Finished Flex Space with Shop
For Sale
$230,000
1004 5th St E Unit 106, Horace, ND 58047
Fully finished flex space combines office functionality with a shop area, bathroom, storage, tall ceilings, and oversized overhead doors.
Property Size1,605 SF
Price / SF$143.30
Days on Market42
Property Features for 1004 5th St E Unit 106
General Information
Standard status
Active
Size
1,605 SF
Warehouse & Industrial
Clear Height
16 ft
Drive-In Doors
1
Building Details
Year Built
2025
Listing Agency:
Horizon Real Estate Group
(218) 686-5607
Listed By:
Shane Cullen
Source:
Tayloronken
Added: Jul 19
Changed: Aug 27
Last Checked: Aug 29 at 12:37PM
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 2025-built flex space combines finished office accommodations with a functional shop area. The unit includes a bathroom and dedicated storage room, while large windows and full sheetrock contribute to a more finished interior environment. Sixteen-foot ceilings and two 12-foot by 14-foot overhead doors support access for larger recreational or commercial equipment.
Located at 1004 5th St E Unit 106 in Horace, North Dakota, the property is suited to a range of business, storage, and personal-use applications. Poured footing walls and 2-by-8 construction are incorporated into the building system.
Located at 1004 5th St E Unit 106 in Horace, North Dakota, the property is suited to a range of business, storage, and personal-use applications. Poured footing walls and 2-by-8 construction are incorporated into the building system.
Key Highlights
- 2025‑built flex space at 1004 5th St E Unit 106, Horace, ND 58047
- Office and shop configuration in a fully finished unit
- Two 12' X 14' O.H. doors
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
16 ft
Clear height
1
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 flex space combines office functionality with a shop area, bathroom, storage, tall ceilings, and oversized overhead doors.
Where is this flex space located?
The property is located at 1004 5th St E Unit 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: 2025‑built flex space at 1004 5th St E Unit 106, Horace, ND 58047; Office and shop configuration in a fully finished unit; Two 12' X 14' O.H. doors
