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 11 Last Checked: Oct 15 at 2:58AM

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Investment Insights

Based on property information with market context.

A new flex space unit is planned for Phase II at E5-721 Industrial Blvd in Watertown, MN. The 1,119.5-square-foot layout measures 26.75' by 40' and includes sheetrocked walls, a tin ceiling, a 16-foot-wide by 14-foot-high 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 concrete slab is designed to support a future mezzanine, and the unit will include LP siding, a shingled roof, concrete aprons, and an asphalt lot.

A bathroom with shower is roughed in. The commercially zoned property is intended to accommodate businesses, while the association handles lawn care, snow removal, garbage service, and security fencing with controlled entrance gates. A future wash bay and lounge are also planned for the development.

Key Highlights

• 1,119.5 SF flex space unit measuring 26.75'x40'
• 16'w x 14' h insulated garage door with opener
• 100 amp electrical service, in‑floor heat, and floor trench drain

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$15,181

Cap Rate

8.26%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$303,620 $303.6K

Cap Rate 7%

$216,871 $216.9K

Cap Rate 9%

$168,678 $168.7K

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

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%

$303,620

Cap Rate 7%

$216,871

Cap Rate 9%

$168,678

Alternative Uses

Best Use

Flex RnD

$216.9K

$189.8K – $253.0K (±1% cap)

NOI $15,181 @ 7.0% cap · market cap 8.26%

Second Best

Warehouse

$211.0K

$184.6K – $246.1K (±1% cap)

NOI $14,768 @ 7.0% cap · market cap 8.04%

Theoretical Best

Office A

$267.1K

$233.7K – $311.6K (±1% cap)

NOI $18,696 @ 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

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 commercial flex unit with insulated garage door, in-floor heat, and bathroom rough-in.

Where is this flex space located?

The property is located at E5-721 Industrial Blvd Watertown, MN.

What is the asking price?

The asking price for this property is $183,790.

What are key features of this property?

This property features: 1,119.5 SF flex space unit measuring 26.75'x40'; 16'w x 14' h insulated garage door with opener; 100 amp electrical service, in‑floor heat, and floor trench drain