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 23 Last Checked: Oct 23 at 5:26PM

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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 Phase II at the Workshops of Watertown, this 1,280-square-foot flex unit measures 30 by 40 feet and is scheduled for construction in 2026. The garage will have sheetrocked walls, a tin ceiling, in-floor heat, and a 16-foot-wide by 14-foot-high insulated overhead door with opener. Additional features include two LED lights, 100-amp electrical service, a floor trench drain, fire suppression, and a concrete slab designed to accommodate a future mezzanine. A bathroom with shower is roughed in.

The unit is zoned Business/Commercial. The association handles lawn care, snow removal, and garbage service, and maintains security fencing and entrance gates. A wash bay and lounge are planned for the property in the future.

Key Highlights

• Planned 1,280‑square‑foot unit with 30'x40' dimensions
• 16'w x 14' h 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

$17,357

Cap Rate

8.26%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$347,140 $347.1K

Cap Rate 7%

$247,957 $248.0K

Cap Rate 9%

$192,856 $192.9K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,280 SF

Gross rent

$28.1K $21.96/SF

− Vacancy

−$1.4K −$1.10/SF

EGI

$26.7K $20.86/SF

− OpEx

−$9.3K −$7.30/SF

NOI

$17.4K $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%

$347,140

Cap Rate 7%

$247,957

Cap Rate 9%

$192,856

Alternative Uses

Best Use

Flex RnD

$248.0K

$217.0K – $289.3K (±1% cap)

NOI $17,357 @ 7.0% cap · market cap 8.26%

Second Best

Industrial

$198.7K

$173.8K – $231.8K (±1% cap)

NOI $13,906 @ 7.0% cap · market cap 6.62%

Theoretical Best

Office A

$305.4K

$267.2K – $356.3K (±1% cap)

NOI $21,377 @ 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

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

1

Drive-in doors

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 - The planned garage unit includes dedicated electrical service and a bathroom rough-in with shower.

Where is this flex space located?

The property is located at 721 Industrial Boulevard #E9 Watertown, MN.

What is the asking price?

The asking price for this property is $210,050.

What are key features of this property?

This property features: Planned 1,280‑square‑foot unit with 30'x40' dimensions; 16'w x 14' h insulated garage door with opener; In‑floor heat, 100 amp electrical service, and floor trench drain