Fully Leased Industrial Flex
For Sale
Contact for pricing
1385 Mendota Heights Rd, Mendota Heights, MN
Professionally maintained industrial and flex investment property near MSP Airport.
Property Size33,684 SF
Lot Size2.91 Acres
Price / SF$131.52
Days on Market334
Property Features for 1385 Mendota Heights Rd
General Information
Standard status
Active
Size
33,684 SF
Lot size
2.91 Acres
Property subtype
INDUSTRIAL
Listing Agency:
Arrow Real Estate Corp.
(612) 619-9911
Listed By:
Chad Weeks
(612) 619-9911
Source:
Moodyscre
Added: Sep 1, 2025
Changed: Jul 6
Last Checked: Jul 21 at 8:31AM
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 Arrow Real Estate Corp.
Investment Insights
Based on property information with market context.
The property at 1385 Mendota Heights Business Plaza is a fully leased, professionally maintained industrial and flex investment property. It features high-quality office finishes and functional warehouse capabilities, including a clear height of 14 feet and two dock doors. Recent capital improvements include a remodeled restroom core and a new roof installed in 2023, which comes with a warranty expiring on November 4, 2047. The property offers excellent visibility and accessibility to major highways in the region. The net operating income (NOI) is $319,946. The property offers a compelling investment upside, with several in place leases well below current market rates (estimated market range $12-14, with most recent lease completed at $14.84 Net). This represents an exceptional turnkey investment opportunity in one of the Twin Cities' most accessible and well-established submarkets. The property is strategically located near MSP International Airport and major regional highways. The property size is 33684 square feet.
Key Highlights
- Strong NOI of $319,946 provides immediate income.
- Value‑add opportunity with below‑market leases, offering potential for increased rental income.
- New roof installed in 2023 with a warranty until 2047.
Financial Insights For Industrial
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 | $545.7k | $16.20 |
| − Vacancy | −$22.9k | −$0.68 |
| EGI | $522.8k | $15.52 |
| − OpEx | −$156.8k | −$4.66 |
| NOI | $365.9k | $10.86 |
33,684 SF · lease $16.20/SF/yr · vacancy 4.20% · expense 30.00%
Alternative Uses
Best Use
Warehouse
$6.35M
$5.55M – $7.41M
NOI $444,348 @ 7.0% cap · market cap 10.03%
Second Best
Industrial
$5.23M
$4.57M – $6.10M
NOI $365,934 @ 7.0% cap · market cap 8.26%
Theoretical Best
Healthcare Medical
$8.29M
$7.25M – $9.67M
NOI $580,241 @ 7.0% cap · market cap 13.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
527
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Daycare Dining Inc — 1255 Trapp Rd, Eagan, MN 55121
- Sky Food Catering, Inc. — 1408 Northland Dr # 204, Mendota Heights, MN 55120
Frequently Asked Questions
What type of property is this?
Flex space - Professionally maintained industrial and flex investment property near MSP Airport.
Where is this flex space located?
The property is located at 1385 Mendota Heights Rd Mendota Heights, MN.
What is the asking price?
The asking price for this property is $4,430,000.
What are key features of this property?
This property features: Strong NOI of $319,946 provides immediate income.; Value‑add opportunity with below‑market leases, offering potential for increased rental income.; New roof installed in 2023 with a warranty until 2047.
