Building Details

Year Built 1990

Listing Agency: RE/MAX Results c***@results.net Show Phone

Listed By: Curt Karls Show Phone

Source: Obviousrealestate

Added: Oct 6 Changed: Oct 30 Last Checked: Oct 30 at 1:48AM

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Investment Insights

Based on property information with market context.

This 2,400-square-foot flex building sits on a 5-acre corner parcel. Concrete block construction, insulation, and steel interior lining define the building; an office area includes a three-quarter bathroom. The current owner uses the space for cold storage, and the building has been winterized. Overhead doors measure 14 feet, with 16-foot sidewalls.

The property has visibility to MN Highway 23 and MN Business Highway 23. Its crushed-concrete parking area, full electric service, private well, and septic system are on site. A chain-link fence secures the front portion of the property, while the remaining site area offers room for parking and expansion.

Key Highlights

• 2,400‑square‑foot flex building on a 5‑acre corner parcel
• Concrete block construction with insulated, steel‑lined interior
• 14' overhead doors and 16' sidewall height

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$19,506

Cap Rate

6.61%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$390,120 $390.1K

Cap Rate 7%

$278,657 $278.7K

Cap Rate 9%

$216,733 $216.7K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,400 SF

Gross rent

$23.9K $9.96/SF

− Vacancy

−$956 −$0.40/SF

EGI

$22.9K $9.56/SF

− OpEx

−$3.4K −$1.43/SF

NOI

$19.5K $8.13/SF

Area

Stearns County, MN

Vacancy

4.00%

Lease Rate

$9.96 /SF/Yr

Expense Ratio

15.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$390,120

Cap Rate 7%

$278,657

Cap Rate 9%

$216,733

Alternative Uses

Best Use

Flex RnD

$411.8K

$360.3K – $480.4K (±1% cap)

NOI $28,824 @ 7.0% cap · market cap 9.77%

Second Best

Warehouse

$278.7K

$243.8K – $325.1K (±1% cap)

NOI $19,506 @ 7.0% cap · market cap 6.61%

Theoretical Best

Office A

$525.5K

$459.8K – $613.1K (±1% cap)

NOI $36,784 @ 7.0% cap · market cap 12.47%

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

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Flex space

Suggested Use

Top Pick Electrical Service Plumbing Service Auto Parts Store Grocery & Convenience Store Catering Service Real Estate Agency

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

15

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 56362, MN

5,825

Population

2,942

Households

2

Avg Household Size

44

Median Age

27%

College-Educated

93%

High-School Grad

150.1 sq mi

ZIP Area

39

Density / Sq Mi

$81,536

Median Household Income

$46,750

Median Earnings

$888

Median Rent

$242,700

Median Home Value

Market

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

Similar Off Market Nearby

• Branto.Industries — 123 Industrial Loop St E, Paynesville, MN 56362

Frequently Asked Questions

What type of property is this?

Flex space - An insulated, steel-lined interior and office area support a range of flex-space functions.

Where is this flex space located?

The property is located at 18202 County Highway 33 Paynesville, MN.

What is the asking price?

The asking price for this property is $295,000.

What are key features of this property?

This property features: 2,400‑square‑foot flex building on a 5‑acre corner parcel; Concrete block construction with insulated, steel‑lined interior; 14' overhead doors and 16' sidewall height