Flex Space Garage
For Sale
$295,500
721 Industrial Boulevard #D5, Watertown, MN 55388
A commercial-use unit offers in-floor heat, a floor drain, and rough-ins for a future bathroom and mezzanine.
Property Size1,500 SF
Price / SF$197
Days on Market11
Property Features for 721 Industrial Boulevard #D5
General Information
Standard status
Active
Size
1,500 SF
Property subtype
Commercial
Zoning
Business/Commercial
Warehouse & Industrial
Drive-In Doors
1
Power
100 amps
Sprinkler System
Yes
Taxes and HOA fees
Annual Taxes
$504
Amenities
lawn care
snow removal
refuse
security
Building Details
Year Built
2023
Units
1
Listing Agency:
Edina Realty, Inc.
Listed By:
Butcher Real Estate Team
(952) 212-2374
Source:
Getyoumoved
Added: Oct 20
Changed: Oct 25
Last Checked: Oct 29 at 11:16PM
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.
This 1,500-square-foot flex space garage condo was built in 2023 and measures 30 by 50 feet. 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, a floor trench drain, and fire suppression. Bathroom plumbing with a shower is roughed in, and the structure is prepared for a future mezzanine.
The exterior includes LP siding, an asphalt-shingle roof, concrete aprons, and an asphalt lot. The property is zoned Business/Commercial, with multi-use zoning also noted. Association services cover lawn care, snow removal, refuse, and security. Planned site features include entrance gates, security fencing, a wash bay, dump station, and lounge.
The exterior includes LP siding, an asphalt-shingle roof, concrete aprons, and an asphalt lot. The property is zoned Business/Commercial, with multi-use zoning also noted. Association services cover lawn care, snow removal, refuse, and security. Planned site features include entrance gates, security fencing, a wash bay, dump station, and lounge.
Key Highlights
- 1,500 SF unit measuring 30' x 50'
- 16' W x 14' H insulated garage door with opener
- In‑floor heat, 100‑amp electrical service, floor trench drain, and fire suppression
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$20,340
Cap Rate
6.88%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$406,800
$406.8K
Cap Rate 7%
$290,571
$290.6K
Cap Rate 9%
$226,000
$226.0K
Market Conditions
NOI Build-Up for 1,500 SF
Gross rent
$32.9K $21.96/SF
− Vacancy
−$1.6K −$1.10/SF
EGI
$31.3K $20.86/SF
− OpEx
−$11.0K −$7.30/SF
NOI
$20.3K $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%
$406,800
Cap Rate 7%
$290,571
Cap Rate 9%
$226,000
Alternative Uses
Best Use
Flex RnD
$290.6K
$254.3K – $339.0K
NOI $20,340 @ 7.0% cap · market cap 6.88%
Second Best
Industrial
$232.8K
$203.7K – $271.6K
NOI $16,296 @ 7.0% cap · market cap 5.51%
Theoretical Best
Office A
$357.9K
$313.1K – $417.5K
NOI $25,051 @ 7.0% cap · market cap 8.48%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
1
Drive-in doors
Yes
Sprinkler system
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
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Market
Vacancy Rate% for Industrial in Midwest region
Frequently Asked Questions
What type of property is this?
Flex space - A commercial-use unit offers in-floor heat, a floor drain, and rough-ins for a future bathroom and mezzanine.
Where is this flex space located?
The property is located at 721 Industrial Boulevard #D5 Watertown, MN.
What is the asking price?
The asking price for this property is $295,500.
What are key features of this property?
This property features: 1,500 SF unit measuring 30' x 50'; 16' W x 14' H insulated garage door with opener; In‑floor heat, 100‑amp electrical service, floor trench drain, and fire suppression
