Building Details

Year Built 2026

Units 1

Listing Agency: Edina Realty, Inc.

Listed By: Butcher Real Estate Team Show Phone

Source: Getyoumoved

Added: Oct 22 Changed: Oct 25 Last Checked: Oct 29 at 11:17PM

Report an Issue

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.

Ask AI about this property

Review the available facts, identify missing information and prepare questions for the agent.

What should I ask the agent before proceeding? What information is missing from this listing?

Investment Insights

Based on property information with market context.

Under development in Phase II of the Workshops of Watertown, this flex unit will offer 1,119.5 square feet of space with a 26.75-by-40-foot footprint. Planned features include sheetrocked walls, a tin ceiling, a 16-foot-wide by 14-foot-high insulated garage door with opener, two LED lights, in-floor heat, 100-amp electrical service, and a floor trench drain. A fire suppression system and bathroom rough-in with shower are also planned. The concrete floor is structured to accommodate a future mezzanine.

Exterior construction includes LP siding, a shingled roof, concrete aprons, and an asphalt lot. The association handles lawn care, snow removal, and garbage service, and provides security fencing with gated entry. A wash bay and lounge are planned as future additions to the project.

Key Highlights

• 1,119.5‑square‑foot unit with a 26.75‑by‑40‑foot footprint
• 16‑foot‑wide by 14‑foot‑high insulated garage door with opener
• In‑floor heat, 100‑amp electrical service, and floor trench drain

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$15,181

Cap Rate

8.26%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$303,620 $303.6K

Cap Rate 7%

$216,871 $216.9K

Cap Rate 9%

$168,678 $168.7K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,120 SF

Gross rent

$24.6K $21.96/SF

− Vacancy

−$1.2K −$1.10/SF

EGI

$23.4K $20.86/SF

− OpEx

−$8.2K −$7.30/SF

NOI

$15.2K $13.56/SF

Area

Carver 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%

$303,620

Cap Rate 7%

$216,871

Cap Rate 9%

$168,678

Alternative Uses

Best Use

Flex RnD

$216.9K

$189.8K – $253.0K (±1% cap)

NOI $15,181 @ 7.0% cap · market cap 8.26%

Second Best

Industrial

$173.7K

$152.0K – $202.7K (±1% cap)

NOI $12,162 @ 7.0% cap · market cap 6.62%

Theoretical Best

Office A

$267.1K

$233.7K – $311.6K (±1% cap)

NOI $18,696 @ 7.0% cap · market cap 10.17%

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 Plumbing Service Auto Repair Shop Garden Center Carpet & Flooring Store Building Supply Butcher

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

9

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 55388, MN

5,984

Population

2,386

Households

2.5

Avg Household Size

39

Median Age

23%

College-Educated

96%

High-School Grad

37.6 sq mi

ZIP Area

159

Density / Sq Mi

$92,273

Median Household Income

$48,955

Median Earnings

$998

Median Rent

$333,100

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

Similar For Sale Nearby

See more

New Flex Space Garage Unit

E5-721 Industrial Blvd, Watertown, MN

$183,790

1,120 SF

View details

New Flex Garage Unit

E3-721 Industrial Blvd, Watertown, MN

$178,870

1,090 SF

View details

New Flex Space Garage Unit

E1-721 Industrial Blvd, Watertown, MN

$193,870

1,093 SF

View details

New Flex Space Garage Unit

E11-721 Industrial Blvd, Watertown, MN

$164,920

1,005 SF

View details

New Flex Space Garage Unit

E7-721 Industrial Blvd, Watertown, MN

$164,920

1,005 SF

View details

New Flex Space Garage Unit

E9-721 Industrial Blvd, Watertown, MN

$210,050

1,280 SF

View details

Flex Space Garage Condo

D2-721 Industrial Blvd, Watertown, MN

$246,250

1,250 SF

View details

Flex Garage Condo with In-Floor Heat

D5-721 Industrial Blvd, Watertown, MN

$295,500

1,500 SF

View details

New Garage Flex Space

E13-721 Industrial Blvd, Watertown, MN

$183,790

View details

Flex Garage Workshop Unit

E17-721 Industrial Blvd, Watertown, MN

$193,870

View details

Insulated Overhead-Door Warehouse Unit

B12-721 Industrial Boulevard, Watertown, MN 55388

$175,000

1,004 SF

View details

Upgraded Storage Garage Condo

A4-721 Industrial Blvd, Watertown, MN

Contact for pricing

View details

Frequently Asked Questions

What type of property is this?

Flex space - Commercial zoning and association-managed exterior services support a range of business operations.

Where is this flex space located?

The property is located at 721 Industrial Boulevard #E13 Watertown, MN.

What is the asking price?

The asking price for this property is $183,790.

What are key features of this property?

This property features: 1,119.5‑square‑foot unit with a 26.75‑by‑40‑foot footprint; 16‑foot‑wide by 14‑foot‑high insulated garage door with opener; In‑floor heat, 100‑amp electrical service, and floor trench drain