16765 198th Ave #56, Big Lake, MN 55309

Building Details

Building Size 1,500 SF More

Year Built 2024 More

Listing Agency: North Star Commercial

Listed By: Scott Naasz · License MN #40922534 Show Phone

Source: 7s

Added: Jun 25 Changed: Nov 3 Last Checked: Nov 8 at 2:53AM

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Investment Insights

Based on property information with market context.

This well-maintained garage condo is offered as a highly functional 1,500 SF (25x60) unit in a secure, gated industrial/business park in Big Lake. The space includes in-floor heat with floor drains, water hookup, and plumbing in place for an in-unit bathroom, supporting light work and practical daily use. A 12’ x 16’ drive-in overhead door provides convenient access for vehicles or equipment, and the unit is equipped with 3-phase power. Recently upgraded with professionally painted floors, the interior is positioned for immediate occupancy.

The property is located within a community setting with gated entry and remote access. Highway 10 and Highway 25 provide convenient routes to the area. HOA dues are listed at $185/month and cover common area maintenance, including grass, snow, garbage, insurance, security cameras, and common areas. The community also has a clubhouse available for reservation, featuring a bar and lounge area for meetings, events, or gatherings.

This unit is a strong fit for contractors, small businesses, storage users, or hobbyists seeking a clean, controlled-access space with essential utilities already in place. The combination of drive-up convenience, in-floor heat, and plumbing readiness can help streamline operations for users who need more than standard dry storage.

Key Highlights

• 1,500 SF (25x60) secure, gated garage condo in a Big Lake industrial/business park
• In‑floor heat plus floor drains for a functional workspace and clean operation
• 12’x16’ drive‑in overhead door with convenient drive‑up access

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$20,340

Cap Rate

7.27%

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

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 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 7.27%

Second Best

Industrial

$232.8K

$203.7K – $271.6K (±1% cap)

NOI $16,296 @ 7.0% cap · market cap 5.82%

Theoretical Best

Office A

$357.9K

$313.1K – $417.5K (±1% cap)

NOI $25,051 @ 7.0% cap · market cap 8.95%

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

Property Analytics

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Open Analytics

Current Use

Busted Knuckle Garage ... Association Or Organization Big Lake Car ... Storage Facility

Suggested Use

Top Pick Building Supply Parking Lot & Garage Auto Repair Shop (Bike/Boat/Book/etc) Store Restaurant Storage Facility

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

Heavy power

Yes

Highway access

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

Properties on Market for Flex space in Sherburne County

Jul

Aug

Sep

Oct

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

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Frequently Asked Questions

What type of property is this?

Flex space - Secure, gated flex/industrial unit with in-floor heat, a drive-in door, and in-place plumbing for an in-unit bathroom.

Where is this flex space located?

The property is located at 16765 198th Ave #56 Big Lake, MN.

What is the asking price?

The asking price for this property is $279,900.

What are key features of this property?

This property features: 1,500 SF (25x60) secure, gated garage condo in a Big Lake industrial/business park; In‑floor heat plus floor drains for a functional workspace and clean operation; 12’x16’ drive‑in overhead door with convenient drive‑up access