas; Separate utility metering and independent heating for each unit; Multi‑tenant layout with units available in varying sizes