Heated Flex
For Sale
$249,000
4028 Prairie Road NE, Carlos, MN 56319
Commercial Sale, Carlos Twp, MN
Property Size3,072 SF
Lot Size0.10 Acres
Price / SF$81.05
Days on Market33
Property Features for 4028 Prairie Road NE
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Business/Commercial
Exterior features
Metal
Subdivision
Stor Smart North
High school district
Alexandria
Directions
Hwy 29 N to Prairie Rd left to buildings on Left Unit 71
Standard status
Active
APN
120916440
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
1716
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
2015
Building materials
Concrete, Steel
Roof type
Metal
Listing Agency:
Counselor Realty Inc of Alex
(320) 762-1111
Listed By:
Pat Ellingson · License #40490846
(320) 762-1111
Added: Jul 28
Changed: Aug 26
Last Checked: Aug 29 at 10:06PM
MLS# 7117085
Copyright © 2026 Northstar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 3,072-square-foot flex property in Carlos Township was built in 2015 as a heated and air-conditioned shop and storage building. The structure measures 48 by 64 feet and features spray-foam insulation, 16-foot sidewalls, two 14-by-14-foot overhead doors, and a 12-foot mezzanine extending 64 feet. Interior improvements include plywood walls to eight feet, custom metal wall covering, and substantial lighting. Forced-air heat and central air provide year-round climate control, while the building is constructed with concrete and steel and finished with a metal exterior and roof.
The property is located at Store Smart North on Prairie Road NE in Douglas County. It occupies a 0.1-acre parcel and has 200 Amp electrical service, supporting its existing shop and storage configuration.
The property is located at Store Smart North on Prairie Road NE in Douglas County. It occupies a 0.1-acre parcel and has 200 Amp electrical service, supporting its existing shop and storage configuration.
Key Highlights
- 3,072 sq ft building measuring 48x64
- Heated and air conditioned with spray‑foam insulation
- Two 14x14 overhead doors and 16 ft sidewalls
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
Property Profile
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 - Climate-controlled commercial space with overhead access, mezzanine storage, and durable interior finishes.
Where is this flex space located?
The property is located at 4028 Prairie Road NE 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 sq ft building measuring 48x64; Heated and air conditioned with spray‑foam insulation; Two 14x14 overhead doors and 16 ft sidewalls
