Listing Agency: Aspen Group Show Phone

Listed By: Michael Ilse · License #8214 Show Phone

Source: Moodyscre

Added: Feb 24 Changed: Oct 15 Last Checked: Oct 21 at 12:24AM

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Investment Insights

Based on property information with market context.

This versatile industrial property includes 7,416 SF of functional space on a 0.62-acre lot. The building is well maintained and features a bright showroom, two offices, and an IT room, along with two bathrooms for day-to-day operations.

The warehouse area is equipped with radiant heat and a platform loading dock to support efficient receiving and distribution. Practical utility features include a mop sink and floor drain.

Overall, the layout combines customer-facing showroom space with dedicated office and support rooms, backed by a heated warehouse and docked loading for industrial or service-oriented use.

Key Highlights

• 7,416 SF industrial building on a 27,094 SF (0.62‑acre) lot on Airport Road
• Warehouse has radiant heat and a platform loading dock for loading and storage operations
• Interior includes a bright showroom plus two offices and an IT room

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$58,007

Cap Rate

6.63%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,160,140 $1.2M

Cap Rate 7%

$828,671 $828.7K

Cap Rate 9%

$644,522 $644.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 7,416 SF

Gross rent

$102.3K $13.80/SF

− Vacancy

−$13.1K −$1.77/SF

EGI

$89.2K $12.03/SF

− OpEx

−$31.2K −$4.21/SF

NOI

$58.0K $7.82/SF

Area

Burleigh County, ND

Vacancy

12.80%

Lease Rate

$13.80 /SF/Yr

Expense Ratio

35.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,160,140

Cap Rate 7%

$828,671

Cap Rate 9%

$644,522

Alternative Uses

Best Use

Flex RnD

$828.7K

$725.1K – $966.8K (±1% cap)

NOI $58,007 @ 7.0% cap · market cap 6.63%

Second Best

Warehouse

$523.7K

$458.3K – $611.0K (±1% cap)

NOI $36,660 @ 7.0% cap · market cap 4.19%

Theoretical Best

Office A

$1.76M

$1.54M – $2.06M (±1% cap)

NOI $123,534 @ 7.0% cap · market cap 14.12%

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 Restaurant Parking Lot & Garage Law Firm Pharmacy (Bike/Boat/Book/etc) Store Hotel & Motel

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

608

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 58504, ND

29,517

Population

12,479

Households

2.4

Avg Household Size

35

Median Age

31%

College-Educated

94%

High-School Grad

103.3 sq mi

ZIP Area

286

Density / Sq Mi

$78,671

Median Household Income

$45,817

Median Earnings

$940

Median Rent

$282,100

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

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Frequently Asked Questions

What type of property is this?

Flex space - Functional industrial building includes a bright showroom, two offices, and radiant-heated warehouse space with a platform loading dock.

Where is this flex space located?

The property is located at 1202 Airport Rd Bismarck, ND.

What is the asking price?

The asking price for this property is $875,000.

What are key features of this property?

This property features: 7,416 SF industrial building on a 27,094 SF (0.62‑acre) lot on Airport Road; Warehouse has radiant heat and a platform loading dock for loading and storage operations; Interior includes a bright showroom plus two offices and an IT room