Renovated Warehouse with
For Sale
Contact for pricing
3205 E Thayer Ave, Bismarck, ND 58501
Renovated industrial facility with dock-high and drive-in loading infrastructure.
Property Size48,740 SF
Price / SF$61.55
Days on Market201
Property Features for 3205 E Thayer Ave
General Information
Standard status
Active
Size
48,740 SF
Property subtype
Industrial
Warehouse & Industrial
Clear Height
23 ft
Dock-High Doors
3
Drive-In Doors
2
Building Details
Year Built
1973
Year Renovated
2018
Building Size
48,740 SF
Listing Agency:
CBRE - Fargo
Listed By:
Chance Lindsey, CCIM, SIOR · License #ND 8608
Source:
Crexi
Added: Feb 10
Changed: Aug 30
Last Checked: Aug 30 at 1:08PM
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 CBRE - Fargo
Investment Insights
Based on property information with market context.
This warehouse facility contains 48,740 SF and was originally constructed in 1973, with renovations completed in 2018. The building is equipped with three dock-high loading positions and two drive-in doors, supporting the movement and storage of goods. Clear heights range from 18’ to 23’, providing varied vertical capacity for warehouse and operational requirements.
Located at 3205 E Thayer Ave in Bismarck, North Dakota, the property is positioned as an infill industrial facility. Its combination of loading access, substantial interior area, and updated improvements supports logistics, warehousing, and related operations.
Located at 3205 E Thayer Ave in Bismarck, North Dakota, the property is positioned as an infill industrial facility. Its combination of loading access, substantial interior area, and updated improvements supports logistics, warehousing, and related operations.
Key Highlights
- 48,740 SF warehouse facility
- Renovated in 2018; originally constructed in 1973
- Three dock‑high loading positions
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
$240,938
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
8.03%
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%
$4,818,760
$4.8M
Cap Rate 7%
$3,441,971
$3.4M
Cap Rate 9%
$2,677,089
$2.7M
Market Conditions
NOI Build-Up for 48,740 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
$304.1K $6.24/SF
− Vacancy
−$20.7K −$0.42/SF
EGI
$283.5K $5.82/SF
− OpEx
−$42.5K −$0.87/SF
NOI
$240.9K $4.94/SF
Area
Burleigh County, ND
Vacancy
6.80%
Lease Rate
$6.24 /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%
$4,818,760
Cap Rate 7%
$3,441,971
Cap Rate 9%
$2,677,089
Alternative Uses
Best Use
Warehouse
$3.44M
$3.01M – $4.02M
NOI $240,938 @ 7.0% cap · market cap 8.03%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$11.60M
$10.15M – $13.53M
NOI $811,898 @ 7.0% cap · market cap 27.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
23 ft
Clear height
3
Dock-high doors
2
Drive-in doors
Location Intelligence
Trade Area within ½ mile
394
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 58501, ND
28,388
Population
13,445
Households
2.1
Avg Household Size
38
Median Age
35%
College-Educated
95%
High-School Grad
22.8 sq mi
ZIP Area
1,245
Density / Sq Mi
$69,796
Median Household Income
$45,237
Median Earnings
$938
Median Rent
$276,000
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?
Warehouse - Renovated industrial facility with dock-high and drive-in loading infrastructure.
Where is this warehouse located?
The property is located at 3205 E Thayer Ave Bismarck, ND.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: 48,740 SF warehouse facility; Renovated in 2018; originally constructed in 1973; Three dock‑high loading positions
