Clear-Span Flex
For Sale
Contact for pricing
409 S 22nd St, Bismarck, ND 58504
MA-zoned commercial building with adaptable workspace, office support, and truck-accessible loading functionality.
Property Size6,000 SF
Price / SF$118.66
Days on Market158
Property Features for 409 S 22nd St
General Information
Standard status
Active
Size
6,000 SF
Property subtype
Industrial
Zoning
MA
Warehouse & Industrial
Clear Height
14 ft
Clear Span
Yes
Drive-In Doors
3
Additional Details
Outdoor Storage
Yes
Building Details
Year Built
1967
Buildings
1
Units
2
Building Size
6,000 SF
Listing Agency:
Realty One Group
Listed By:
Nathan Engh · License #11012
Source:
Crexi
Added: Mar 27
Changed: Aug 30
Last Checked: Aug 30 at 4:28PM
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 Realty One Group
Investment Insights
Based on property information with market context.
This 6,320 SF flex property, built in 1967, provides a clear-span interior suited to commercial shop, warehouse, service, and light industrial operations. The building features 14-foot sidewalls, a private office, and a restroom, creating a practical combination of open work area and basic administrative space. Three overhead doors support vehicle and equipment access, including two 11-foot doors and one 12-foot door.
Located at 409 S 22nd St in Bismarck, the property offers access to major roads and includes on-site parking. Exterior space is available for loading, staging, or additional storage. MA zoning and the adaptable building layout support a range of commercial operating needs.
Located at 409 S 22nd St in Bismarck, the property offers access to major roads and includes on-site parking. Exterior space is available for loading, staging, or additional storage. MA zoning and the adaptable building layout support a range of commercial operating needs.
Key Highlights
- 6,320 SF flex property built in 1967
- Clear‑span layout with 14' sidewalls
- Three overhead doors: two 11' doors and one 12' door
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
$49,434
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
6.59%
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%
$988,680
$988.7K
Cap Rate 7%
$706,200
$706.2K
Cap Rate 9%
$549,267
$549.3K
Market Conditions
NOI Build-Up for 6,320 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
$87.2K $13.80/SF
− Vacancy
−$11.2K −$1.77/SF
EGI
$76.1K $12.03/SF
− OpEx
−$26.6K −$4.21/SF
NOI
$49.4K $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%
$988,680
Cap Rate 7%
$706,200
Cap Rate 9%
$549,267
Alternative Uses
Best Use
Flex RnD
$706.2K
$617.9K – $823.9K
NOI $49,434 @ 7.0% cap · market cap 6.59%
Second Best
Warehouse
$446.3K
$390.5K – $520.7K
NOI $31,242 @ 7.0% cap · market cap 4.17%
Theoretical Best
Office A
$1.50M
$1.32M – $1.75M
NOI $105,277 @ 7.0% cap · market cap 14.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
14 ft
Clear height
3
Drive-in doors
Location Intelligence
Trade Area within ½ mile
732
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - MA-zoned commercial building with adaptable workspace, office support, and truck-accessible loading functionality.
Where is this flex space located?
The property is located at 409 S 22nd St Bismarck, ND.
What is the asking price?
The asking price for this property is $749,900.
What are key features of this property?
This property features: 6,320 SF flex property built in 1967; Clear‑span layout with 14' sidewalls; Three overhead doors: two 11' doors and one 12' door
