Flex Space With
For Sale
$368,433
3140 GATEWAY DRIVE UNIT B, Grand Forks, ND 58203
A 2,000-square-foot main floor offers three-phase power, climate equipment and an ADA restroom.
Property Size2,000 SF
Price / SF$184.22
Days on Market1543
Property Features for 3140 GATEWAY DRIVE UNIT B
General Information
Standard status
Active
Size
2,000 SF
Property subtype
Business
Warehouse & Industrial
Clear Height
18 ft
Three-Phase Power
Yes
Listing Agency:
Berkshire Hathaway Homeservices Family Rea
Listed By:
Michael Marcotte · License #8744
(701) 885-2441
Source:
Greenbergrealty
Added: Aug 10, 2022
Changed: Oct 27
Last Checked: Oct 26 at 3:16PM
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 Berkshire Hathaway Homeservices Family Rea
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This flex space unit has 2,000 square feet on the main floor, with 18-foot sidewalls and a 14-by-14-foot overhead door. Commercial storefront doors and windows provide an additional entrance configuration. The interior includes LED lighting and an ADA restroom. Mechanical features include three-phase power, air conditioning and a GFA furnace; the floor is also plumbed for heat.
The property is at 3140 Gateway Drive, Unit B, in Grand Forks, North Dakota, across from the Ralph.
The property is at 3140 Gateway Drive, Unit B, in Grand Forks, North Dakota, across from the Ralph.
Key Highlights
- 2,000 square feet on the main floor
- Three‑phase power, air conditioning and GFA furnace
- Floor plumbed for heat
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$17,222
Cap Rate
4.67%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$344,440
$344.4K
Cap Rate 7%
$246,029
$246.0K
Cap Rate 9%
$191,356
$191.4K
Market Conditions
NOI Build-Up for 2,000 SF
Gross rent
$28.8K $14.40/SF
− Vacancy
−$2.3K −$1.15/SF
EGI
$26.5K $13.25/SF
− OpEx
−$9.3K −$4.64/SF
NOI
$17.2K $8.61/SF
Area
Grand Forks County, ND
Vacancy
8.00%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
35.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$344,440
Cap Rate 7%
$246,029
Cap Rate 9%
$191,356
Alternative Uses
Best Use
Flex RnD
$246.0K
$215.3K – $287.0K
NOI $17,222 @ 7.0% cap · market cap 4.67%
Second Best
Industrial
$145.9K
$127.6K – $170.2K
NOI $10,210 @ 7.0% cap · market cap 2.77%
Theoretical Best
Office A
$370.3K
$324.0K – $432.0K
NOI $25,920 @ 7.0% cap · market cap 7.04%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
18 ft
Clear height
Location Intelligence
Trade Area within ½ mile
432
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 58203, ND
16,165
Population
8,395
Households
1.9
Avg Household Size
29
Median Age
36%
College-Educated
95%
High-School Grad
68.7 sq mi
ZIP Area
235
Density / Sq Mi
$57,905
Median Household Income
$31,586
Median Earnings
$932
Median Rent
$202,500
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Frequently Asked Questions
What type of property is this?
Flex space - A 2,000-square-foot main floor offers three-phase power, climate equipment and an ADA restroom.
Where is this flex space located?
The property is located at 3140 GATEWAY DRIVE UNIT B Grand Forks, ND.
What is the asking price?
The asking price for this property is $368,433.
What are key features of this property?
This property features: 2,000 square feet on the main floor; Three‑phase power, air conditioning and GFA furnace; Floor plumbed for heat
