Flex Space with Heated
For Sale
$178,870
721 Industrial Boulevard #E3, Watertown, MN 55388
A new commercial unit combines insulated vehicle access, in-floor heat, and infrastructure for a future mezzanine.
Property Size1,090 SF
Price / SF$164.10
Days on Market516
Property Features for 721 Industrial Boulevard #E3
General Information
Standard status
Active
Size
1,090 SF
Property subtype
Commercial
Zoning
Business/Commercial
Warehouse & Industrial
Power
100 amps
Sprinkler System
Yes
Additional Details
Fenced Yard
Yes
Property Use
Other Industrial
Taxes and HOA fees
Annual Taxes
$7,370
Amenities
lawn care
snow removal
garbage service
security fencing/entrance gates
Building Details
Year Built
2026
Stories
1
Units
1
Listing Agency:
Edina Realty, Inc.
(763) 682-3434
Listed By:
Butcher Real Estate Team
(952) 212-2374
Source:
Driveresultsrealty
Added: Jun 2, 2025
Changed: Oct 25
Last Checked: Oct 29 at 7:38PM
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.
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Investment Insights
Based on property information with market context.
Planned for Phase II at the Workshops of Watertown, this 1,090-square-foot flex unit measures 26' x 40' and is scheduled for construction in 2026. Interior features include sheetrocked walls, a tin ceiling, in-floor heat, two LED lights, and a 100-amp electrical service. The 16' wide by 14' high insulated garage door has an opener, and the concrete slab is designed to support a future mezzanine. A trench drain and fire suppression system are included, with plumbing rough-ins for a bathroom and shower.
The unit will have LP siding, an asphalt-shingle roof, concrete aprons, and an asphalt lot. Commercial-business zoning applies. The association handles lawn care, snow removal, and garbage service, and the property includes security fencing and gated entry. A wash bay and lounge are planned for a future addition to the development.
The unit will have LP siding, an asphalt-shingle roof, concrete aprons, and an asphalt lot. Commercial-business zoning applies. The association handles lawn care, snow removal, and garbage service, and the property includes security fencing and gated entry. A wash bay and lounge are planned for a future addition to the development.
Key Highlights
- 1,090‑square‑foot unit measuring 26' x 40'
- 16' wide by 14' high insulated garage door with opener
- In‑floor heat, 100‑amp electrical service, and two LED lights
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$14,781
Cap Rate
8.26%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$295,620
$295.6K
Cap Rate 7%
$211,157
$211.2K
Cap Rate 9%
$164,233
$164.2K
Market Conditions
NOI Build-Up for 1,090 SF
Gross rent
$23.9K $21.96/SF
− Vacancy
−$1.2K −$1.10/SF
EGI
$22.7K $20.86/SF
− OpEx
−$8.0K −$7.30/SF
NOI
$14.8K $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%
$295,620
Cap Rate 7%
$211,157
Cap Rate 9%
$164,233
Alternative Uses
Best Use
Flex RnD
$211.2K
$184.8K – $246.4K
NOI $14,781 @ 7.0% cap · market cap 8.26%
Second Best
Warehouse
$205.4K
$179.7K – $239.7K
NOI $14,379 @ 7.0% cap · market cap 8.04%
Theoretical Best
Office A
$260.1K
$227.6K – $303.4K
NOI $18,204 @ 7.0% cap · market cap 10.18%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
Yes
Sprinkler system
Yes
Fenced yard
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
Frequently Asked Questions
What type of property is this?
Flex space - A new commercial unit combines insulated vehicle access, in-floor heat, and infrastructure for a future mezzanine.
Where is this flex space located?
The property is located at 721 Industrial Boulevard #E3 Watertown, MN.
What is the asking price?
The asking price for this property is $178,870.
What are key features of this property?
This property features: 1,090‑square‑foot unit measuring 26' x 40'; 16' wide by 14' high insulated garage door with opener; In‑floor heat, 100‑amp electrical service, and two LED lights
