Garage Condo Flex
721 Industrial Boulevard #D3 Watertown, MN 55388
721 Industrial Boulevard #D3, Watertown, MN, 55388
$246,250
For Sale
$246,250
Garage condo flex unit with insulated door, in-floor heat, 100-amp power, and a fire suppression system.
Property Size1,250 SF
Price / SF$197
Days on Market574
Property Features for 721 Industrial Boulevard #D3
General Information
- Standard status
- Active
- Size
- 1,250 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 2023
Listing agency
Edina Realty, Inc.
(952) 212-2374
Listed by
Butcher Real Estate Team
(952) 212-2374
Source
Juverealestate
Added: Dec 26, 2024 Updated: Jul 22 at 2:44PM Checked: Jul 22 at 2:44PM
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 Edina Realty, Inc.
Investment Insights
Based on property information with market context.
This garage condo flex warehouse unit is configured for light industrial use and includes sheet rocked walls, an insulated garage door with opener, and a tin ceiling. Interior improvements include in-floor heat, two LED lights, a floor trench drain, and a rough-in for a bathroom with shower. The unit also features 100-amp electrical service and a fire suppression system, with space structured for a future mezzanine. Exterior finishes include LP siding and an asphalt shingle roof. The property includes concrete aprons and an asphalt lot.
The unit is located within the Workshops of Watertown and is governed by an association that provides lawn care, snow removal, refuse, and security. The development has planned site amenities including future entrance gates, security fencing, a wash bay, and a dump station, along with a lounge. Zoning is listed as commercial/multi use.
The space is designed as a self-contained garage condo with multiple utility and life-safety components already in place, making it well suited for an operator seeking a finished, functional work/storage environment.
The unit is located within the Workshops of Watertown and is governed by an association that provides lawn care, snow removal, refuse, and security. The development has planned site amenities including future entrance gates, security fencing, a wash bay, and a dump station, along with a lounge. Zoning is listed as commercial/multi use.
The space is designed as a self-contained garage condo with multiple utility and life-safety components already in place, making it well suited for an operator seeking a finished, functional work/storage environment.
Key Highlights
- 2023‑built 1,250 SF garage condo flex unit (25' x 50')
- Insulated 16' x 14' garage door with opener, plus sheet‑rocked walls and tin ceiling
- In‑floor heat, 100‑amp electrical service, and floor trench drain
Local Financial Insights For Flex RnD
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $27.5k | $21.96 |
| − Vacancy | −$1.4k | −$1.10 |
| EGI | $26.1k | $20.86 |
| − OpEx | −$9.1k | −$7.30 |
| NOI | $17.0k | $13.56 |
1,250 SF · lease $21.96/SF/yr · vacancy 5.00% · expense 35.00%
Alternative Uses
Best Use
Flex RnD
$242.1K
$211.9K – $282.5K
NOI $16,950 @ 7.0% cap · market cap 6.88%
Second Best
Warehouse
$235.6K
$206.1K – $274.8K
NOI $16,490 @ 7.0% cap · market cap 6.70%
Theoretical Best
Office A
$298.2K
$261.0K – $347.9K
NOI $20,876 @ 7.0% cap · market cap 8.48%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Flex space
Similar For Sale Nearby
FAQs
What type of property is this?
Flex space - Garage condo flex unit with insulated door, in-floor heat, 100-amp power, and a fire suppression system.
Where is this flex space located?
The property is located at 721 Industrial Boulevard #D3 Watertown, MN.
What is the asking price?
The asking price for this property is $246,250.
What are key features of this property?
This property features: 2023‑built 1,250 SF garage condo flex unit (25' x 50'); Insulated 16' x 14' garage door with opener, plus sheet‑rocked walls and tin ceiling; In‑floor heat, 100‑amp electrical service, and floor trench drain
