Building Details

Year Built 2010

Tenancy Multi

Listing Agency: Signal Realtors

Listed By: Nathan Stremick · License #ND 8697 Show Phone

Source: Crexi

Added: Feb 16, 2023 Changed: Aug 22 Last Checked: Sep 3 at 3:09AM

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Investment Insights

Based on property information with market context.

This commercial space, located in Berthold, offers 3,840 square feet of space. The metal shop includes a large office area with two private offices and a public restroom, equipped with both heat and air conditioning. The shop area features in-floor heating, 18-foot side walls, a 16x16 overhead door, a service sink, epoxy flooring, and a bathroom. A fully finished mezzanine houses a one-bedroom apartment with in-unit laundry. Zoned commercial, the building provides ample parking.

Key Highlights

• Large 3,840 SQFT commercial space with ample parking
• Includes a fully finished mezzanine with a 1‑bedroom apartment and in‑unit laundry
• Features a large office space with 2 private offices, heat, and AC

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

$30,969

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

9.11%

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%

$619,380 $619.4K

Cap Rate 7%

$442,414 $442.4K

Cap Rate 9%

$344,100 $344.1K

Market Conditions

NOI Build-Up for 3,840 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

$42.4K $11.04/SF

− Vacancy

−$1.1K −$0.29/SF

EGI

$41.3K $10.75/SF

− OpEx

−$10.3K −$2.69/SF

NOI

$31.0K $8.06/SF

Area

Ward County, ND

Vacancy

2.60%

Lease Rate

$11.04 /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%

$619,380

Cap Rate 7%

$442,414

Cap Rate 9%

$344,100

Alternative Uses

Best Use

Office B

$442.4K

$387.1K – $516.2K (±1% cap)

NOI $30,969 @ 7.0% cap · market cap 9.11%

Second Best

Mixed Use

$314.8K

$275.5K – $367.3K (±1% cap)

NOI $22,039 @ 7.0% cap · market cap 6.48%

Theoretical Best

Office A

$515.6K

$451.1K – $601.5K (±1% cap)

NOI $36,090 @ 7.0% cap · market cap 10.61%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Mixed-use properties

Suggested Use

Top Pick HVAC Service Building Supply Auto Repair Shop Storage Facility Garden Center Butcher

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

72

Businesses Nearby

Explore this area Business Placement

Demographics for 58718, ND

1,116

Population

524

Households

2.1

Avg Household Size

42

Median Age

17%

College-Educated

94%

High-School Grad

425.3 sq mi

ZIP Area

3

Density / Sq Mi

$86,667

Median Household Income

$46,104

Median Earnings

$675

Median Rent

$217,200

Median Home Value

Market

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

Questions? Ask Rey

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What type of property is this? Where is this mixed-use properties 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?

Mixed-use property - 3,840 SF commercial space with office and apartment.

Where is this mixed-use property located?

The property is located at 114 Main St N Berthold, ND.

What is the asking price?

The asking price for this property is $340,000.

What are key features of this property?

This property features: Large 3,840 SQFT commercial space with ample parking; Includes a fully finished mezzanine with a 1‑bedroom apartment and in‑unit laundry; Features a large office space with 2 private offices, heat, and AC