Single-Tenant Industrial Service
For Sale
Contact for pricing
Pending
1609 33rd St SW, Minot, ND 58701
A fully leased industrial service and repair facility serving contractors and industrial users from southwest Minot.
Property Size9,907 SF
Lot Size1.90 Acres
Days on Market61
Property Features for 1609 33rd St SW
General Information
Standard status
Pending
Size
9,907 SF
Class
B
Lot size
1.90 Acres
Property subtype
Industrial
Occupancy
100%
Lease Type
NNN
Investment Type
Net Lease
Net Operating Income
$122,298
Building Details
Buildings
1
Tenancy
Single
Listing Agency:
Lunnen Real Estate Services
(701) 428-1243
Listed By:
Jeff Lunnen · License #CA 01716571
Source:
Crexi
Added: Jun 12
Changed: Aug 8
Last Checked: Aug 11 at 6:01AM
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 Lunnen Real Estate Services
Investment Insights
Based on property information with market context.
This property is a single-tenant United Rentals industrial service and repair facility offering approximately 9,907 square feet on about 1.895 acres. The asset is configured for industrial maintenance and related service operations, and it is 100% leased to United Rentals Realty, LLC.
Situated in southwest Minot, the property provides convenient access to the city’s commercial, contractor, and industrial user base. Minot functions as a regional hub across north-central North Dakota, supporting business activity tied to agriculture, construction, energy, logistics, and service-related industries throughout the broader trade area.
For prospective tenants, operators, or investors, the building’s single-tenant setup and existing industrial service use make it well suited for a service-focused industrial requirement where continuity of operations and a purpose-built layout are important. The fully leased status to United Rentals Realty, LLC provides defined occupancy with a ready-to-understand operating tenant relationship.
Situated in southwest Minot, the property provides convenient access to the city’s commercial, contractor, and industrial user base. Minot functions as a regional hub across north-central North Dakota, supporting business activity tied to agriculture, construction, energy, logistics, and service-related industries throughout the broader trade area.
For prospective tenants, operators, or investors, the building’s single-tenant setup and existing industrial service use make it well suited for a service-focused industrial requirement where continuity of operations and a purpose-built layout are important. The fully leased status to United Rentals Realty, LLC provides defined occupancy with a ready-to-understand operating tenant relationship.
Key Highlights
- Single‑tenant United Rentals investment property at 1609 33rd Street SW in Minot, ND
- ±9,907 SF industrial service/repair facility on ±1.895 acres
- 100% leased to United Rentals Realty, LLC
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
$60,560
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
3.96%
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%
$1,211,200
$1.2M
Cap Rate 7%
$865,143
$865.1K
Cap Rate 9%
$672,889
$672.9K
Market Conditions
NOI Build-Up for 9,907 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
$77.3K $7.80/SF
− Vacancy
−$6.0K −$0.61/SF
EGI
$71.2K $7.19/SF
− OpEx
−$10.7K −$1.08/SF
NOI
$60.6K $6.11/SF
Area
Ward County, ND
Vacancy
7.80%
Lease Rate
$7.80 /SF/Yr
Expense Ratio
15.00%
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%
$1,211,200
Cap Rate 7%
$865,143
Cap Rate 9%
$672,889
Alternative Uses
Best Use
Warehouse
$865.1K
$757.0K – $1.01M
NOI $60,560 @ 7.0% cap · market cap 3.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.33M
$1.16M – $1.55M
NOI $93,110 @ 7.0% cap · market cap 6.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
32
Businesses Nearby
Well-served
Demand for This Use
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 Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Warehouse - A fully leased industrial service and repair facility serving contractors and industrial users from southwest Minot.
Where is this warehouse located?
The property is located at 1609 33rd St SW Minot, ND.
What is the asking price?
The asking price for this property is $1,528,725.
What are key features of this property?
This property features: Single‑tenant United Rentals investment property at 1609 33rd Street SW in Minot, ND; ±9,907 SF industrial service/repair facility on ±1.895 acres; 100% leased to United Rentals Realty, LLC
