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    Horace Industrial Condo Building Title is generated by Realmo AI

    1004 5th St E, Horace, ND 58047

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    4,800 SF industrial condo building in Horace, North Dakota.

    Type:Industrial, Office
    Property size:
    4,800 SF
    Price / SF:
    $148/SF
    Added:
    Jan 30, 2026
    Days on Market:
    102
    Last Refresh:
    Mar 17 at 1:14 pm

    Property Features for 1004 5th St E

    General Information

    Standard status
    Active
    Size
    4,800 SF
    Property subtype
    Industrial, Office

    Building Details

    Year Built
    2025

    We can help!

    Listing Contact
    Cole Foss

    Listing agent Cole Foss License #11133

    Listing office Horizon Real Estate Group

    Listing date Jan 30, 2026

    Source Crexi

    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

    HighLights

    • Own entire 4,800 SF shop condo building for maximum flexibility and income potential.
    • Brand new construction (2025) in booming Horace industrial market.
    • User + Income Strategy: Occupy one bay, lease two others for strong ROI.
    • Customizable Layout: Remove interior walls to create ideal workspace from 1,600 SF to 4,800 SF.
    • Located in Horace's thriving industrial corridor with easy access to Fargo‑Moorhead metro area.
    • Exterior Signage Rights: Rare for condo ownership, maximizing visibility.

    Overview

    This 4,800 SF shop condo building is located in the Horace industrial market. The property, scheduled for completion in 2025, offers flexibility and income potential. The building consists of three units, each ranging from 1,597 to 1,605 SF. The property allows for a user-plus-income strategy, where one bay can be occupied while the other two are leased. The interior layout is customizable, with the option to remove interior walls to create a workspace ranging from 1,600 SF to the full 4,800 SF. The condo ownership includes exterior signage rights. Constructed by Balzum Cullen Construction, the property is located at 1004 5th Street East in Horace's industrial corridor, providing access to the Fargo-Moorhead metro area. It is suited for owner-operators seeking workspace and rental income, businesses relocating with expansion needs, startups requiring scalable space, investors targeting high-growth industrial markets, and premium storage or workshop facilities.
    Location Intelligence

    Current Use by Public Records

    Flex space

    Suggested Use

    Restaurant Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Pharmacy Kitchen & Bath Showroom Storage Facility HVAC Service

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Horace
    County
    Cass
    State
    North Dakota
    Longitude
    -96.893224
    Latitude
    46.772735

    Nearby Similar for Sale

    • $2,450,000
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      Horace Mixed-Use Development Opportunity

      Prime location with retail, office, or mixed-use potential.
      301 Main St, Horace, ND
      View Details
    • $5,500,000
      15,000 SF

      Horace Industrial Property For Sale

      15,000 SqFt industrial property available in Horace, North Dakota.
      3301 124th Ave S, Horace, ND 58047
      View Details
    • $251,100
      1,620 SF

      New Horace Shop Condo For Sale

      New 1620 sqft shop condo with natural gas heat.
      6305 100th Ave. S #10, Horace, ND, Horace, ND 58047
      View Details

    FAQs

    What type of property is this?
    Flex space - 4,800 SF industrial condo building in Horace, North Dakota.
    Where is this flex space located?
    The property is located at 1004 5th 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: Own entire **4,800 SF shop condo** building for maximum flexibility and income potential.; Brand new construction (2025) in booming Horace industrial market.; User + Income Strategy: Occupy one bay, lease two others for strong ROI.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Cole Foss
    Real Estate License ID: 11133
    Learn More
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    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.

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