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 Market62
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) 261-8061
Listed By:
Jace Engelstad
Source:
Moodyscre
Added: Jun 2
Changed: Jul 27
Last Checked: Aug 1 at 2:12PM
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 For Flex RnD
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $64.8k | $14.40 |
| − Vacancy | −$5.2k | −$1.15 |
| EGI | $59.6k | $13.25 |
| − OpEx | −$20.9k | −$4.64 |
| NOI | $38.8k | $8.61 |
4,500 SF · lease $14.40/SF/yr · vacancy 8.00% · expense 35.00%
Alternative Uses
Best Use
Flex RnD
$553.6K
$484.4K – $645.8K
NOI $38,750 @ 7.0% cap · market cap 5.42%
Second Best
Warehouse
$457.4K
$400.2K – $533.6K
NOI $32,015 @ 7.0% cap · market cap 4.48%
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
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
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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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
