Listing Agency: eXp Realty m***@exprealty.net Show Phone

Listed By: Martin Turner Show Phone

Source: Exprealty

Added: Mar 24 Changed: Oct 21 Last Checked: Oct 21 at 1:06AM

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Investment Insights

Based on property information with market context.

For sale: a private Phase 3 flex/warehouse unit designed for office/warehouse, workshop, showroom, or car garage use. Units feature 5-inch concrete floors with floor drains and 20-foot high ceilings, along with commercial-grade windows and a 14-foot wide by 14-foot tall entry/garage door. The exterior is finished with attractive LP Smartside lap siding.

Each unit is equipped with fire suppression and in-floor radiant heating, and the space is wired for 3-phase power with AC. Units are plumbed with water and sewer and include roughed-in plumbing for a bathroom.

Additional customization options are available, including the ability to add a mezzanine level to increase interior area. Upgrades may include adding a bathroom, wet bar, kitchenette, or other built-in amenities as part of a full unit customization. Reservations are being taken for Phase 3, scheduled to be completed in late June 2026.

Key Highlights

• Phase 3 flex/warehouse units with 5‑inch concrete floors, 20‑foot ceilings, and 14' x 14' wide/tall garage doors
• Commercial‑grade windows plus LP Smartside lap siding
• In‑floor radiant heating and fire suppression; add a split system for additional heating and/or cooling

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$21,263

Cap Rate

9.05%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$425,260 $425.3K

Cap Rate 7%

$303,757 $303.8K

Cap Rate 9%

$236,256 $236.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,568 SF

Gross rent

$34.4K $21.96/SF

− Vacancy

−$1.7K −$1.10/SF

EGI

$32.7K $20.86/SF

− OpEx

−$11.4K −$7.30/SF

NOI

$21.3K $13.56/SF

Area

Wright County, MN

Vacancy

5.00%

Lease Rate

$21.96 /SF/Yr

Expense Ratio

35.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$425,260

Cap Rate 7%

$303,757

Cap Rate 9%

$236,256

Alternative Uses

Best Use

Flex RnD

$303.8K

$265.8K – $354.4K (±1% cap)

NOI $21,263 @ 7.0% cap · market cap 9.05%

Second Best

Warehouse

$295.5K

$258.6K – $344.8K (±1% cap)

NOI $20,685 @ 7.0% cap · market cap 8.80%

Theoretical Best

Office A

$374.1K

$327.3K – $436.4K (±1% cap)

NOI $26,186 @ 7.0% cap · market cap 11.14%

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

Property Analytics

Current Use

Flex space

Suggested Use

Top Pick Bakery Auto Parts Store Real Estate Agency Pet Store

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

20 ft

Clear height

1

Drive-in doors

Yes

Heavy power

Yes

Sprinkler system

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

12

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 55328, MN

9,729

Population

3,684

Households

2.6

Avg Household Size

39

Median Age

42%

College-Educated

98%

High-School Grad

44.9 sq mi

ZIP Area

217

Density / Sq Mi

$118,036

Median Household Income

$65,990

Median Earnings

$927

Median Rent

$382,600

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 - Phase 3 flex/warehouse units offer 5-inch concrete floors, 20-foot ceilings, and 14'x14' wide garage doors.

Where is this flex space located?

The property is located at 403-940 Mckinley Pkwy Delano, MN.

What is the asking price?

The asking price for this property is $235,000.

What are key features of this property?

This property features: Phase 3 flex/warehouse units with 5‑inch concrete floors, 20‑foot ceilings, and 14' x 14' wide/tall garage doors; Commercial‑grade windows plus LP Smartside lap siding; In‑floor radiant heating and fire suppression; add a split system for additional heating and/or cooling