Building Details

Year Built 2026

Listing Agency: eXp Realty

Listed By: Martin Turner Show Phone

Source: Vibemn

Added: Jul 22 Changed: Oct 9 Last Checked: Oct 7 at 12:55PM

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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 eXp Realty

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Investment Insights

Based on property information with market context.

Phase 3 introduces private flex space units at 940 McKinley Pkwy in Delano, Minnesota, with completion planned for late June 2026. Each unit provides 1,120 SF and can be configured for office, warehouse, workshop, showroom, or garage use. The improvements include 5” concrete floors with floor drains, 20’ ceilings, commercial-grade windows, a 14' wide by 14' tall garage door, and an entry door.

Building systems include three-phase power, AC wiring, water and sewer connections, fire suppression, and in-floor radiant heating. A bathroom is roughed in, with options to add a finished bathroom, wet bar, kitchenette, hot tub, mezzanine, and other custom improvements. A mezzanine can add 448 SF or more, creating 1,568+ SF of total space.

Key Highlights

• 1,120 SF private flex space unit in Phase 3
• 20’ ceilings with 5” concrete floors and floor drains
• 14' wide x 14' tall garage door

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$15,188

Cap Rate

6.60%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$303,760 $303.8K

Cap Rate 7%

$216,971 $217.0K

Cap Rate 9%

$168,756 $168.8K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,120 SF

Gross rent

$24.6K $21.96/SF

− Vacancy

−$1.2K −$1.10/SF

EGI

$23.4K $20.86/SF

− OpEx

−$8.2K −$7.30/SF

NOI

$15.2K $13.56/SF

Area

Wright 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%

$303,760

Cap Rate 7%

$216,971

Cap Rate 9%

$168,756

Alternative Uses

Best Use

Flex RnD

$217.0K

$189.9K – $253.1K (±1% cap)

NOI $15,188 @ 7.0% cap · market cap 6.60%

Second Best

Warehouse

$211.1K

$184.7K – $246.3K (±1% cap)

NOI $14,775 @ 7.0% cap · market cap 6.42%

Theoretical Best

Office A

$267.2K

$233.8K – $311.8K (±1% cap)

NOI $18,705 @ 7.0% cap · market cap 8.13%

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 Bakery Auto Parts Store Real Estate Agency Pet Store

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

20 ft

Clear height

1

Drive-in doors

Yes

Sprinkler system

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

12

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 55328, MN

9,729

Population

3,684

Households

2.6

Avg Household Size

39

Median Age

42%

College-Educated

98%

High-School Grad

44.9 sq mi

ZIP Area

217

Density / Sq Mi

$118,036

Median Household Income

$65,990

Median Earnings

$927

Median Rent

$382,600

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 - New flex units support office, warehouse, workshop, showroom, and garage configurations with substantial customization options.

Where is this flex space located?

The property is located at 940 McKinley Pkwy Unit 404 Delano, MN.

What is the asking price?

The asking price for this property is $230,000.

What are key features of this property?

This property features: 1,120 SF private flex space unit in Phase 3; 20’ ceilings with 5” concrete floors and floor drains; 14' wide x 14' tall garage door