Listing Agency: Edina Realty, Inc. B***@edinarealty.com Show Phone

Listed By: Butcher Real Estate Team Show Phone

Source: Exprealty

Added: Dec 27, 2024 Changed: Oct 14 Last Checked: Oct 16 at 9:58AM

Report an Issue

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.

Ask AI about this property

Review the available facts, identify missing information and prepare questions for the agent.

What should I ask the agent before proceeding? What information is missing from this listing?

Investment Insights

Based on property information with market context.

This flex-space garage condominium provides 1,500 square feet within a 30-by-50-foot unit. Improvements include sheetrocked interior walls, a tin ceiling, a 16-foot-wide by 14-foot-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. Plumbing is roughed in for a bathroom with shower, and the structure is prepared for a future mezzanine. The unit also includes LP siding, an asphalt shingle roof, concrete aprons, and an asphalt parking lot.

Located at D5-721 Industrial Blvd in Watertown, Minnesota, the property is zoned commercial/multi-use, and businesses are welcome. Association services cover lawn care, snow removal, refuse, and security. Planned common-area improvements include entrance gates, security fencing, a wash bay, dump station, and lounge.

Key Highlights

• 1,500 SF flex‑space garage condominium
• 30'x50' unit with 16' W x 14' H insulated garage door and opener
• In‑floor heat with 100‑amp electrical service

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$20,340

Cap Rate

6.88%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$406,800 $406.8K

Cap Rate 7%

$290,571 $290.6K

Cap Rate 9%

$226,000 $226.0K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,500 SF

Gross rent

$32.9K $21.96/SF

− Vacancy

−$1.6K −$1.10/SF

EGI

$31.3K $20.86/SF

− OpEx

−$11.0K −$7.30/SF

NOI

$20.3K $13.56/SF

Area

Carver 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%

$406,800

Cap Rate 7%

$290,571

Cap Rate 9%

$226,000

Alternative Uses

Best Use

Flex RnD

$290.6K

$254.3K – $339.0K (±1% cap)

NOI $20,340 @ 7.0% cap · market cap 6.88%

Second Best

Industrial

$232.8K

$203.7K – $271.6K (±1% cap)

NOI $16,296 @ 7.0% cap · market cap 5.51%

Theoretical Best

Office A

$357.9K

$313.1K – $417.5K (±1% cap)

NOI $25,051 @ 7.0% cap · market cap 8.48%

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

Property Analytics

Current Use

Flex space

Suggested Use

Top Pick Auto Parts Store Garden Center Storage Facility (Bike/Boat/Book/etc) Store Cafe & Coffee Shop Pharmacy

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

1

Drive-in doors

Yes

Sprinkler system

Location Intelligence

Trade Area within ½ mile

300

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

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

Similar For Sale Nearby

See more

Adjoining Flex Space Units

721 Industrial Boulevard B3, Watertown, MN 55388

$197,500

1,490 SF

View details

Garage Condo Flex Space

D4-721 Industrial Blvd, Watertown, MN

$246,250

1,250 SF

View details

Flex Space Garage Condo

D2-721 Industrial Blvd, Watertown, MN

$246,250

1,250 SF

View details

New Flex Space Garage Unit

E9-721 Industrial Blvd, Watertown, MN

$210,050

1,280 SF

View details

New Flex Space Garage Unit

E5-721 Industrial Blvd, Watertown, MN

$183,790

1,120 SF

View details

New Flex Space Garage Unit

E1-721 Industrial Blvd, Watertown, MN

$193,870

1,093 SF

View details

New Flex Garage Unit

E3-721 Industrial Blvd, Watertown, MN

$178,870

1,090 SF

View details

New Flex Space Garage Unit

E11-721 Industrial Blvd, Watertown, MN

$164,920

1,005 SF

View details

New Flex Space Garage Unit

E7-721 Industrial Blvd, Watertown, MN

$164,920

1,005 SF

View details

Flex Garage Workshop Unit

E17-721 Industrial Blvd, Watertown, MN

$193,870

View details

New Garage Flex Space

E13-721 Industrial Blvd, Watertown, MN

$183,790

View details

Insulated Overhead-Door Warehouse Unit

B12-721 Industrial Boulevard, Watertown, MN 55388

$175,000

1,004 SF

View details

Frequently Asked Questions

What type of property is this?

Flex space - Commercial garage condominium with an insulated overhead door, in-floor heat, and rough-in plumbing for a bathroom.

Where is this flex space located?

The property is located at D5-721 Industrial Blvd Watertown, MN.

What is the asking price?

The asking price for this property is $295,500.

What are key features of this property?

This property features: 1,500 SF flex‑space garage condominium; 30'x50' unit with 16' W x 14' H insulated garage door and opener; In‑floor heat with 100‑amp electrical service