Customizable Flex Space
For Sale
$235,000
405-940 Mckinley Pkwy, Delano, MN 55328
Private unit customizable as office, warehouse, showroom, or garage.
Property Size1,568 SF
Price / SF$149.87
Days on Market202
Property Features for 405-940 Mckinley Pkwy
General Information
Standard status
Active
Size
1,568 SF
Listing Agency:
eXp Realty
(320) 500-4397
Listed By:
Martin Turner
(612) 695-0167
Source:
Exprealty
Added: Mar 24
Changed: Oct 4
Last Checked: Oct 11 at 7:08AM
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 eXp Realty
Investment Insights
Based on property information with market context.
This private unit, located in Phase 3, offers versatile customization options, suitable for an office, warehouse, workshop, showroom, or car cave/dream garage. The unit's potential can be expanded by adding a mezzanine level, providing an additional 448 or more square feet, resulting in a total of over 1,568 square feet. High-quality construction is evident throughout, featuring 5-inch concrete floors with floor drains and 20-foot high ceilings. Commercial-grade windows, an entry door, and a 14-foot wide by 14-foot tall garage door enhance the unit's functionality. The exterior is finished with attractive LP Smartside lap siding. Fire suppression and in-floor radiant heating are included, with the option to add a split system for supplemental heating and/or cooling. All units are wired with 3-phase power and AC, and plumbed with water and sewer. A roughed-in bathroom is provided. Numerous upgrades are available, allowing for full customization, including the addition of a bathroom, wet bar, kitchenette, or even a hot tub. Reservations are currently being accepted for Phase 3, with completion anticipated in late June of 2026.
Key Highlights
- Highly customizable: Tailor as office/warehouse, workshop, showroom, or garage.
- Potential for significant expansion: Add a mezzanine level for 448+ SF, totaling 1,568+ SF.
- High‑quality construction: Features 5” concrete floors with floor drains and 20’ high ceilings.
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
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
NOI $21,263 @ 7.0% cap · market cap 9.05%
Second Best
Industrial
$243.3K
$212.9K – $283.9K
NOI $17,034 @ 7.0% cap · market cap 7.25%
Theoretical Best
Office A
$374.1K
$327.3K – $436.4K
NOI $26,186 @ 7.0% cap · market cap 11.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Midwest region
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Frequently Asked Questions
What type of property is this?
Flex space - Private unit customizable as office, warehouse, showroom, or garage.
Where is this flex space located?
The property is located at 405-940 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: Highly customizable: Tailor as office/warehouse, workshop, showroom, or garage.; Potential for significant expansion: Add a mezzanine level for 448+ SF, totaling 1,568+ SF.; High‑quality construction: Features 5” concrete floors with floor drains and 20’ high ceilings.
