Listing Agency: Horizon Real Estate Group d***@horizonfargo.com Show Phone

Listed By: Shane Cullen Show Phone

Source: Exprealty

Added: Jun 11 Changed: Oct 13 Last Checked: Oct 12 at 10:31PM

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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.

These fully finished shop condo units pair office accommodation with an open shop setting, creating a flexible format for business operations, storage, or personal-use space. Each unit measures 28' X 60'(A) and includes a bathroom and separate storage room. Large windows bring natural light into the interior, while 16' ceilings provide substantial vertical clearance.

Access is designed for oversized recreational or work vehicles through 12' X 14' overhead doors. The building uses poured footing walls with 2X8 construction, and the interiors are fully sheet rocked for a finished, enclosed environment. The configuration supports a range of office, workshop, storage, and combined-use needs within one property.

Key Highlights

• 28' X 60'(A) fully finished shop condo units
• Office and shop configuration with bathroom and storage room
• 12' X 14' overhead doors

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$14,467

Cap Rate

6.29%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$289,340 $289.3K

Cap Rate 7%

$206,671 $206.7K

Cap Rate 9%

$160,744 $160.7K

Market Conditions

NOI Build-Up for 1,680 SF

Gross rent

$24.2K $14.40/SF

− Vacancy

−$1.9K −$1.15/SF

EGI

$22.3K $13.25/SF

− OpEx

−$7.8K −$4.64/SF

NOI

$14.5K $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%

$289,340

Cap Rate 7%

$206,671

Cap Rate 9%

$160,744

Alternative Uses

Best Use

Flex RnD

$206.7K

$180.8K – $241.1K (±1% cap)

NOI $14,467 @ 7.0% cap · market cap 6.29%

Second Best

Warehouse

$170.7K

$149.4K – $199.2K (±1% cap)

NOI $11,952 @ 7.0% cap · market cap 5.20%

Theoretical Best

Specialty Retail

$310.4K

$271.6K – $362.1K (±1% cap)

NOI $21,727 @ 7.0% cap · market cap 9.45%

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

Property Analytics

Current Use

Flex space

Suggested Use

Top Pick HVAC Service Electrical Service Grocery & Convenience Store Hair Salon (Bike/Boat/Book/etc) Store Dental Office

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

97

Businesses Nearby

Balanced

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 space, shop functionality, a bathroom, storage, and large windows.

Where is this flex space located?

The property is located at 106-1004 5th St E 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: 28' X 60'(A) fully finished shop condo units; Office and shop configuration with bathroom and storage room; 12' X 14' overhead doors