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940 Mckinley Pkwy Delano, MN 55328
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Modern Industrial Units, Delano, MN
Property size:
1,120 SF
Description
Added:
Dec 11, 2024
Days on Market:
408
This exceptional new development, West End Autoplex & Business Center in Delano, Minnesota, offers 42 versatile units perfect for a variety of uses. Built in 2023, these single-story buildings boast 1,120 to 1,932 square feet of space, ideal for customized office/warehouse spaces, workshops, showrooms, or even personal garages. Each unit features 20-foot ceilings, 14 dock-high doors, 5" concrete floors with floor drains, commercial-grade windows and doors, attractive LP Smartside siding, fire suppression, and soundproofing. In-floor radiant heating is standard, with options for additional heating/cooling. All units are wired for three-phase power and plumbed for water and sewer, with roughed-in bathrooms. A limited-time offer includes a free mezzanine or ADA bathroom, paint, and epoxy flooring on larger units, and a half-priced mezzanine or free ADA bathroom on smaller units. Units can be expanded by combining with adjacent units, creating pass-through options, and adding a mezzanine for an additional 672 square feet. Numerous upgrade options are available, allowing for complete customization. The property is zoned commercial and has four buildings in total. Occupancy is available November 30, 2023. Financing options include a 10-year fixed-rate, fully amortized loan at 8.75% or a 5-year balloon with 20-year amortization at 8.5%. All closings will occur at Title Mark in Waconia. Financial requirements include a personal financial statement, two years of personal and business tax returns, and a credit report. A 20% cash down payment or more is required, with personal guarantees accepted for RE holding company purchases.
Property Features for 940 Mckinley Pkwy
General Information
Property type
Self storage facilities
Square Feet
1,120 SF
Building Details
Year Built/Renovated
2023/2023
Buildings
4
Stories
1
Units
42
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Listing Contact
Martin "Marty" Turner
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HighLights
New 2023 construction, 42 units available in Delano, MN.
Units range from 1,120 to 1,932 square feet.
Four single‑story buildings with 20' ceilings and 14 dock‑high doors.
Owner/user investment opportunity with multi‑tenant occupancy; broker co‑op available.
Financing options include a 10‑year fixed‑rate loan at 8.75% or a 5‑year balloon loan with 20‑year amortization at 8.5%. Requires 20% down payment plus upgrades. Personal financial statements and tax returns required.
Units are customizable and can be combined; mezzanine and ADA bathroom upgrades available.
Self storage facility - Modern Industrial Units, Delano, MN
Where is this self storage facility located?
The property is located at 940 Mckinley Pkwy Delano, MN.
What are key features of this property?
This property features: New 2023 construction, 42 units available in Delano, MN.; Units range from 1,120 to 1,932 square feet.; Four single-story buildings with 20' ceilings and 14 dock-high doors.
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940 Mckinley Pkwy Delano, MN 55328
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Realmo Value Estimations
Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods.
Disclaimer
These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.
AI approach
Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.
Realmo CapRate Calculation
Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.
How We Calculate Cap Rate
Cap Rate Formula: Cap Rate (%) = (Net Operating Income / Property Value) × 100
Net Operating Income (NOI) Formula: NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)
Components
Net Operating Income (NOI) represents the annual income a property generates after operating expenses:
Area: Building square footage from property records
Lease Rate: Annual $/sqft based on market data for the property type and geographic location
Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
Operating Expense Ratio: Operating costs as a percentage of income, varies by property type
Property Value is derived from:
Recent sale price (if available)
Statistical models using comparable sales
AI-powered valuation estimates
Example Calculation
For a 100,000 sqft Office Building:
Lease Rate: $25.00/sqft/year (market data for Office in this area)
Vacancy Rate: 8% (market data for Office in this area)
Operating Expense Ratio: 35% (typical for Office properties)
Property Value: $15,000,000
Step 1: Calculate NOI
NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35) NOI = 100,000 × $25.00 × 0.92 × 0.65 NOI = $1,495,000/year
Step 2: Calculate Cap Rate
Cap Rate = ($1,495,000 / $15,000,000) × 100 Cap Rate = 9.97%
Property Type Considerations
Net Operating Income calculations vary by property type due to different operating expense ratios:
Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
Retail: Moderate expenses (25-35%) for common area maintenance
Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
Multifamily: Moderate expenses (35-45%) including property management
Self-Storage: Lower expenses (25-35%) due to minimal maintenance
Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.
Disclaimer
These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.
Cap Rate calculations depend on market data that may change over time
Actual operating expenses, lease rates, and vacancy rates may differ from market averages
Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
Property value estimates are approximations and not official appraisals
Cap rates vary widely by market, property condition, and investment risk profile
Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.
Cap approach
Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.
Comparable approach
Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.
Relative
Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.
Geo
Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels
across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.
Stat Estimate
This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.
Ranges - area data calculated by industry standard IQR Outlier Removal Method
Range-from: 75% of all similar sales ($/sqft) are above this value
Range-to: 75% of all similar sales ($/sqft) are below this value
AI Estimate
This method estimates value based on AI market estimation of comparable properties around by location and property type.
Ranges - area data calculated by industry standard IQR Outlier Removal Method
Range-from: 75% of all estimations ($/sqft) are above this value
Range-to: 75% of all estimations ($/sqft) are below this value
Alternative use
Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.
More about this property
940 Mckinley Pkwy Delano, MN 55328
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940 Mckinley Pkwy, Delano, MN
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940 Mckinley Pkwy, Delano, MN
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Martin "Marty" Turner
Real Estate License ID: MN 40381279
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