Building Details

Year Built 2026

Stories 1

Listing Agency: eXp Realty

Listed By: Martin Turner Show Phone

Source: Homesearchlive

Added: Jul 27 Changed: Oct 3 Last Checked: Oct 7 at 4:48PM

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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.

This private flex space unit offers 1,520 SF for a range of commercial configurations, including office, warehouse, workshop, showroom, or garage applications. The unit includes 5-inch concrete floors with floor drains, 20-foot ceilings, commercial-grade windows, an entry door, and a 14-foot-wide by 14-foot-tall garage door. LP SmartSide lap siding provides the exterior finish, while fire suppression and in-floor radiant heating are included. A split system can be added for supplemental heating or cooling.

The unit is equipped with three-phase power and AC, along with water and sewer connections. A bathroom is roughed in, and available customization options include an additional bathroom, wet bar, kitchenette, or hot tub. A mezzanine can add 608 SF or more, creating 2,128 SF or more of total space. Phase 3 is scheduled for completion in late June 2026.

Key Highlights

• 1,520 SF private flex space unit
• 20‑foot ceilings with 5‑inch concrete floors and floor drains
• 14‑foot‑wide by 14‑foot‑tall garage door

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$20,612

Cap Rate

6.06%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$412,240 $412.2K

Cap Rate 7%

$294,457 $294.5K

Cap Rate 9%

$229,022 $229.0K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,520 SF

Gross rent

$33.4K $21.96/SF

− Vacancy

−$1.7K −$1.10/SF

EGI

$31.7K $20.86/SF

− OpEx

−$11.1K −$7.30/SF

NOI

$20.6K $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%

$412,240

Cap Rate 7%

$294,457

Cap Rate 9%

$229,022

Alternative Uses

Best Use

Flex RnD

$294.5K

$257.7K – $343.5K (±1% cap)

NOI $20,612 @ 7.0% cap · market cap 6.06%

Second Best

Warehouse

$286.4K

$250.6K – $334.2K (±1% cap)

NOI $20,051 @ 7.0% cap · market cap 5.90%

Theoretical Best

Office A

$362.6K

$317.3K – $423.1K (±1% cap)

NOI $25,385 @ 7.0% cap · market cap 7.47%

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 - Private commercial unit adaptable for office, warehouse, workshop, showroom, or garage use.

Where is this flex space located?

The property is located at 940 McKinley Pkwy Unit 409 Delano, MN.

What is the asking price?

The asking price for this property is $340,000.

What are key features of this property?

This property features: 1,520 SF private flex space unit; 20‑foot ceilings with 5‑inch concrete floors and floor drains; 14‑foot‑wide by 14‑foot‑tall garage door