Versatile Warehouses and Storage
For Sale
$3,500,000
Pending
515 46th Ave NW, Minot, ND 58703
Turnkey commercial property with warehouses, office, and storage on 8.5+ acres.
Property Size52,808 SF
Lot Size8.50 Acres
Days on Market184
Property Features for 515 46th Ave NW
General Information
Standard status
Pending
Size
52,808 SF
Lot size
8.50 Acres
Property subtype
Commercial
Zoning
M1
Building Details
Year Built
1995
Listed By:
Mike Matteson
(701) 337-6433
Source:
Westinkster.idxbroker
Added: Mar 27
Changed: Sep 24
Last Checked: Sep 24 at 6:46AM
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 Mike Matteson
Investment Insights
Based on property information with market context.
This commercial property, situated on just over 8.5 acres, includes two large warehouse buildings and three mini-storage buildings, offering space for operations, storage, and future expansion. The first warehouse provides approximately 30,000 square feet of open space suitable for manufacturing, distribution, storage, or other commercial operations. The second warehouse offers over 20,000 square feet, along with an additional 2,808 square feet of office space for on-site management and administrative functions. The three mini-storage buildings provide a combined total of approximately 15,750 square feet, presenting an opportunity for additional rental income or expanded storage capacity. The property offers potential for investors, entrepreneurs, or established businesses looking to expand their footprint.
Key Highlights
- Turnkey business opportunity with exceptional space and versatility.
- Over 8.5 acres of land, providing ample space for operations, storage, and future expansion.
- Two large warehouse buildings totaling over 50,000 square feet.
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
$265,842
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
7.60%
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%
$5,316,840
$5.3M
Cap Rate 7%
$3,797,743
$3.8M
Cap Rate 9%
$2,953,800
$3.0M
Market Conditions
NOI Build-Up for 52,808 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
$411.9K $7.80/SF
− Vacancy
−$32.1K −$0.61/SF
EGI
$379.8K $7.19/SF
− OpEx
−$113.9K −$2.16/SF
NOI
$265.8K $5.03/SF
Area
Ward County, ND
Vacancy
7.80%
Lease Rate
$7.80 /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%
$5,316,840
Cap Rate 7%
$3,797,743
Cap Rate 9%
$2,953,800
Alternative Uses
Best Use
Self Storage
$6.31M
$5.52M – $7.36M
NOI $441,706 @ 7.0% cap · market cap 12.62%
Second Best
Office B
$6.08M
$5.32M – $7.10M
NOI $425,882 @ 7.0% cap · market cap 12.17%
Theoretical Best
Office A
$7.09M
$6.20M – $8.27M
NOI $496,311 @ 7.0% cap · market cap 14.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
85
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 58703, ND
23,341
Population
10,643
Households
2.2
Avg Household Size
31
Median Age
34%
College-Educated
95%
High-School Grad
156.2 sq mi
ZIP Area
149
Density / Sq Mi
$82,926
Median Household Income
$48,355
Median Earnings
$1,030
Median Rent
$254,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Warehouse - Turnkey commercial property with warehouses, office, and storage on 8.5+ acres.
Where is this warehouse located?
The property is located at 515 46th Ave NW Minot, ND.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: Turnkey business opportunity with exceptional space and versatility.; Over 8.5 acres of land, providing ample space for operations, storage, and future expansion.; Two large warehouse buildings totaling over 50,000 square feet.
