Renovated Retail Property For
For Sale
Contact for pricing
446 18th St W, Dickinson, ND 58601
Fully leased retail property with long-term, stable income.
Property Size36,824 SF
Lot Size2.04 Acres
Price / SF$181.03
Days on Market142
Property Features for 446 18th St W
General Information
Standard status
Active
Size
36,824 SF
Lot size
2.04 Acres
Property subtype
Retail
Lease Type
NNN
Net Operating Income
$423,308
Building Details
Year Built
1981
Year Renovated
2025
Buildings
1
Tenancy
Multi
Listing Agency:
Northmarq - Chicago
(312) 777-2437
Listed By:
Isaiah Harf · License #IL 471019332
Source:
Crexi
Added: Mar 23
Changed: Aug 8
Last Checked: Aug 10 at 2:13PM
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 Northmarq - Chicago
Investment Insights
Based on property information with market context.
A fully renovated, dual-tenant retail property is available for sale. The property is located at 446 18th Street West, Dickinson, North Dakota. It features approximately 36,824 square feet of retail space situated on a 2.04 acre parcel. The property is 100% leased to Harbor Freight Tools and T.J. Maxx. Both tenants are operating under 10-year lease agreements, each with over 8 years remaining. The property has been fully repositioned with modern upgrades to suit national retailers, offering a turn-key investment with long-term, stable income.
Key Highlights
- 100% leased to Harbor Freight Tools and T.J. Maxx.
- Both tenants operating under 10‑year lease agreements with 8+ years remaining.
- Fully renovated retail property.
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
$347,987
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
5.22%
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%
$6,959,740
$7.0M
Cap Rate 7%
$4,971,243
$5.0M
Cap Rate 9%
$3,866,522
$3.9M
Market Conditions
NOI Build-Up for 36,824 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
$552.4K $15.00/SF
− Vacancy
−$55.2K −$1.50/SF
EGI
$497.1K $13.50/SF
− OpEx
−$149.1K −$4.05/SF
NOI
$348.0K $9.45/SF
Area
Stark County, ND
Vacancy
10.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
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%
$6,959,740
Cap Rate 7%
$4,971,243
Cap Rate 9%
$3,866,522
Alternative Uses
Best Use
Retail
$4.97M
$4.35M – $5.80M
NOI $347,987 @ 7.0% cap · market cap 5.22%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$29.21M
$25.55M – $34.07M
NOI $2,044,365 @ 7.0% cap · market cap 30.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
613
Businesses Nearby
220k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 40%
Superstores 28%
Apparel 16%
Shops & Services 10%
Walmart
Superstores
60,790 visits/mo
0.4 miles
Runnings
Apparel
23,415 visits/mo
0.1 miles
Wendy's
Dining
12,726 visits/mo
0.0 miles
Dunham's Sports
Apparel
11,275 visits/mo
0.3 miles
Burger King
Dining
10,490 visits/mo
0.3 miles
Demographics for 58601, ND
29,697
Population
13,619
Households
2.2
Avg Household Size
34
Median Age
28%
College-Educated
91%
High-School Grad
570.6 sq mi
ZIP Area
52
Density / Sq Mi
$81,008
Median Household Income
$49,085
Median Earnings
$968
Median Rent
$269,200
Median Home Value
Market
Vacancy Rate% for Retail 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?
Shopping center - Fully leased retail property with long-term, stable income.
Where is this shopping center located?
The property is located at 446 18th St W Dickinson, ND.
What is the asking price?
The asking price for this property is $6,666,267.
What are key features of this property?
This property features: 100% leased to Harbor Freight Tools and T.J. Maxx.; Both tenants operating under 10‑year lease agreements with 8+ years remaining.; Fully renovated retail property.
