Updated Mixed-Use Building with
13 2nd Ave SE Minot, ND 58701
For Sale
Contact for pricing
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 Market58
Property Features for 13 2nd Ave SE
General Information
- Standard status
- Active
- Size
- 6,726 SF
- Property subtype
- Special Purpose
Building Details
- Year Built
- 1916
Listing Agency:
CENTURY 21 Morrison Realty
Listed By:
Ashleigh Collins · License #ND
Source:
Crexi
Added: May 28
Changed: Jul 10
Last Checked: Jul 23 at 4:06PM
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 For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $80.7k | $12.00 |
| − Vacancy | −$6.3k | −$0.94 |
| EGI | $74.4k | $11.06 |
| − OpEx | −$33.5k | −$4.98 |
| NOI | $40.9k | $6.09 |
6,726 SF · lease $12.00/SF/yr · vacancy 7.80% · expense 45.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Kelly Dickinson, NP
Physician
Look Aesthetic Atelier
Spa & Massage Center
FAQs
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
