Historic Bar and Grill with
For Sale
$499,000
105/107 Main, Arnegard, ND 58835
Updated bar and dining layout with covered patios, parking, and storage improvements for an operator planning a full rebuild.
Property Size5,664 SF
Price / SF$88.10
Days on Market58
Property Features for 105/107 Main
General Information
Standard status
Active
Size
5,664 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$1,795
Amenities
1248.00
Building Details
Year Built
1900
Listing Agency:
eXp Realty
(406) 480-9383
Listed By:
Kristy L Aasheim · License #9436
Source:
Clearwaterproperties
Added: Jun 15
Changed: Aug 11
Last Checked: Aug 8 at 8:58AM
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 eXp Realty
Investment Insights
Based on property information with market context.
This historic bar and grill offers a spacious interior with a large dining room and a bar area that has been refinished as part of recent updates. The property includes covered patios for outdoor gatherings and a generous parking area for guest convenience. Living quarters are located above the bar, described as approximately 6 bedrooms and 1 bathroom, which may support owner occupancy or employee housing. For operational storage, a large outbuilding has been converted into cooler and freezer space.
The property is located at 105/107 Main Street in Arnegard, North Dakota, and is currently boarded up to help preserve and protect the building. A note in the remarks states the kitchen area experienced a fire; the affected area has been cleaned up, but repairs have not yet been completed.
For the right buyer, this configuration may suit a hospitality operator looking to restore and customize foodservice space following the fire and align the facility with their preferred concept. Please note that no liquor license is included in the sale, and the buyer will be responsible for obtaining any required licenses, permits, approvals, and inspections. Buyer and Buyer's Agent should independently verify all information prior to purchase, and proof of funds or lender pre-approval is required before showings.
The property is located at 105/107 Main Street in Arnegard, North Dakota, and is currently boarded up to help preserve and protect the building. A note in the remarks states the kitchen area experienced a fire; the affected area has been cleaned up, but repairs have not yet been completed.
For the right buyer, this configuration may suit a hospitality operator looking to restore and customize foodservice space following the fire and align the facility with their preferred concept. Please note that no liquor license is included in the sale, and the buyer will be responsible for obtaining any required licenses, permits, approvals, and inspections. Buyer and Buyer's Agent should independently verify all information prior to purchase, and proof of funds or lender pre-approval is required before showings.
Key Highlights
- Historic bar and grill built in 1900 with updated dining and bar layout, including refinished bar tops and restored pool table.
- Spacious interior includes a large dining room, plus covered patios for outdoor gatherings.
- Living quarters above the bar reportedly offer approximately 6 bedrooms and 1 bathroom for owner use or employee housing.
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
$34,205
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
6.85%
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%
$684,100
$684.1K
Cap Rate 7%
$488,643
$488.6K
Cap Rate 9%
$380,056
$380.1K
Market Conditions
NOI Build-Up for 5,664 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
$74.8K $13.20/SF
− Vacancy
−$29.2K −$5.15/SF
EGI
$45.6K $8.05/SF
− OpEx
−$11.4K −$2.01/SF
NOI
$34.2K $6.04/SF
Area
McKenzie County, ND
Vacancy
39.00%
Lease Rate
$13.20 /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%
$684,100
Cap Rate 7%
$488,643
Cap Rate 9%
$380,056
Alternative Uses
Best Use
Specialty Retail
$488.6K
$427.6K – $570.1K
NOI $34,205 @ 7.0% cap · market cap 6.85%
Second Best
Industrial
$311.1K
$272.2K – $363.0K
NOI $21,779 @ 7.0% cap · market cap 4.36%
Theoretical Best
Office A
$1.35M
$1.18M – $1.57M
NOI $94,285 @ 7.0% cap · market cap 18.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
26
Businesses Nearby
Explore this area
Business Placement
Demographics for 58835, ND
1,050
Population
556
Households
1.9
Avg Household Size
29
Median Age
38%
College-Educated
97%
High-School Grad
241.0 sq mi
ZIP Area
4
Density / Sq Mi
$134,595
Median Household Income
$71,604
Median Earnings
$423,600
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Bar & Pub - Updated bar and dining layout with covered patios, parking, and storage improvements for an operator planning a full rebuild.
Where is this bar & pub located?
The property is located at 105/107 Main Arnegard, ND.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Historic bar and grill built in 1900 with updated dining and bar layout, including refinished bar tops and restored pool table.; Spacious interior includes a large dining room, plus covered patios for outdoor gatherings.; Living quarters above the bar reportedly offer approximately 6 bedrooms and 1 bathroom for owner use or employee housing.
