Finished Shop Condo with
For Sale
$230,000
1004 5th Street E #106, Horace, ND 58047
Fully finished shop condo units with office space, bathroom, and large overhead doors for versatile business use.
Property Size1,605 SF
Price / SF$143.30
Days on Market74
Property Features for 1004 5th Street E #106
General Information
Standard status
Active
Size
1,605 SF
Property subtype
Commercial
Zoning
Industrial
Additional Details
Drive-In Doors
2
Taxes and HOA fees
Annual Taxes
$482
Building Details
Building Size
1,605 SF
Year Built
2025
Stories
1
Units
1
Listing Agency:
Horizon Real Estate Group
(218) 686-5607
Listed By:
Shane Cullen
(218) 686-5607
Source:
Juverealestate
Added: Jun 11
Changed: Aug 23
Last Checked: Aug 22 at 1:24PM
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.
These fully finished 28' x 60' (A) shop condo units combine office and shop space in a compact, workable layout. Each unit includes office space, a bathroom, and a storage room, with large windows and 16' ceilings to support a comfortable indoor environment. The construction is described as sheet rocked with poured footing walls and 2x8 construction, with quality build intended to support quiet, long-term use.
The units feature 12' x 14' overhead doors sized for larger equipment and vehicles, including the ability to accommodate a camper based on the provided remarks. With the shop-and-office configuration, the space is designed for businesses that need both a functional work area and dedicated interior space.
For prospective buyers, these condo-style units offer a finished interior setup without requiring fit-out for a basic office and amenities. The overhead door access and high ceilings make the units well suited for hands-on operations that benefit from direct drive-in capability, while the included bathroom and storage room support day-to-day workflow.
The units feature 12' x 14' overhead doors sized for larger equipment and vehicles, including the ability to accommodate a camper based on the provided remarks. With the shop-and-office configuration, the space is designed for businesses that need both a functional work area and dedicated interior space.
For prospective buyers, these condo-style units offer a finished interior setup without requiring fit-out for a basic office and amenities. The overhead door access and high ceilings make the units well suited for hands-on operations that benefit from direct drive-in capability, while the included bathroom and storage room support day-to-day workflow.
Key Highlights
- Fully finished 28' x 60' (A) shop condo units with office space, bathroom, and storage room
- Includes large windows and 16' ceilings
- Features 12' x 14' O.H. overhead doors sized for a camper
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
$13,821
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
6.01%
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%
$276,420
$276.4K
Cap Rate 7%
$197,443
$197.4K
Cap Rate 9%
$153,567
$153.6K
Market Conditions
NOI Build-Up for 1,605 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
$23.1K $14.40/SF
− Vacancy
−$1.8K −$1.15/SF
EGI
$21.3K $13.25/SF
− OpEx
−$7.4K −$4.64/SF
NOI
$13.8K $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%
$276,420
Cap Rate 7%
$197,443
Cap Rate 9%
$153,567
Alternative Uses
Best Use
Flex RnD
$197.4K
$172.8K – $230.4K
NOI $13,821 @ 7.0% cap · market cap 6.01%
Second Best
Warehouse
$163.1K
$142.7K – $190.3K
NOI $11,419 @ 7.0% cap · market cap 4.96%
Theoretical Best
Specialty Retail
$296.5K
$259.5K – $346.0K
NOI $20,757 @ 7.0% cap · market cap 9.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Drive-in doors
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 - Fully finished shop condo units with office space, bathroom, and large overhead doors for versatile business use.
Where is this flex space located?
The property is located at 1004 5th Street E #106 Horace, ND.
What is the asking price?
The asking price for this property is $230,000.
What are key features of this property?
This property features: Fully finished 28' x 60' (A) shop condo units with office space, bathroom, and storage room; Includes large windows and 16' ceilings; Features 12' x 14' O.H. overhead doors sized for a camper
