Flex Space with Shop
For Sale
$490,000
2124 Sweet Avenue, Bismarck, ND 58504
Combined storefront, office, and workshop areas support varied small-business operations.
Property Size3,500 SF
Days on Market157
Property Features for 2124 Sweet Avenue
General Information
Standard status
Active
Size
3,500 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$2,876
Building Details
Building Size
3,500 SF
Year Built
1971
Stories
1
Listing Agency:
INTEGRA REALTY GROUP, INC.
(701) 751-6377
Listed By:
Tammy Lapp-Harris
Source:
Ivyrealestategroup
Added: Mar 27
Changed: Aug 29
Last Checked: Aug 29 at 2:38PM
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 INTEGRA REALTY GROUP, INC.
Investment Insights
Based on property information with market context.
This flex-space property combines a customer-facing storefront with office accommodations and a substantial shop area. The building includes two 12-by-12-foot overhead doors, multiple offices, and a half bath, creating a practical configuration for businesses that need both work and administrative space.
Constructed in 1971, the property is located at 2124 Sweet Avenue in Bismarck, North Dakota. Its mix of storefront, office, and shop components provides a single-building setting for business operations, storage, and vehicle or equipment access.
Constructed in 1971, the property is located at 2124 Sweet Avenue in Bismarck, North Dakota. Its mix of storefront, office, and shop components provides a single-building setting for business operations, storage, and vehicle or equipment access.
Key Highlights
- Flex‑space configuration with storefront, offices, and a large shop area
- Two 12‑by‑12‑foot overhead doors
- Multiple office areas included
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
$27,376
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
5.59%
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%
$547,520
$547.5K
Cap Rate 7%
$391,086
$391.1K
Cap Rate 9%
$304,178
$304.2K
Market Conditions
NOI Build-Up for 3,500 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
$48.3K $13.80/SF
− Vacancy
−$6.2K −$1.77/SF
EGI
$42.1K $12.03/SF
− OpEx
−$14.7K −$4.21/SF
NOI
$27.4K $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%
$547,520
Cap Rate 7%
$391,086
Cap Rate 9%
$304,178
Alternative Uses
Best Use
Flex RnD
$391.1K
$342.2K – $456.3K
NOI $27,376 @ 7.0% cap · market cap 5.59%
Second Best
Warehouse
$247.2K
$216.3K – $288.4K
NOI $17,302 @ 7.0% cap · market cap 3.53%
Theoretical Best
Office A
$832.9K
$728.8K – $971.7K
NOI $58,302 @ 7.0% cap · market cap 11.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
701
Businesses Nearby
Under-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
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Frequently Asked Questions
What type of property is this?
Flex space - Combined storefront, office, and workshop areas support varied small-business operations.
Where is this flex space located?
The property is located at 2124 Sweet Avenue Bismarck, ND.
What is the asking price?
The asking price for this property is $490,000.
What are key features of this property?
This property features: Flex‑space configuration with storefront, offices, and a large shop area; Two 12‑by‑12‑foot overhead doors; Multiple office areas included
