Building Details

Year Built 2024

Listing Agency: Capital Real Estate Partners

Listed By: Desri Neether · License #8844 Show Phone

Source: Corerealestateadvisors

Added: Mar 27 Changed: Oct 20 Last Checked: Oct 19 at 7:29AM

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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 Capital Real Estate Partners

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Investment Insights

Based on property information with market context.

This 1,800 sq ft shop condo offers versatile space, prime functionality, and outdoor storage. It includes a 293 sq ft second-story loft and 1,474 sq ft of secured outdoor fenced storage. The property is suitable for contractors, craftsmen, retailers, or entrepreneurs. In addition to garage doors, the shop condo features an exterior door to the inside through a dedicated front office entrance. An interior access door connects the office to the expansive main shop. Dual 14-ft garage doors (front and back) facilitate loading, unloading, and maneuvering. The space is climate-controlled with both heat and A/C, and a separate mechanical room. A half bath adds everyday practicality, while the loft above offers additional storage or workspace flexibility. Ample parking is available for visitors or work vehicles. This shop condo offers space, convenience, and professionalism for various business uses, including retail storefronts, warehousing products, and indoor golf.

Key Highlights

• 1,800 sq ft shop condo with 293 sq ft loft and 1,474 sq ft secured outdoor storage.
• Dual 14‑ft garage doors** (front and back) for easy loading and maneuvering.
• Dedicated front office entrance separate from shop area.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$16,465

Cap Rate

4.34%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$329,300 $329.3K

Cap Rate 7%

$235,214 $235.2K

Cap Rate 9%

$182,944 $182.9K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,105 SF

Gross rent

$29.0K $13.80/SF

− Vacancy

−$3.7K −$1.77/SF

EGI

$25.3K $12.03/SF

− OpEx

−$8.9K −$4.21/SF

NOI

$16.5K $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%

$329,300

Cap Rate 7%

$235,214

Cap Rate 9%

$182,944

Alternative Uses

Best Use

Flex RnD

$235.2K

$205.8K – $274.4K (±1% cap)

NOI $16,465 @ 7.0% cap · market cap 4.34%

Second Best

Industrial

$128.5K

$112.5K – $149.9K (±1% cap)

NOI $8,996 @ 7.0% cap · market cap 2.37%

Theoretical Best

Office A

$500.9K

$438.3K – $584.4K (±1% cap)

NOI $35,065 @ 7.0% cap · market cap 9.25%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Flex space

Suggested Use

Top Pick Locksmith Grocery & Convenience Store Catering Service Dental Office Pharmacy Barber Shop

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

297

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

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 - 1,800 SF shop condo with loft and fenced storage.

Where is this flex space located?

The property is located at 1416 Burlington Dr E Bismarck, ND.

What is the asking price?

The asking price for this property is $379,000.

What are key features of this property?

This property features: 1,800 sq ft shop condo with **293 sq ft loft and 1,474 sq ft secured outdoor storage**.; Dual 14‑ft garage doors** (front and back) for easy loading and maneuvering.; Dedicated front office entrance separate from shop area.