Updated Mixed-Use Building with
For Sale
Contact for pricing
13 2nd Ave SE, Minot, ND 58701
Renovated mixed-use property with a leased medical spa and eight apartment units, offering flexibility for future residential completion.
Property Size6,726 SF
Price / SF$100.36
Days on Market103
Property Features for 13 2nd Ave SE
General Information
Standard status
Active
Size
6,726 SF
Property subtype
Special Purpose
Additional Details
Multifamily Units
8
Building Details
Year Built
1916
Listing Agency:
CENTURY 21 Morrison Realty
Listed By:
Ashleigh Collins · License #ND
(701) 240-2608
Source:
Crexi
Added: May 28
Changed: Sep 5
Last Checked: Sep 6 at 12:26AM
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 CENTURY 21 Morrison Realty
Investment Insights
Based on property information with market context.
This updated mixed-use property includes a renovated main-floor commercial space and an eight-unit residential upper level. The upper level features eight apartment units total, with four units fully renovated and currently occupied. The remaining four units are underway in renovation, with updated electrical and plumbing completed and finishing work still needed. Main-floor improvements support a turnkey medical spa layout, including a reception and waiting area, multiple treatment rooms or office spaces, storage, bathrooms, and a break room. A full unfinished basement and a coin-operated laundry area add additional storage and operational utility.
The building is positioned in downtown Minot, placing occupants within walking distance of local restaurants, entertainment, street festivals, and community events. The commercial space is currently leased to a medical spa under a four-year lease, with the business itself not for sale.
Recent property-wide upgrades include updated electrical, updated plumbing extending to the city connection, repaired roofing, individual apartment meters, and new mini-split air conditioning systems installed in all eight apartment units. The commercial space has central air, and the entire property benefits from efficient hot water heat. With residential units in multiple stages of completion and established commercial tenancy, the property is designed to support both ongoing operations and additional finishing for the remaining residential units.
The building is positioned in downtown Minot, placing occupants within walking distance of local restaurants, entertainment, street festivals, and community events. The commercial space is currently leased to a medical spa under a four-year lease, with the business itself not for sale.
Recent property-wide upgrades include updated electrical, updated plumbing extending to the city connection, repaired roofing, individual apartment meters, and new mini-split air conditioning systems installed in all eight apartment units. The commercial space has central air, and the entire property benefits from efficient hot water heat. With residential units in multiple stages of completion and established commercial tenancy, the property is designed to support both ongoing operations and additional finishing for the remaining residential units.
Key Highlights
- Mixed‑use commercial property built in 1916 with eight apartment units and a main‑floor commercial space
- Main‑floor commercial space leased to a medical spa on a four‑year lease (business not for sale)
- Upper level has 8 apartments: 4 fully renovated and occupied, and 4 under renovation with updated electrical and plumbing
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
$40,929
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
6.06%
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%
$818,580
$818.6K
Cap Rate 7%
$584,700
$584.7K
Cap Rate 9%
$454,767
$454.8K
Market Conditions
NOI Build-Up for 6,726 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
$80.7K $12.00/SF
− Vacancy
−$6.3K −$0.94/SF
EGI
$74.4K $11.06/SF
− OpEx
−$33.5K −$4.98/SF
NOI
$40.9K $6.09/SF
Area
Ward County, ND
Vacancy
7.80%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
45.00%
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%
$818,580
Cap Rate 7%
$584,700
Cap Rate 9%
$454,767
Alternative Uses
Best Use
Apartment 5plus
$584.7K
$511.6K – $682.2K
NOI $40,929 @ 7.0% cap · market cap 6.06%
Second Best
Mixed Use
$551.5K
$482.6K – $643.4K
NOI $38,604 @ 7.0% cap · market cap 5.72%
Theoretical Best
Office A
$903.1K
$790.2K – $1.05M
NOI $63,214 @ 7.0% cap · market cap 9.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
1,768
Businesses Nearby
Explore this area
Business Placement
Demographics for 58701, ND
32,517
Population
16,267
Households
2
Avg Household Size
37
Median Age
28%
College-Educated
95%
High-School Grad
235.6 sq mi
ZIP Area
138
Density / Sq Mi
$75,329
Median Household Income
$46,695
Median Earnings
$875
Median Rent
$270,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Renovated mixed-use property with a leased medical spa and eight apartment units, offering flexibility for future residential completion.
Where is this mixed-use property located?
The property is located at 13 2nd Ave SE Minot, ND.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Mixed‑use commercial property built in 1916 with eight apartment units and a main‑floor commercial space; Main‑floor commercial space leased to a medical spa on a four‑year lease (business not for sale); Upper level has 8 apartments: 4 fully renovated and occupied, and 4 under renovation with updated electrical and plumbing
