Building Details

Year Built 2001

Buildings 1

Stories 1

Listing Agency: Realty Growth Incorporated b***@rgi-group.com Show Phone

Listed By: Robert Bucky Beeman · License #MN 40149580

Source: Crexi

Added: Sep 25, 2025 Changed: Aug 8 Last Checked: Jul 31 at 4:09PM

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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 Realty Growth Incorporated

Investment Insights

Based on property information with market context.

This 9,816 SF warehouse space is located on a spacious lot in Dover, MN. The property features 16-foot-high walls, providing flexibility for various commercial or industrial uses. The interior includes multiple finished offices, a designated reception or retail area, and a heated warehouse. An oversized overhead door facilitates efficient operations throughout the year. Mezzanine storage provides additional capacity without sacrificing floor space. The large lot offers ample parking, including space for fleet vehicles, trailers, or outdoor storage. This property is suitable for contractors, distributors, or service-based businesses.

Key Highlights

• 9,816 SF warehouse space on a spacious lot.
• Heated warehouse with oversized overhead door for year‑round efficient operations.
• Multiple finished offices and a designated reception/retail area.

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

$69,986

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

7.00%

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%

$1,399,720 $1.4M

Cap Rate 7%

$999,800 $999.8K

Cap Rate 9%

$777,622 $777.6K

Market Conditions

NOI Build-Up for 9,816 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

$88.3K $9.00/SF

− Vacancy

−$6.0K −$0.61/SF

EGI

$82.3K $8.39/SF

− OpEx

−$12.4K −$1.26/SF

NOI

$70.0K $7.13/SF

Area

Olmsted County, MN

Vacancy

6.80%

Lease Rate

$9.00 /SF/Yr

Expense Ratio

15.00%

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%

$1,399,720

Cap Rate 7%

$999,800

Cap Rate 9%

$777,622

Alternative Uses

Best Use

Retail

$1.81M

$1.59M – $2.11M (±1% cap)

NOI $126,891 @ 7.0% cap · market cap 12.69%

Second Best

Office B

$1.75M

$1.53M – $2.04M (±1% cap)

NOI $122,416 @ 7.0% cap · market cap 12.24%

Theoretical Best

Office A

$2.59M

$2.27M – $3.02M (±1% cap)

NOI $181,256 @ 7.0% cap · market cap 18.13%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

TNT Marine Services (Bike/Boat/Book/etc) Store

Suggested Use

Top Pick Building Supply Storage Facility Butcher Big Box & Wholesale Store Kitchen & Bath Showroom Hair Salon

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

41

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 55929, MN

1,247

Population

497

Households

2.5

Avg Household Size

37

Median Age

29%

College-Educated

96%

High-School Grad

44.0 sq mi

ZIP Area

28

Density / Sq Mi

$115,865

Median Household Income

$54,423

Median Earnings

$852

Median Rent

$299,600

Median Home Value

Market

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

Questions? Ask Rey

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What type of property is this? Where is this warehouses located? What is the asking price? Find similar properties ... What are key features of this property?

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Similar Off Market Nearby

• Dexter Warehouse - Cold Storage — 620 Main St S, Dover, MN 55929

Frequently Asked Questions

What type of property is this?

Warehouse - 9,816 SF warehouse with offices and ample parking.

Where is this warehouse located?

The property is located at 438 Main St S Dover, MN.

What is the asking price?

The asking price for this property is $1,000,000.

What are key features of this property?

This property features: 9,816 SF warehouse space on a spacious lot.; Heated warehouse with **oversized overhead door** for year‑round efficient operations.; Multiple finished offices and a designated reception/retail area.