Heavy Industrial Warehouse
New
For Sale
$6,500,000
2190 Phelps Road, Lino Lakes, MN 55038
Two industrial buildings provide warehouse, office, loading, and production-oriented improvements on a substantial industrial site.
Property Size44,820 SF
Lot Size12.10 Acres
Price / SF$145.02
Days on Market2
Property Features for 2190 Phelps Road
General Information
Standard status
Active
Size
44,820 SF
Lot size
12.10 Acres
Property subtype
Industrial
Zoning
LI
Warehouse & Industrial
Clear Height
20 ft
Office Build-Out
2,500 SF
Three-Phase Power
Yes
Additional Details
Asking Price
$6,500,000
Building Details
Construction
Block and Steel
Listing Agency:
(952) 924-4675
Listed By:
Tom Lelich
(952) 924-4675
Source:
Cbre
Added: Aug 21
Changed: Aug 22
Last Checked: Aug 22 at 12:11PM
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 Tom Lelich
Investment Insights
Based on property information with market context.
This warehouse complex includes two industrial buildings totaling 15,000 SF (est.) and 23,860 SF, plus 2,500 SF of office space. The improvements feature block-and-steel construction, 16′–20′ clear heights (est.), 10-inch concrete floors, trench drains, water lines with a sink, infrared heat, and a paint booth/wash bay. An air compressor with compressed airlines supports industrial operations. The 2190 building has a sprinkler system and a roof dating to 2015 (est.); the 2209 building is not sprinklered.
The 12.1-acre property is zoned LI (Light Industrial) and includes 3-phase power. Loading is configured with 8 drive-ins and 11 drive-ins, while the 2209 building also includes two pole buildings measuring 7,200 SF and 5,040 SF. Construction dates are 1969 and 2005 (est.).
The 12.1-acre property is zoned LI (Light Industrial) and includes 3-phase power. Loading is configured with 8 drive-ins and 11 drive-ins, while the 2209 building also includes two pole buildings measuring 7,200 SF and 5,040 SF. Construction dates are 1969 and 2005 (est.).
Key Highlights
- 12.1‑acre warehouse property zoned LI (Light Industrial)
- Two warehouse buildings measuring 15,000 SF (est.) and 23,860 SF
- 2,500 SF of office space included
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
$591,250
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
9.10%
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%
$11,825,000
$11.8M
Cap Rate 7%
$8,446,429
$8.4M
Cap Rate 9%
$6,569,444
$6.6M
Market Conditions
NOI Build-Up for 44,820 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
$726.1K $16.20/SF
− Vacancy
−$30.5K −$0.68/SF
EGI
$695.6K $15.52/SF
− OpEx
−$104.3K −$2.33/SF
NOI
$591.3K $13.19/SF
Area
Ramsey County, MN
Vacancy
4.20%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
15.00%
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%
$11,825,000
Cap Rate 7%
$8,446,429
Cap Rate 9%
$6,569,444
Alternative Uses
Best Use
Warehouse
$8.45M
$7.39M – $9.85M
NOI $591,250 @ 7.0% cap · market cap 9.10%
Second Best
Industrial
$6.96M
$6.09M – $8.12M
NOI $486,912 @ 7.0% cap · market cap 7.49%
Theoretical Best
Office A
$10.69M
$9.36M – $12.48M
NOI $748,518 @ 7.0% cap · market cap 11.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20 ft
Clear height
Location Intelligence
Trade Area within ½ mile
184
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 55038, MN
23,735
Population
9,355
Households
2.5
Avg Household Size
39
Median Age
49%
College-Educated
98%
High-School Grad
50.5 sq mi
ZIP Area
470
Density / Sq Mi
$127,194
Median Household Income
$67,946
Median Earnings
$1,844
Median Rent
$408,000
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
- Centerville Secure Storage — 6965 20th Ave S, Centerville, MN 55038
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Frequently Asked Questions
What type of property is this?
Warehouse - Two industrial buildings provide warehouse, office, loading, and production-oriented improvements on a substantial industrial site.
Where is this warehouse located?
The property is located at 2190 Phelps Road Lino Lakes, MN.
What is the asking price?
The asking price for this property is $6,500,000.
What are key features of this property?
This property features: 12.1‑acre warehouse property zoned LI (Light Industrial); Two warehouse buildings measuring 15,000 SF (est.) and 23,860 SF; 2,500 SF of office space included
