Building Details

Year Built 2015

Building Size 3,072 SF

Listing Agency: Counselor Realty Inc of Alex

Listed By: Pat Ellingson · License #40490846 Show Phone

Source: Bradadamrealty

Added: Sep 4 Changed: Oct 16 Last Checked: Oct 7 at 3:52PM

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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 Counselor Realty Inc of Alex

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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.

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 / Yr

$18,579

Cap Rate

7.46%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$371,580 $371.6K

Cap Rate 7%

$265,414 $265.4K

Cap Rate 9%

$206,433 $206.4K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,072 SF

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 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 (±1% cap)

NOI $23,849 @ 7.0% cap · market cap 9.58%

Second Best

Industrial

$265.4K

$232.2K – $309.7K (±1% cap)

NOI $18,579 @ 7.0% cap · market cap 7.46%

Theoretical Best

Specialty Retail

$968.6K

$847.5K – $1.13M (±1% cap)

NOI $67,800 @ 7.0% cap · market cap 27.23%

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

Property Analytics

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Current Use

Flex space

Suggested Use

Top Pick Building Supply

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

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

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

Similar For Sale Nearby

See more

Heated Warehouse with Mezzanine

71-4028 Prairie Rd Ne, Carlos, MN 56319

$249,000

3,072 SF

View details

Self-Storage Building with Oversized Doors

6-4028 Prairie Rd Ne, Carlos, MN 56319

$189,000

3,072 SF

View details

Warehouse Garage with Insulated Doors

70-6149 Storage Ln Ne, Carlos, MN

$425,250

6,400 SF

View details

Self-Storage Garage Facility

6149 Storage Lane NE, Carlos, MN 56319

$425,250

0.20 Acres

View details

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