End-Unit Flex Space with
For Sale
$299,900
16765 198th Avenue NW #24, Big Lake, MN 55309
Secure, climate-controlled workspace designed for vehicle storage, projects, and year-round use.
Property Size1,850 SF
Price / SF$162.11
Days on Market439
Property Features for 16765 198th Avenue NW #24
General Information
Standard status
Active
Size
1,850 SF
Property subtype
Commercial
Zoning
Business/Commercial, Other
Taxes and HOA fees
Annual Taxes
$3,000
Building Details
Building Size
1,850 SF
Year Built
2022
Units
1
Listing Agency:
Fish MLS Realty
(763) 568-3527
Listed By:
John Olson
(763) 568-3527
Source:
Juverealestate
Added: May 31, 2025
Changed: Aug 7
Last Checked: Aug 11 at 2:31PM
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 Fish MLS Realty
Investment Insights
Based on property information with market context.
Located at 16765 198th Avenue NW #24 in Big Lake, this 1,850-square-foot end-unit flex space combines vehicle storage with finished workspace. The unit measures 60 feet deep by 25 feet wide and includes a 14-by-14-foot overhead door, concrete flooring prepared for vehicle lifts, steel interior walls, R50 ceiling insulation, and an 8-foot floor drain. Radiant floor heat, mini-split air conditioning, LED high-bay fixtures, and 100 AMP electrical service support year-round functionality.
A 14-by-25-foot mezzanine adds finished room with wood cabinetry, wrought iron railings, commercial-grade LVT flooring, a powder bath, and a bar area with solid wood counters. The gated campus provides 24/7 automated entry, smartphone-accessible security cameras, fiber optic internet, and a community clubhouse. HOA services include trash removal, landscaping, snow removal, internet, and security features. The property is zoned Business/Commercial, Other, and was built in 2022.
A 14-by-25-foot mezzanine adds finished room with wood cabinetry, wrought iron railings, commercial-grade LVT flooring, a powder bath, and a bar area with solid wood counters. The gated campus provides 24/7 automated entry, smartphone-accessible security cameras, fiber optic internet, and a community clubhouse. HOA services include trash removal, landscaping, snow removal, internet, and security features. The property is zoned Business/Commercial, Other, and was built in 2022.
Key Highlights
- 1,850‑square‑foot end unit at 16765 198th Avenue NW #24, Big Lake, MN 55309
- 60 feet deep by 25 feet wide with a 14‑by‑14‑foot commercial overhead door
- 14‑by‑25‑foot finished mezzanine with cabinetry, bar area, and powder bath
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$25,087
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.37%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$501,740
$501.7K
Cap Rate 7%
$358,386
$358.4K
Cap Rate 9%
$278,744
$278.7K
Market Conditions
NOI Build-Up for 1,850 SF
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.
Gross rent
$40.6K $21.96/SF
− Vacancy
−$2.0K −$1.10/SF
EGI
$38.6K $20.86/SF
− OpEx
−$13.5K −$7.30/SF
NOI
$25.1K $13.56/SF
Area
Sherburne 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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$501,740
Cap Rate 7%
$358,386
Cap Rate 9%
$278,744
Alternative Uses
Best Use
Flex RnD
$358.4K
$313.6K – $418.1K
NOI $25,087 @ 7.0% cap · market cap 8.37%
Second Best
Warehouse
$348.6K
$305.1K – $406.8K
NOI $24,405 @ 7.0% cap · market cap 8.14%
Theoretical Best
Office A
$441.4K
$386.2K – $514.9K
NOI $30,896 @ 7.0% cap · market cap 10.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
62
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 55309, MN
20,387
Population
7,541
Households
2.7
Avg Household Size
35
Median Age
31%
College-Educated
95%
High-School Grad
62.3 sq mi
ZIP Area
327
Density / Sq Mi
$118,387
Median Household Income
$56,262
Median Earnings
$1,463
Median Rent
$335,500
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Secure, climate-controlled workspace designed for vehicle storage, projects, and year-round use.
Where is this flex space located?
The property is located at 16765 198th Avenue NW #24 Big Lake, MN.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: 1,850‑square‑foot end unit at 16765 198th Avenue NW #24, Big Lake, MN 55309; 60 feet deep by 25 feet wide with a 14‑by‑14‑foot commercial overhead door; 14‑by‑25‑foot finished mezzanine with cabinetry, bar area, and powder bath
