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    New Industrial Building with Storage Title is generated by Realmo AI

    16651 Polk Street NE, Ham Lake, MN 55304

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    For Sale
    $1,225,000

    Commercial - Ham Lake, MN

    Property size:
    1,920 SF
    Lot size:
    5.10 Acres
    Price / SF:
    $638/SF
    Added:
    Feb 5, 2026
    Days on Market:
    105
    Last Refresh:
    May 21 at 1:06 pm

    Property Features for 16651 Polk Street NE

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Industrial
    Parking features
    Driveway, Garage, Garage - Attached, Heated, Parking Lot, Paved or Surfaced
    Exterior features
    Brick/Stone, Metal, Steel Siding
    Appliances
    Microwave, Refrigerator
    Standard status
    Active
    APN
    083223330007
    Size
    1,920 SF
    Lot size
    5.10 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    2766

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    2025
    Roof type
    Metal
    Architectural style
    Other

    We can help!

    Listing Contact
    Dustin Heggem
    Dustin Heggem

    Listing agent Dustin Heggem

    Listing office Acuity Group 564 Dodge Ave. Ste. A, Elk River, MN

    Listing date Feb 5, 2026

    MLS# 7017201 Listing URL

    Copyright © 2026 Northstar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Built in 2025: Enjoy modern, new construction.
    • Industrial zoning with .33 acres of secured outside storage.
    • 64'x42' heated shop with two 12'x12' overhead doors.
    • 1,920 sq/ft of finished upper‑level space adaptable for various uses.
    • Ample reception area, large showroom, and 3 main floor offices.
    • Convenient location just off Hwy 65.

    Overview

    This commercial property, built in 2025, presents an opportunity to own a versatile, turnkey industrial zoned building. The property includes roughly 0.33 acres of secured outside storage. The clean and attractive building features an ample reception area, a large showroom, and three well-appointed main floor offices. The heated shop space measures 64'x42' and includes two 12'x12' overhead doors. The upper level provides an additional 1,920 square feet of wide-open space, finished with drywall, that can be tailored to multiple different uses. The property is conveniently located just off of Hwy 65 in Ham Lake, MN.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Flex space

    Suggested Use

    Law Firm Spa & Massage Center Building Supply Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon Hotel & Motel Auto Parts Store Department Store

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Mansetti’s Italian Cruisine — 16220 Aberdeen St NE C, Ham Lake, MN 55304

    Location Insight

    • Map
    • Local Demand
    City
    Ham Lake
    County
    Anoka
    State
    Minnesota
    Longitude
    -93.2664
    Latitude
    45.2551

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    FAQs

    What type of property is this?
    Flex space - Turnkey industrial building with secured outside storage, built in 2025.
    Where is this flex space located?
    The property is located at 16651 Polk Street NE Ham Lake, MN.
    What is the asking price?
    The asking price for this property is $1,225,000.
    What are key features of this property?
    This property features: Built in 2025: Enjoy modern, new construction.; Industrial zoning with **.33 acres of secured outside storage.**; **64'x42' heated shop with two 12'x12' overhead doors.**
    (763) 633-3535
    We can help!
    Listing Contact
    Dustin Heggem
    Dustin Heggem
    Real Estate License ID: 40416985
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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