Finished Two-Level Flex
For Sale
$350,000
1409 Lockheed Drive, Bismarck, ND 58504
Move-in-ready light industrial space with a loft, oversized overhead door, and integrated utility features.
Property Size2,000 SF
Price / SF$175
Days on Market174
Property Features for 1409 Lockheed Drive
General Information
Standard status
Active
Size
2,000 SF
Property subtype
Business Opportunities
Zoning
Light Industrial
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Warehouse & Industrial
Clear Height
16 ft
Drive-In Doors
1
Taxes and HOA fees
Annual Taxes
$2,135
Amenities
EV fast charger
laundry
keyless entry
video doorbell
Ceiling Fan(s)
3
Parking.
Concrete Driveway, On Street, RV Parking, Heated Garage, Lighted, Oversized Parking, Lot, Secured.
32x40, 0.05
Exterior Lighting, Private Entry, Overhead Doors. Private Roads, Concrete Road.
Building Details
Year Built
2023
Stories
2
Listing Agency:
Black Star Realty
(406) 696-7134
Listed By:
Gene Seydel · License #10725
(406) 696-7134
Source:
Xome
Added: Mar 8
Changed: Aug 29
Last Checked: Aug 29 at 2:56PM
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 Black Star Realty
Investment Insights
Based on property information with market context.
Built in 2023, this 2,000-square-foot flex space offers two levels with a 32x40 main floor, loft area, and additional 20x30 high-ceiling section. The 14x14 overhead door accommodates semi trucks, campers, boats, and other large items. Interior features include heat, AC, LED lighting, a floor drain, On Demand hot water, laundry, a tile bathroom with shower, carpet upstairs, and a polycuramine-coated concrete floor. The space also includes welder power, a Stage 2 EV fast charger, keyless entry, video doorbell, and compressor power beneath the stairs.
Zoned light industrial, the property supports business, storage, or personal use and allows renting. HOA services include exterior maintenance, snow removal, dumpsters, water/sewer, and an outside security system. The property is near the airport with access to the Expressway and sits on a private drive in an established business area.
Zoned light industrial, the property supports business, storage, or personal use and allows renting. HOA services include exterior maintenance, snow removal, dumpsters, water/sewer, and an outside security system. The property is near the airport with access to the Expressway and sits on a private drive in an established business area.
Key Highlights
- 2,000‑square‑foot flex space built in 2023 with two levels
- 32x40 main floor, loft, and 20x30 high‑ceiling area
- 14x14 overhead door with remote opener and 16‑foot ceiling
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
$15,644
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
4.47%
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%
$312,880
$312.9K
Cap Rate 7%
$223,486
$223.5K
Cap Rate 9%
$173,822
$173.8K
Market Conditions
NOI Build-Up for 2,000 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
$27.6K $13.80/SF
− Vacancy
−$3.5K −$1.77/SF
EGI
$24.1K $12.03/SF
− OpEx
−$8.4K −$4.21/SF
NOI
$15.6K $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 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%
$312,880
Cap Rate 7%
$223,486
Cap Rate 9%
$173,822
Alternative Uses
Best Use
Flex RnD
$223.5K
$195.6K – $260.7K
NOI $15,644 @ 7.0% cap · market cap 4.47%
Second Best
Warehouse
$141.2K
$123.6K – $164.8K
NOI $9,887 @ 7.0% cap · market cap 2.82%
Theoretical Best
Office A
$475.9K
$416.4K – $555.3K
NOI $33,315 @ 7.0% cap · market cap 9.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16 ft
Clear height
1
Drive-in doors
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2
Businesses Nearby
Well-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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Move-in-ready light industrial space with a loft, oversized overhead door, and integrated utility features.
Where is this flex space located?
The property is located at 1409 Lockheed Drive Bismarck, ND.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: 2,000‑square‑foot flex space built in 2023 with two levels; 32x40 main floor, loft, and 20x30 high‑ceiling area; 14x14 overhead door with remote opener and 16‑foot ceiling
