Building Details

Buildings 1

Tenancy Multi

Listing Agency: Realty Growth, Inc Show Phone

Listed By: Bucky Beeman Show Phone

Source: Moodyscre

Added: Oct 14 Changed: Oct 19 Last Checked: Oct 19 at 2:42PM

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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 Realty Growth, Inc

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Investment Insights

Based on property information with market context.

At 221 N 9th St in Lake City, Minnesota, this 6,732-square-foot flex property includes multiple tenant areas and an auto shop. Building improvements include HVAC, office space, separate utility service, and renovated restrooms. Three overhead garage doors measure 12' x 14', and ceiling height is 16 feet.

Suite A contains 2,275 square feet and is occupied under a month-to-month tenancy. It is scheduled to become available for lease in 2027.

Key Highlights

• 6,732‑square‑foot flex property with multiple tenant areas
• Three 12' x 14' overhead garage doors
• 16‑foot ceiling height

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$48,925

Cap Rate

7.53%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$978,500 $978.5K

Cap Rate 7%

$698,929 $698.9K

Cap Rate 9%

$543,611 $543.6K

Is this asking price fair?

Market Conditions

NOI Build-Up for 6,732 SF

Gross rent

$60.6K $9.00/SF

− Vacancy

−$3.0K −$0.45/SF

EGI

$57.6K $8.55/SF

− OpEx

−$8.6K −$1.28/SF

NOI

$48.9K $7.27/SF

Area

Wabasha County, MN

Vacancy

5.00%

Lease Rate

$9.00 /SF/Yr

Expense Ratio

15.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$978,500

Cap Rate 7%

$698,929

Cap Rate 9%

$543,611

Alternative Uses

Best Use

Retail

$1.24M

$1.09M – $1.45M (±1% cap)

NOI $87,024 @ 7.0% cap · market cap 13.39%

Second Best

Flex RnD

$1.17M

$1.02M – $1.36M (±1% cap)

NOI $81,553 @ 7.0% cap · market cap 12.55%

Theoretical Best

Office A

$1.98M

$1.73M – $2.31M (±1% cap)

NOI $138,431 @ 7.0% cap · market cap 21.30%

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

Property Analytics

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Current Use

M J Detailing Car Wash

Suggested Use

Top Pick Building Supply Big Box & Wholesale Store Real Estate Agency Law Firm Hair Salon Dental Office

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

16 ft

Clear height

3

Drive-in doors

Multi-tenant

Tenancy

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

276

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 55041, MN

7,800

Population

3,825

Households

2

Avg Household Size

49

Median Age

31%

College-Educated

96%

High-School Grad

143.9 sq mi

ZIP Area

54

Density / Sq Mi

$83,673

Median Household Income

$47,845

Median Earnings

$992

Median Rent

$265,300

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

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Frequently Asked Questions

What type of property is this?

Flex space - Three overhead doors and 16-foot ceilings accommodate vehicle-related operations.

Where is this flex space located?

The property is located at 221 N 9th St Lake City, MN.

What is the asking price?

The asking price for this property is $650,000.

What are key features of this property?

This property features: 6,732‑square‑foot flex property with multiple tenant areas; Three 12' x 14' overhead garage doors; 16‑foot ceiling height