Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    2203 Waters Dr Mendota Heights, MN 55120
    Property profile & analytics

    2203 Waters Dr Mendota Heights, MN 55120

    View on Map
    • Office Spaces
    • 10,294 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Office Spaces

    Property Details for 2203 Waters Dr

    Year built
    2010
    Property size
    10,294 SF
    Property type
    Office Spaces

    Description

    This exceptional executive office space, located within the Waters Drive Business Park in Mendota Heights, Minnesota, presents a unique leasing opportunity. The property, situated on a generous 4.73-acre lot, boasts a Class B, two-story building constructed in 2010. The building encompasses a total of 10,294 square feet, with this particular suite offering 1,664 square feet of readily available space. The suite is part of a larger, single-building complex, ideal for a business seeking a professional and efficient workspace. The property's zoning is classified as "I," and its APN is 27-83500-05-212. Located in the MN - Southeast submarket of Dakota County, the address is 2203 - 2313 Waters Dr, Mendota Heights, MN 55120. This prime location offers easy access to major transportation routes and amenities. The building's modern design and efficient layout provide a comfortable and productive environment for any business. The available space is perfect for a variety of uses, making it an attractive option for businesses of all sizes. This is a multiple tenancy building, offering a vibrant and collaborative atmosphere. Don't miss this chance to secure your ideal office space in a thriving business community.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Mendota Heights
    County
    Dakota
    State
    Minnesota
    Longitude
    -93.1644
    Latitude
    44.8725

    Comparable in this City

    • Value Estimation by Request
      2,732 SF

      2535 Condon Ct

      Medical Office Space • 2,732 SF
      2535 Condon Ct, Mendota Heights, MN 55120
      View Details
    • Value Estimation by Request
      1,581 SF

      2285 Waters Dr

      CONDOMINIUM OFFICES • 1,581 SF
      2285 Waters Dr, Mendota Heights, MN 55120-1363
      View Details
    • Value Estimation by Request
      3,328 SF

      2305-2311 Waters Dr

      Office Spaces • 3,328 SF
      2305-2311 Waters Dr, Saint Paul, MN 55120
      View Details
    • Value Estimation by Request
      10,228 SF

      2277 Waters Dr

      Office Spaces • 10,228 SF
      2277 Waters Dr, Mendota Heights, MN 55120
      View Details
    • Value Estimation by Request
      1,550 SF

      2291 Waters Dr

      CONDOMINIUM OFFICES • 1,550 SF
      2291 Waters Dr, Mendota Heights, MN 55120
      View Details
    • Value Estimation by Request
      1,457 SF

      2283 Waters Dr

      CONDOMINIUM OFFICES • 1,457 SF
      2283 Waters Dr, Mendota Heights, MN 55120-1363
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      20,821 SF

      Mendota Heights Renovated NNN Property

      NNN leased property with long-term tenant through 2040.
      1370 Mendota Heights Rd, Mendota Heights, MN 55120
      View Details
    • Contact for pricing
      40,345 SF

      Single Story Office Tech Building

      Single story office building with park-like setting and ample parking.
      1180 Centre Pointe Cir, Mendota Heights, MN 55120
      View Details
    • Contact for pricing
      30,586 SF

      Mendota Heights Office Tech Park

      Eight-building office tech park in Mendota Heights, Minnesota.
      1175 Centre Pointe Blvd, Saint Paul, MN 55120
      View Details
    • Contact for pricing
      3,060 SF

      Mendota Heights Office Space For Sale

      Office space for sale with easy highway access and signage.
      2255-2263 Waters Dr, Mendota Heights, MN 55120
      View Details
    • $1,100,000
      Pending

      Versatile Building in Mendota Heights

      7,833 SF building with retail space and drive-in door.
      1040 Dakota Dr, Mendota Heights, MN 55120
      View Details
    • $4,430,000
      33,684 SF

      Fully Leased Industrial Flex Property

      Professionally maintained industrial and flex investment property near MSP Airport.
      1385 Mendota Heights Rd, Mendota Heights, MN 55120
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Office Space Available For Rent

      Office space for rent at 1250 Northland Drive.
      1250 Northland Dr, Mendota Heights, MN 55120
      View Details
    • Contact for pricing
      169,180 SF

      Mendota Heights Logistics Center

      Conveniently located near major highways and Minneapolis-Saint Paul International Airport.
      1450-1500 Commerce Dr, Saint Paul, MN 55120
      View Details
    • Contact for pricing
      30,000 SF

      Mendota Heights Office Tech Park

      Eight-building office park with ample parking and freeway access.
      1179 Centre Pointe Cir, Saint Paul, MN 55120
      View Details
    • Contact for pricing

      Northland Drive Office Space Available

      Office space for rent at Northland Drive, Mendota Heights.
      1285 Northland Dr, Mendota Heights, MN 55120
      View Details
    • Contact for pricing
      9,511 SF

      Mendota Heights Office Space Sublease

      Sublease opportunity with flexible terms through February 2026.
      1295 Northland Dr, Mendota Heights, MN 55120
      View Details
    • Contact for pricing
      9,952 SF

      Mendota Heights Office Tech Building

      Single-story office building with park-like setting and ample parking.
      2060 Centre Pointe Blvd, Mendota Heights, MN 55120
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2203 Waters Dr
    Mendota Heights, MN 55120
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    2203 Waters Dr, Mendota Heights, MN, 55120
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!