Building Details

Year Built 2026

Stories 1

Units 1

Listing Agency: Edina Realty, Inc. b***@edinarealty.com Show Phone

Listed By: Butcher Real Estate Team Show Phone

Source: Driveresultsrealty

Added: Jun 2, 2025 Changed: Oct 29 Last Checked: Oct 29 at 7:29PM

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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 Edina Realty, Inc.

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Investment Insights

Based on property information with market context.

Planned for 2026 in Phase II of the Workshops of Watertown, this flex unit offers 1,004.5 square feet in a 24-by-40-foot configuration. Interior features include sheetrocked walls, a tin ceiling, in-floor heat, two LED lights, and a 100-amp electrical service. The 16-foot-wide by 14-foot-high insulated garage door has an opener, and the concrete floor includes a trench drain and is structured to support a future mezzanine. A bathroom with shower is roughed in, and the building includes fire suppression.

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 and gated entry. A wash bay and lounge are planned as future additions to the development.

Key Highlights

• 1,004.5 sf flex unit planned for 2026
• 24'x40' configuration
• 16'w x 14' h insulated garage door with opener

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$13,621

Cap Rate

8.26%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$272,420 $272.4K

Cap Rate 7%

$194,586 $194.6K

Cap Rate 9%

$151,344 $151.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,005 SF

Gross rent

$22.1K $21.96/SF

− Vacancy

−$1.1K −$1.10/SF

EGI

$21.0K $20.86/SF

− OpEx

−$7.3K −$7.30/SF

NOI

$13.6K $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%

$272,420

Cap Rate 7%

$194,586

Cap Rate 9%

$151,344

Alternative Uses

Best Use

Flex RnD

$194.6K

$170.3K – $227.0K (±1% cap)

NOI $13,621 @ 7.0% cap · market cap 8.26%

Second Best

Industrial

$155.9K

$136.4K – $181.9K (±1% cap)

NOI $10,913 @ 7.0% cap · market cap 6.62%

Theoretical Best

Office A

$239.7K

$209.7K – $279.6K (±1% cap)

NOI $16,776 @ 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.

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

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

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Frequently Asked Questions

What type of property is this?

Flex space - Planned commercial unit combines insulated garage access with in-floor heat and a bathroom rough-in.

Where is this flex space located?

The property is located at 721 Industrial Boulevard #E7 Watertown, MN.

What is the asking price?

The asking price for this property is $164,920.

What are key features of this property?

This property features: 1,004.5 sf flex unit planned for 2026; 24'x40' configuration; 16'w x 14' h insulated garage door with opener