Flexible Bay Warehouse
For Sale
Contact for pricing
1002 5 St E, Horace, ND 58047
For sale flex/warehouse building with flexible bay layout and exterior signage availability.
Property Size4,500 SF
Price / SF$158.89
Days on Market107
Property Features for 1002 5 St E
General Information
Standard status
Active
Size
4,500 SF
Property subtype
INDUSTRIAL
Listing Agency:
Horizon Real Estate Group
(701) 478-7600
Listed By:
Jace Engelstad · License #10937
(701) 261-8061
Source:
Moodyscre
Added: Jun 2
Changed: Sep 7
Last Checked: Sep 15 at 5:27AM
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
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.
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 = 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
$38,750
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
5.42%
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%
$775,000
$775.0K
Cap Rate 7%
$553,571
$553.6K
Cap Rate 9%
$430,556
$430.6K
Market Conditions
NOI Build-Up for 4,500 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
$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 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%
$775,000
Cap Rate 7%
$553,571
Cap Rate 9%
$430,556
Alternative Uses
Best Use
Flex RnD
$553.6K
$484.4K – $645.8K
NOI $38,750 @ 7.0% cap · market cap 5.42%
Second Best
Industrial
$376.7K
$329.6K – $439.4K
NOI $26,366 @ 7.0% cap · market cap 3.69%
Theoretical Best
Specialty Retail
$831.4K
$727.5K – $970.0K
NOI $58,199 @ 7.0% cap · market cap 8.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Midwest region
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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
