Listing Agency: Edina Realty, Inc. B***@edinarealty.com Show Phone

Listed By: Butcher Real Estate Team Show Phone

Source: Exprealty

Added: Jun 4, 2025 Changed: Oct 16 Last Checked: Oct 16 at 2:20PM

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Investment Insights

Based on property information with market context.

A new garage unit is planned for Phase II of the Workshops of Watertown at E1-721 Industrial Blvd. The 1093 sf unit measures 26'x40' and is designed for flexible commercial use, with sheet-rocked walls, a tin ceiling, LP siding, an asphalt shingle roof, and a concrete floor structured for a future mezzanine. Building systems include a 16' w x 14' h insulated garage door with opener, two LED lights, in-floor heat, 100-amp electrical service, a floor trench drain, and a fire suppression system. The space also includes a rough-in for a bathroom with shower, concrete aprons, and an asphalt lot.

Association services cover lawn care, snow removal, garbage service, and security fencing with entrance gates. A future wash bay and lounge are planned for the development. The property is zoned commercial, and existing units are available for tours upon request.

Key Highlights

• 1093 sf garage unit measuring 26'x40'
• 16' w x 14' h insulated garage door with opener
• In‑floor heat and 100‑amp electrical service

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$14,821

Cap Rate

7.64%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$296,420 $296.4K

Cap Rate 7%

$211,729 $211.7K

Cap Rate 9%

$164,678 $164.7K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,093 SF

Gross rent

$24.0K $21.96/SF

− Vacancy

−$1.2K −$1.10/SF

EGI

$22.8K $20.86/SF

− OpEx

−$8.0K −$7.30/SF

NOI

$14.8K $13.56/SF

Area

Carver 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%

$296,420

Cap Rate 7%

$211,729

Cap Rate 9%

$164,678

Alternative Uses

Best Use

Flex RnD

$211.7K

$185.3K – $247.0K (±1% cap)

NOI $14,821 @ 7.0% cap · market cap 7.64%

Second Best

Warehouse

$206.0K

$180.2K – $240.3K (±1% cap)

NOI $14,418 @ 7.0% cap · market cap 7.44%

Theoretical Best

Office A

$260.8K

$228.2K – $304.2K (±1% cap)

NOI $18,254 @ 7.0% cap · market cap 9.42%

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 Auto Parts Store Garden Center Storage Facility (Bike/Boat/Book/etc) Store Cafe & Coffee Shop Pharmacy

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

1

Drive-in doors

Yes

Sprinkler system

Yes

Fenced yard

Location Intelligence

Trade Area within ½ mile

300

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

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 - Commercial unit with insulated garage access, in-floor heat, and infrastructure for future bathroom improvements.

Where is this flex space located?

The property is located at E1-721 Industrial Blvd Watertown, MN.

What is the asking price?

The asking price for this property is $193,870.

What are key features of this property?

This property features: 1093 sf garage unit measuring 26'x40'; 16' w x 14' h insulated garage door with opener; In‑floor heat and 100‑amp electrical service