Listing Agency: Greatland Real Estate Services LLC Show Phone

Listed By: Andrei Bortnov · License #40930918 Show Phone

Source: Moodyscre

Added: Jun 1 Changed: Aug 8 Last Checked: Aug 8 at 10:51AM

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Investment Insights

Based on property information with market context.

This stand-alone industrial building offers a warehouse-focused layout with one 10-foot drive-in door and one 8-foot dock door with platform. With an 11-foot clear height, the space is designed for practical day-to-day storage and light industrial operations. The building also includes a dedicated restroom and six on-site parking stalls.

Located at 76 21st Street in Newport, MN, the property provides connectivity to Highway 494 and Highway 10, approximately five minutes away. The site’s placement supports both distribution and service-oriented use cases that benefit from straightforward access.

Zoning permits a wide variety of uses, including artist studios, office, and medical, with additional conditional opportunities such as fitness facilities, catering, indoor recreation, recording studios, print shops, R&D labs, and beauty or hair salons.

Key Highlights

• 4,040 SF stand‑alone industrial building at 76 21st Street, Newport, MN
• Warehouse loading includes one 10‑foot drive‑in door and one 8‑foot dock door with platform
• 11‑foot clear height for practical vertical storage and operations

Financial Insights

Estimated NOI and Cap Rate

NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).

NOI / Yr

$53,294

Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.

Cap Rate

8.88%

Suggested Prices Based on Cap Rates Cap rates vary significantly by property type, market, and asset quality. Typical U.S. stable-market ranges: Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+) Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand) Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically) Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher) Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk) Self-Storage — 5.5% to 7.5% Medical Office — 6.0% to 7.5% Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term Rules of thumb: Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%). Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C. Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI. Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.

Cap Rate 5%

$1,065,880 $1.1M

Cap Rate 7%

$761,343 $761.3K

Cap Rate 9%

$592,156 $592.2K

Market Conditions

NOI Build-Up for 4,040 SF Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent. EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs. OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements. NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.

Gross rent

$65.4K $16.20/SF

− Vacancy

−$2.7K −$0.68/SF

EGI

$62.7K $15.52/SF

− OpEx

−$9.4K −$2.33/SF

NOI

$53.3K $13.19/SF

Area

Washington County, MN

Vacancy

4.20%

Lease Rate

$16.20 /SF/Yr

Expense Ratio

15.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates Cap rates vary significantly by property type, market, and asset quality. Typical U.S. stable-market ranges: Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+) Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand) Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically) Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher) Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk) Self-Storage — 5.5% to 7.5% Medical Office — 6.0% to 7.5% Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term Rules of thumb: Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%). Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C. Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI. Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.

Cap Rate 5%

$1,065,880

Cap Rate 7%

$761,343

Cap Rate 9%

$592,156

Alternative Uses

Best Use

Office B

$800.6K

$700.5K – $934.0K (±1% cap)

NOI $56,041 @ 7.0% cap · market cap 9.34%

Second Best

Warehouse

$761.3K

$666.2K – $888.2K (±1% cap)

NOI $53,294 @ 7.0% cap · market cap 8.88%

Theoretical Best

Office A

$1.12M

$981.9K – $1.31M (±1% cap)

NOI $78,553 @ 7.0% cap · market cap 13.09%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

V and P Pallet ... Freight Service

Suggested Use

Top Pick Real Estate Agency (Bike/Boat/Book/etc) Store Hair Salon Storage Facility Furniture & Home Goods Nail Salon

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

11 ft

Clear height

1

Dock-high doors

1

Drive-in doors

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

214

Businesses Nearby

Balanced

Demand for This Use

Explore this area Business Placement

Demographics for 55055, MN

3,797

Population

2,001

Households

1.9

Avg Household Size

37

Median Age

25%

College-Educated

92%

High-School Grad

3.6 sq mi

ZIP Area

1,055

Density / Sq Mi

$63,365

Median Household Income

$41,118

Median Earnings

$1,080

Median Rent

$331,300

Median Home Value

Market

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

Questions? Ask Rey

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What type of property is this? Where is this warehouses located? What is the asking price? Find similar properties ... What are key features of this property?

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Similar Off Market Nearby

• Newport Cold Storage — 2233 Maxwell Ave, Newport, MN 55055

Frequently Asked Questions

What type of property is this?

Warehouse - Stand-alone industrial building with 10-foot drive-in door, 8-foot dock door, 11-foot clear height, and six parking stalls.

Where is this warehouse located?

The property is located at 76 21st St Newport, MN.

What is the asking price?

The asking price for this property is $600,000.

What are key features of this property?

This property features: 4,040 SF stand‑alone industrial building at 76 21st Street, Newport, MN; Warehouse loading includes one 10‑foot drive‑in door and one 8‑foot dock door with platform; 11‑foot clear height for practical vertical storage and operations