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 2:07PM

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Investment Insights

Based on property information with market context.

Phase II will add a 1,004.5-square-foot flex space unit at the Workshops of Watertown. The planned 24-by-40-foot garage includes sheetrocked walls, a tin ceiling, a 16-foot-wide by 14-foot-high insulated overhead door with opener, two LED lights, in-floor heat, 100-amp electrical service, a floor trench drain, and a fire suppression system. A bathroom with shower is roughed in, while the structured concrete floor can support a future mezzanine. Exterior improvements include LP siding, an asphalt-shingled roof, concrete aprons, and an asphalt lot.

The property is zoned commercial, and the unit is designed for business use. Association services include lawn care, snow removal, garbage service, and security fencing with gated entry. A future wash bay and lounge are also planned for the development. The unit is located at E11-721 Industrial Blvd in Watertown, Minnesota.

Key Highlights

• 1,004.5 SF to‑be‑built flex space unit in Phase II
• 24'x40' unit with 16'w x 14' h insulated garage door and opener
• 100 amp electrical service, in‑floor heat, and floor trench drain

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$13,621

Cap Rate

8.26%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$272,420 $272.4K

Cap Rate 7%

$194,586 $194.6K

Cap Rate 9%

$151,344 $151.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,005 SF

Gross rent

$22.1K $21.96/SF

− Vacancy

−$1.1K −$1.10/SF

EGI

$21.0K $20.86/SF

− OpEx

−$7.3K −$7.30/SF

NOI

$13.6K $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%

$272,420

Cap Rate 7%

$194,586

Cap Rate 9%

$151,344

Alternative Uses

Best Use

Flex RnD

$194.6K

$170.3K – $227.0K (±1% cap)

NOI $13,621 @ 7.0% cap · market cap 8.26%

Second Best

Warehouse

$189.3K

$165.6K – $220.9K (±1% cap)

NOI $13,251 @ 7.0% cap · market cap 8.03%

Theoretical Best

Office A

$239.7K

$209.7K – $279.6K (±1% cap)

NOI $16,776 @ 7.0% cap · market cap 10.17%

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

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 - To-be-built commercial garage unit with insulated overhead door, in-floor heat, and rough-in plumbing.

Where is this flex space located?

The property is located at E11-721 Industrial Blvd Watertown, MN.

What is the asking price?

The asking price for this property is $164,920.

What are key features of this property?

This property features: 1,004.5 SF to‑be‑built flex space unit in Phase II; 24'x40' unit with 16'w x 14' h insulated garage door and opener; 100 amp electrical service, in‑floor heat, and floor trench drain