Building Details

Year Built 2025

Listing Agency: Horizon Real Estate Group

Listed By: Shane Cullen Show Phone

Source: Searchhousesnow

Added: Aug 6 Changed: Oct 11 Last Checked: Oct 7 at 1:09PM

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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 flex-space property combines a finished shop area with dedicated office space, a bathroom, and a storage room. Large windows bring natural light into the interior, while full sheetrock finishes support a quieter, more comfortable workspace. Each unit includes 12' X 14' overhead doors and 16' ceilings, providing clearance for larger recreational or commercial equipment.

The property is located at 1004 5th St E, Unit 107, in Horace, ND. Poured footing walls and 2X8 construction are part of the building system, adding durable structural features to the finished commercial space.

Key Highlights

• 2025 construction with fully finished interior
• Office, bathroom, and storage room included
• 12' X 14' O.H. doors

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$13,752

Cap Rate

5.73%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$275,040 $275.0K

Cap Rate 7%

$196,457 $196.5K

Cap Rate 9%

$152,800 $152.8K

Market Conditions

NOI Build-Up for 1,597 SF

Gross rent

$23.0K $14.40/SF

− Vacancy

−$1.8K −$1.15/SF

EGI

$21.2K $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%

$275,040

Cap Rate 7%

$196,457

Cap Rate 9%

$152,800

Alternative Uses

Best Use

Flex RnD

$196.5K

$171.9K – $229.2K (±1% cap)

NOI $13,752 @ 7.0% cap · market cap 5.73%

Second Best

Warehouse

$162.3K

$142.0K – $189.4K (±1% cap)

NOI $11,362 @ 7.0% cap · market cap 4.73%

Theoretical Best

Specialty Retail

$295.1K

$258.2K – $344.2K (±1% cap)

NOI $20,654 @ 7.0% cap · market cap 8.61%

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

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 - Finished units combine office, shop, bathroom, and storage areas for versatile commercial use.

Where is this flex space located?

The property is located at 1004 5th St E Unit 107 Horace, ND.

What is the asking price?

The asking price for this property is $240,000.

What are key features of this property?

This property features: 2025 construction with fully finished interior; Office, bathroom, and storage room included; 12' X 14' O.H. doors