Listing Agency: Horizon Real Estate Group Show Phone

Listed By: Jace Engelstad · License #10937 Show Phone

Source: Moodyscre

Added: Jun 2 Changed: Oct 26 Last Checked: Oct 30 at 5:30PM

Report an Issue

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 Horizon Real Estate Group

Ask AI about this property

Review the available facts, identify missing information and prepare questions for the agent.

What should I ask the agent before proceeding? What information is missing from this listing?

Investment Insights

Based on property information with market context.

This flexible bay warehouse building is designed to support a range of business uses, including configurations that allow interior walls to be removed for expanded shop space. The layout also allows an operator to occupy one bay while leasing out the remaining bays, creating flexibility for different occupancy strategies.

The property is located in Horace’s industrial market. Exterior building signage is available, which is noted as uncommon for shop condos.

The offering is for the entire building, providing an option for owner-users, business relocations, or new startups to purchase and customize the interior layout to better match their needs.

Key Highlights

• Flex/warehouse building with a flexible bay layout
• Option to occupy one bay and lease out the other bays
• Interior walls can be removed to expand shop space

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$38,750

Cap Rate

5.42%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$775,000 $775.0K

Cap Rate 7%

$553,571 $553.6K

Cap Rate 9%

$430,556 $430.6K

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,500 SF

Gross rent

$64.8K $14.40/SF

− Vacancy

−$5.2K −$1.15/SF

EGI

$59.6K $13.25/SF

− OpEx

−$20.9K −$4.64/SF

NOI

$38.8K $8.61/SF

Area

Cass County, ND

Vacancy

8.00%

Lease Rate

$14.40 /SF/Yr

Expense Ratio

35.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$775,000

Cap Rate 7%

$553,571

Cap Rate 9%

$430,556

Alternative Uses

Best Use

Flex RnD

$553.6K

$484.4K – $645.8K (±1% cap)

NOI $38,750 @ 7.0% cap · market cap 5.42%

Second Best

Industrial

$376.7K

$329.6K – $439.4K (±1% cap)

NOI $26,366 @ 7.0% cap · market cap 3.69%

Theoretical Best

Specialty Retail

$831.4K

$727.5K – $970.0K (±1% cap)

NOI $58,199 @ 7.0% cap · market cap 8.14%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Flex space

Suggested Use

Top Pick HVAC Service Big Box & Wholesale Store Storage Facility Grocery & Convenience Store Restaurant (Bike/Boat/Book/etc) Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

41

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 58047, ND

4,216

Population

1,815

Households

2.3

Avg Household Size

38

Median Age

43%

College-Educated

97%

High-School Grad

70.2 sq mi

ZIP Area

60

Density / Sq Mi

$142,216

Median Household Income

$68,783

Median Earnings

$963

Median Rent

$417,800

Median Home Value

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

Similar For Sale Nearby

See more

Horace Industrial Condo Building

1004 5th St E, Horace, ND 58047

Contact for pricing

4,800 SF

View details

Finished Flex Space With Shop

106-1004 5th St E, Horace, ND 58047

$230,000

1,680 SF

View details

Flex Building with Yard Space

7774 100th Ave S, Horace, ND 58047

Contact for pricing

2,848 SF

View details

Shop Condo Units with Overhead Doors

107-1004 5th St E, Horace, ND 58047

$240,000

View details

Frequently Asked Questions

What type of property is this?

Flex space - For sale flex/warehouse building with flexible bay layout and exterior signage availability.

Where is this flex space located?

The property is located at 1002 5 St E Horace, ND.

What is the asking price?

The asking price for this property is $715,000.

What are key features of this property?

This property features: Flex/warehouse building with a flexible bay layout; Option to occupy one bay and lease out the other bays; Interior walls can be removed to expand shop space