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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 14 Last Checked: Oct 15 at 12:49AM

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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 Edina Realty, Inc.

Investment Insights

Based on property information with market context.

A new flex space unit is planned for Phase II of the Workshops of Watertown at E3-721 Industrial Blvd. The 1,090-square-foot layout measures 26' by 40' and is designed for practical workshop or storage use, with sheetrocked walls, a tin ceiling, and a 16-foot-wide by 14-foot-high insulated garage door with opener. Interior improvements include in-floor heat, two LED lights, 100-amp electrical service, a floor trench drain, and fire suppression. The concrete slab is engineered for a future mezzanine, while a bathroom with shower is roughed in.

The property includes LP siding, an asphalt shingle roof, 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 unit is zoned for commercial use, and existing units may be toured upon request.

Key Highlights

• 1,090‑square‑foot unit measuring 26' by 40'
• 16' w x 14' h insulated garage door with opener
• In‑floor heat, 100‑amp electrical service, floor trench drain, and fire suppression system

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$14,781

Cap Rate

8.26%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$295,620 $295.6K

Cap Rate 7%

$211,157 $211.2K

Cap Rate 9%

$164,233 $164.2K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,090 SF

Gross rent

$23.9K $21.96/SF

− Vacancy

−$1.2K −$1.10/SF

EGI

$22.7K $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%

$295,620

Cap Rate 7%

$211,157

Cap Rate 9%

$164,233

Alternative Uses

Best Use

Flex RnD

$211.2K

$184.8K – $246.4K (±1% cap)

NOI $14,781 @ 7.0% cap · market cap 8.26%

Second Best

Industrial

$169.2K

$148.0K – $197.4K (±1% cap)

NOI $11,841 @ 7.0% cap · market cap 6.62%

Theoretical Best

Office A

$260.1K

$227.6K – $303.4K (±1% cap)

NOI $18,204 @ 7.0% cap · market cap 10.18%

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 - New construction flex space with heated garage, utility infrastructure, and controlled-access association services.

Where is this flex space located?

The property is located at E3-721 Industrial Blvd Watertown, MN.

What is the asking price?

The asking price for this property is $178,870.

What are key features of this property?

This property features: 1,090‑square‑foot unit measuring 26' by 40'; 16' w x 14' h insulated garage door with opener; In‑floor heat, 100‑amp electrical service, floor trench drain, and fire suppression system