Heated Flex Shop With
New
For Sale
$249,000
4028 Prairie Rd NE Unit 71, Carlos, MN 56319
Spray-foamed shop and storage building with overhead doors, climate control, and dedicated electrical service.
Property Size3,072 SF
Price / SF$81.05
Days on Market3
Property Features for 4028 Prairie Rd NE Unit 71
General Information
Standard status
Active
Size
3,072 SF
Warehouse & Industrial
Mezzanine
768 SF
Power
200 amps
Conditioned Warehouse
Yes
Building Details
Year Built
2015
Building Size
3,072 SF
Listing Agency:
Counselor Realty Inc of Alex
Listed By:
Pat Ellingson · License #40490846
(320) 760-2722
Source:
Bradadamrealty
Added: Sep 4
Last Checked: Sep 5 at 11:18AM
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 Counselor Realty Inc of Alex
Investment Insights
Based on property information with market context.
Built in 2015, this 3,072-square-foot flex property combines shop and storage space in a 48-by-64-foot building. The interior is spray foamed, heated, and air conditioned, with 16-foot sidewalls, two 14-by-14-foot overhead doors, and a mezzanine extending 12 feet by 64 feet. A 200 Amp electrical service supports the building, while strong lighting, plywood wall protection to 8 feet, and custom metal wall covering add practical interior improvements.
The property is identified as Unit 71 at Store Smart North, 4028 Prairie Rd NE, Carlos Twp, MN 56319. Its configuration provides a dedicated commercial building for shop and storage functions within a flex-space format.
The property is identified as Unit 71 at Store Smart North, 4028 Prairie Rd NE, Carlos Twp, MN 56319. Its configuration provides a dedicated commercial building for shop and storage functions within a flex-space format.
Key Highlights
- 3,072‑square‑foot shop and storage building completed in 2015
- 48‑by‑64‑foot building with 16‑foot sidewalls
- Two 14‑by‑14‑foot overhead doors
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
$18,579
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
7.46%
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%
$371,580
$371.6K
Cap Rate 7%
$265,414
$265.4K
Cap Rate 9%
$206,433
$206.4K
Market Conditions
NOI Build-Up for 3,072 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
$27.6K $9.00/SF
− Vacancy
−$1.1K −$0.36/SF
EGI
$26.5K $8.64/SF
− OpEx
−$8.0K −$2.59/SF
NOI
$18.6K $6.05/SF
Area
Douglas County, MN
Vacancy
4.00%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
30.00%
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%
$371,580
Cap Rate 7%
$265,414
Cap Rate 9%
$206,433
Alternative Uses
Best Use
Warehouse
$340.7K
$298.1K – $397.5K
NOI $23,849 @ 7.0% cap · market cap 9.58%
Second Best
Industrial
$265.4K
$232.2K – $309.7K
NOI $18,579 @ 7.0% cap · market cap 7.46%
Theoretical Best
Specialty Retail
$968.6K
$847.5K – $1.13M
NOI $67,800 @ 7.0% cap · market cap 27.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 56319, MN
1,300
Population
806
Households
1.6
Avg Household Size
39
Median Age
23%
College-Educated
96%
High-School Grad
40.4 sq mi
ZIP Area
32
Density / Sq Mi
$85,500
Median Household Income
$46,652
Median Earnings
$1,054
Median Rent
$282,000
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.
Frequently Asked Questions
What type of property is this?
Flex space - Spray-foamed shop and storage building with overhead doors, climate control, and dedicated electrical service.
Where is this flex space located?
The property is located at 4028 Prairie Rd NE Unit 71 Carlos, MN.
What is the asking price?
The asking price for this property is $249,000.
What are key features of this property?
This property features: 3,072‑square‑foot shop and storage building completed in 2015; 48‑by‑64‑foot building with 16‑foot sidewalls; Two 14‑by‑14‑foot overhead doors
