Building Details

Year Built 2025

Listing Agency: Horizon Real Estate Group

Listed By: Shane Cullen Show Phone

Source: Homesminn

Added: Jul 19 Changed: Sep 14 Last Checked: Oct 7 at 3:09PM

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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.

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 / Yr

$13,821

Cap Rate

6.01%

Suggested Prices Based on Cap Rates

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

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 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 (±1% cap)

NOI $13,821 @ 7.0% cap · market cap 6.01%

Second Best

Warehouse

$163.1K

$142.7K – $190.3K (±1% cap)

NOI $11,419 @ 7.0% cap · market cap 4.96%

Theoretical Best

Specialty Retail

$296.5K

$259.5K – $346.0K (±1% cap)

NOI $20,757 @ 7.0% cap · market cap 9.02%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Flex space

Suggested Use

Top Pick HVAC Service Big Box & Wholesale Store Storage Facility Grocery & Convenience Store Restaurant (Bike/Boat/Book/etc) Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this flex space located? What is the asking price? Find similar properties What are key features of this property?

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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