Flex Space with Overhead
For Sale
$590,000
36 NE 3rd St, Minot, ND 58703
COMMERCIAL/INDUSTRIAL, Minot, ND
Property Size7,200 SF
Price / SF$81.94
Days on Market103
Property Features for 36 NE 3rd St
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
M2
Directions
Located just to the south of 3rd street bridge.
Subdivision
NE
Standard status
Active
APN
MI24.313.020.0182
Size
7,200 SF
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
10800
Building Details
Year built
1947
Listing Agency:
Better Homes and Gardens Real Estate Watne Group
(701) 852-1156
Listed By:
Joshua Skjoldal
(701) 720-3290
Added: May 28
Changed: Aug 19
Last Checked: Sep 7 at 12:06PM
MLS# 251567
Copyright © 2026 Minot Board of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This M2-zoned flex property provides 7,200 square feet above ground, with additional basement space suited to storage or expansion. The building combines office and retail areas with a shop component, creating a varied commercial layout. Shop access includes three 12' x 14' overhead doors and one 10' x 10' overhead door.
Located at 36 NE 3rd St in downtown Minot, the property offers access to major roads and includes a basement that can support additional storage or future expansion. Built in 1947, the building accommodates businesses requiring a combination of customer-facing, administrative, and shop areas.
Located at 36 NE 3rd St in downtown Minot, the property offers access to major roads and includes a basement that can support additional storage or future expansion. Built in 1947, the building accommodates businesses requiring a combination of customer-facing, administrative, and shop areas.
Key Highlights
- 7,200 square feet above ground with additional basement area
- M2 zoning
- Office, retail, and shop areas in one building
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$44,013
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.46%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$880,260
$880.3K
Cap Rate 7%
$628,757
$628.8K
Cap Rate 9%
$489,033
$489.0K
Market Conditions
NOI Build-Up for 7,200 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$56.2K $7.80/SF
− Vacancy
−$4.4K −$0.61/SF
EGI
$51.8K $7.19/SF
− OpEx
−$7.8K −$1.08/SF
NOI
$44.0K $6.11/SF
Area
Ward County, ND
Vacancy
7.80%
Lease Rate
$7.80 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$880,260
Cap Rate 7%
$628,757
Cap Rate 9%
$489,033
Alternative Uses
Best Use
Warehouse
$628.8K
$550.2K – $733.6K
NOI $44,013 @ 7.0% cap · market cap 7.46%
Second Best
Industrial
$517.8K
$453.1K – $604.1K
NOI $36,246 @ 7.0% cap · market cap 6.14%
Theoretical Best
Office A
$966.7K
$845.9K – $1.13M
NOI $67,668 @ 7.0% cap · market cap 11.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,662
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 58703, ND
23,341
Population
10,643
Households
2.2
Avg Household Size
31
Median Age
34%
College-Educated
95%
High-School Grad
156.2 sq mi
ZIP Area
149
Density / Sq Mi
$82,926
Median Household Income
$48,355
Median Earnings
$1,030
Median Rent
$254,800
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- MSI Minot — 400 10th St SE, Minot, ND 58701
Frequently Asked Questions
What type of property is this?
Flex space - M2-zoned commercial building combining office, retail, shop, and basement storage or expansion space.
Where is this flex space located?
The property is located at 36 NE 3rd St Minot, ND.
What is the asking price?
The asking price for this property is $590,000.
What are key features of this property?
This property features: 7,200 square feet above ground with additional basement area; M2 zoning; Office, retail, and shop areas in one building
