Building Details

Year Built 2026

Listing Agency: eXp Realty

Listed By: Martin Turner Show Phone

Source: Chrisfritchteam

Added: Jul 30 Changed: Oct 7 Last Checked: Oct 7 at 1:45PM

Report an Issue

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

Ask AI about this property

Review the available facts, identify missing information and prepare questions for the agent.

What should I ask the agent before proceeding? What information is missing from this listing?

Investment Insights

Based on property information with market context.

This flex space unit is designed for customization as an office, warehouse, workshop, showroom, or private garage. The 1,120-square-foot unit features 5-inch concrete floors with floor drains, 20-foot ceilings, commercial-grade windows, and a 14-foot-wide by 14-foot-tall garage door. Three-phase power, AC, water, and sewer are connected, with fire suppression, in-floor radiant heating, and a roughed-in bathroom included. Additional options include a mezzanine, bathroom, wet bar, kitchenette, and other customized improvements.

Located at 940 McKinley Pkwy in Delano, Minnesota, the unit is part of Phase 3, scheduled for completion in late June of 2026. A mezzanine can add 448 or more square feet, creating 1,568+ square feet of total space. LP SmartSide lap siding and available upgrade packages provide further flexibility for the final build-out.

Key Highlights

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

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$15,188

Cap Rate

6.46%

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 6.46%

Second Best

Warehouse

$211.1K

$184.7K – $246.3K (±1% cap)

NOI $14,775 @ 7.0% cap · market cap 6.29%

Theoretical Best

Office A

$267.2K

$233.8K – $311.8K (±1% cap)

NOI $18,705 @ 7.0% cap · market cap 7.96%

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

Similar For Sale Nearby

See more

Customizable Flex Warehouse Unit

403-940 Mckinley Pkwy, Delano, MN 55328

$235,000

1,568 SF

View details

Customizable Flex Space Unit

405-940 Mckinley Pkwy, Delano, MN 55328

$235,000

1,568 SF

View details

Customizable Commercial Units For Sale

408-940 Mckinley Pkwy, Delano, MN

$230,000

1,568 SF

View details

Customizable Flex Warehouse Unit

402-940 Mckinley Pkwy, Delano, MN 55328

$305,000

2,041 SF

View details

Customizable Flex Space Unit

410-940 Mckinley Pkwy, Delano, MN

$335,000

2,128 SF

View details

Customized Flex Warehouse Unit

407-940 Mckinley Pkwy, Delano, MN 55328

$235,000

View details

Flexible Warehouse with Office Options

404-940 Mckinley Pkwy, Delano, MN 55328

$230,000

View details

Customizable Flex Warehouse Unit

406-940 Mckinley Pkwy, Delano, MN 55328

$230,000

View details

Customizable Flex Space Unit

401-940 Mckinley Pkwy, Delano, MN 55328

$325,000

View details

Floral Business and Storefront

120 N River Street, Delano, MN 55328

$475,000

3,210 SF

View details

Residential Development Lot

258 3rd Street SW, Delano, MN 55328

$99,500

View details

Frequently Asked Questions

What type of property is this?

Flex space - New construction units offer adaptable office, workshop, showroom, and garage configurations with extensive build-out options.

Where is this flex space located?

The property is located at 940 McKinley Pkwy Unit 405 Delano, MN.

What is the asking price?

The asking price for this property is $235,000.

What are key features of this property?

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