Finished Flex Space With
For Sale
$230,000
106-1004 5th St E, Horace, ND 58047
Finished units combine office space, shop functionality, a bathroom, storage, and large windows.
Property Size1,680 SF
Price / SF$136.90
Days on Market81
Property Features for 106-1004 5th St E
General Information
Standard status
Active
Size
1,680 SF
Additional Details
Clear Height
16 ft
Taxes and HOA fees
Annual Taxes
$482
Listing Agency:
Horizon Real Estate Group
(218) 686-5607
Listed By:
Shane Cullen
(218) 686-5607
Source:
Exprealty
Added: Jun 11
Changed: Aug 29
Last Checked: Aug 29 at 6:55PM
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.
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 = 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
$14,467
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
6.29%
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%
$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
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
$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 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%
$289,340
Cap Rate 7%
$206,671
Cap Rate 9%
$160,744
Alternative Uses
Best Use
Flex RnD
$206.7K
$180.8K – $241.1K
NOI $14,467 @ 7.0% cap · market cap 6.29%
Second Best
Warehouse
$170.7K
$149.4K – $199.2K
NOI $11,952 @ 7.0% cap · market cap 5.20%
Theoretical Best
Specialty Retail
$310.4K
$271.6K – $362.1K
NOI $21,727 @ 7.0% cap · market cap 9.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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
Questions? Ask Rey
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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
