Heated Automotive
For Sale
$272,900
16765 198th Avenue NW #30, Big Lake, MN 55309
Customizable shop unit within a private gated complex with clubhouse access and oversized vehicle accommodation.
Property Size1,248 SF
Price / SF$218.67
Days on Market10
Property Features for 16765 198th Avenue NW #30
General Information
Standard status
Active
Size
1,248 SF
Property subtype
Commercial
Zoning
Business/Commercial
Taxes and HOA fees
Annual Taxes
$2,634
Amenities
Private Gated Complex
Clubhouse
In-Floor Heat
On Demand Water Heater
Epoxy Flooring
Corrugated Metal Ceiling and Walls
Commercial Garage Door Opener
65' Wide Access
Insulated Steel Overhead Door
Building Details
Building Size
1,248 SF
Year Built
2022
Stories
2
Units
1
Listing Agency:
Reliance Realty Advisers, LLC
(612) 590-8951
Listed By:
Ryan Edick · License #496507308
(612) 590-8951
Source:
Juverealestate
Added: Aug 3
Changed: Aug 11
Last Checked: Aug 10 at 6:39AM
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 Reliance Realty Advisers, LLC
Investment Insights
Based on property information with market context.
This 1,248-square-foot automotive condo, built in 2022, offers a finished shop environment with corrugated metal walls and ceiling, epoxy flooring, in-floor heat, and an on-demand water heater and boiler. The unit includes a 14-foot by 14-foot insulated steel overhead door sized for an RV or tall stacker trailer. A loft mezzanine remains available for customization, with potential layouts ranging from storage or workshop support to an entertainment area, subject to the owner’s plans.
The property is part of a private gated condominium complex with 65-foot-wide access for motorhomes and trailers. Shared amenities include a clubhouse, internet, and association-managed exterior services. The unit also includes a commercial garage door opener and controls for the power gate, overhead door, and mechanical systems.
The property is part of a private gated condominium complex with 65-foot-wide access for motorhomes and trailers. Shared amenities include a clubhouse, internet, and association-managed exterior services. The unit also includes a commercial garage door opener and controls for the power gate, overhead door, and mechanical systems.
Key Highlights
- 1,248‑square‑foot automotive condo built in 2022
- Approx. 28' x 50' unit with customizable loft mezzanine
- 14' x 14' insulated steel overhead door
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
$16,923
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
6.20%
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%
$338,460
$338.5K
Cap Rate 7%
$241,757
$241.8K
Cap Rate 9%
$188,033
$188.0K
Market Conditions
NOI Build-Up for 1,248 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
$27.4K $21.96/SF
− Vacancy
−$1.4K −$1.10/SF
EGI
$26.0K $20.86/SF
− OpEx
−$9.1K −$7.30/SF
NOI
$16.9K $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%
$338,460
Cap Rate 7%
$241,757
Cap Rate 9%
$188,033
Alternative Uses
Best Use
Flex RnD
$241.8K
$211.5K – $282.1K
NOI $16,923 @ 7.0% cap · market cap 6.20%
Second Best
Retail
$219.6K
$192.1K – $256.2K
NOI $15,371 @ 7.0% cap · market cap 5.63%
Theoretical Best
Office A
$297.7K
$260.5K – $347.4K
NOI $20,842 @ 7.0% cap · market cap 7.64%
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.
Similar Off Market Nearby
- H2Outfitters Marine & Sport Repair — 17207 198th Ave, Big Lake, MN 55309
Frequently Asked Questions
What type of property is this?
Automotive property - Customizable shop unit within a private gated complex with clubhouse access and oversized vehicle accommodation.
Where is this automotive property located?
The property is located at 16765 198th Avenue NW #30 Big Lake, MN.
What is the asking price?
The asking price for this property is $272,900.
What are key features of this property?
This property features: 1,248‑square‑foot automotive condo built in 2022; Approx. 28' x 50' unit with customizable loft mezzanine; 14' x 14' insulated steel overhead door
