Customizable Shell Office
For Sale
$499,900
104-4475 Coleman St, Bismarck, ND 58503
CG-zoned office space is delivered unfinished for buyer customization.
Property Size1,884 SF
Price / SF$265.34
Days on Market9
Property Features for 104-4475 Coleman St
General Information
Standard status
Active
Size
1,884 SF
Zoning
CG
Taxes and HOA fees
Annual Taxes
$934
Listing Agency:
Realty One Group - Encore
(701) 751-7040
Listed By:
PATRICK KOSKI · License #8121
(701) 471-1331
Source:
Exprealty
Added: Aug 31
Changed: Sep 8
Last Checked: Sep 8 at 2:29PM
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 Realty One Group - Encore
Investment Insights
Based on property information with market context.
This office unit is offered for ownership in Aspen Business Park and delivered as a shell, allowing the buyer to configure the interior to suit business requirements. Approximately 1,884 square feet is available within the unit, which is intended for small to medium-sized business users.
The property is located at 104-4475 Coleman St in Bismarck, next to Cash Wise Foods and with visibility from 43rd Avenue. CG zoning applies to the property. Buyers should verify building codes and zoning requirements with the City of Bismarck before proceeding.
The property is located at 104-4475 Coleman St in Bismarck, next to Cash Wise Foods and with visibility from 43rd Avenue. CG zoning applies to the property. Buyers should verify building codes and zoning requirements with the City of Bismarck before proceeding.
Key Highlights
- Approximately 1, 884 square feet available
- Delivered as a shell for buyer‑directed customization
- CG zoning
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
$24,470
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
4.89%
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%
$489,400
$489.4K
Cap Rate 7%
$349,571
$349.6K
Cap Rate 9%
$271,889
$271.9K
Market Conditions
NOI Build-Up for 1,884 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
$38.0K $20.16/SF
− Vacancy
−$5.4K −$2.84/SF
EGI
$32.6K $17.32/SF
− OpEx
−$8.2K −$4.33/SF
NOI
$24.5K $12.99/SF
Area
Burleigh County, ND
Vacancy
14.10%
Lease Rate
$20.16 /SF/Yr
Expense Ratio
25.00%
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%
$489,400
Cap Rate 7%
$349,571
Cap Rate 9%
$271,889
Alternative Uses
Best Use
Office B
$349.6K
$305.9K – $407.8K
NOI $24,470 @ 7.0% cap · market cap 4.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$448.3K
$392.3K – $523.1K
NOI $31,383 @ 7.0% cap · market cap 6.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
401
Businesses Nearby
Explore this area
Business Placement
Demographics for 58503, ND
37,157
Population
15,997
Households
2.3
Avg Household Size
39
Median Age
48%
College-Educated
96%
High-School Grad
135.6 sq mi
ZIP Area
274
Density / Sq Mi
$105,108
Median Household Income
$60,058
Median Earnings
$1,131
Median Rent
$383,300
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - CG-zoned office space is delivered unfinished for buyer customization.
Where is this office units located?
The property is located at 104-4475 Coleman St Bismarck, ND.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: Approximately 1, 884 square feet available; Delivered as a shell for buyer‑directed customization; CG zoning
