New Horace Shop Condo For
For Sale
Contact for pricing
6305 100th Ave. S #10 Horace, Horace, ND 58047
New 1620 sqft shop condo with natural gas heat.
Property Size1,620 SF
Price / SF$155
Days on Market243
Property Features for 6305 100th Ave. S #10 Horace
General Information
Standard status
Active
Size
1,620 SF
Class
A
Property subtype
Industrial
Building Details
Year Built
2025
Buildings
1
Stories
1
Units
1
Listing Agency:
Uptown Real Estate
(701) 388-6015
Listed By:
Samantha Johnston · License #40928898
Source:
Crexi
Added: Dec 12, 2025
Changed: Aug 8
Last Checked: Aug 8 at 6:36AM
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 Uptown Real Estate
Investment Insights
Based on property information with market context.
A new shop condo is available for sale in Horace, ND. This post-frame, steel-lined unit offers 1620 square feet of space suitable for business, RV storage, and general storage. The unit is equipped with natural gas heat, a floor drain, a bathroom, and a wash tub. It is conveniently located with easy access to I-29.
Key Highlights
- Brand new construction (2025) shop condo.
- Ideal for business, RV storage, and recreational vehicles.
- Convenient location with easy access to I‑29.
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
$13,950
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
5.56%
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%
$279,000
$279.0K
Cap Rate 7%
$199,286
$199.3K
Cap Rate 9%
$155,000
$155.0K
Market Conditions
NOI Build-Up for 1,620 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
$23.3K $14.40/SF
− Vacancy
−$1.9K −$1.15/SF
EGI
$21.5K $13.25/SF
− OpEx
−$7.5K −$4.64/SF
NOI
$14.0K $8.61/SF
Area
Cass 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 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%
$279,000
Cap Rate 7%
$199,286
Cap Rate 9%
$155,000
Alternative Uses
Best Use
Flex RnD
$199.3K
$174.4K – $232.5K
NOI $13,950 @ 7.0% cap · market cap 5.56%
Second Best
Industrial
$135.6K
$118.7K – $158.2K
NOI $9,492 @ 7.0% cap · market cap 3.78%
Theoretical Best
Specialty Retail
$299.3K
$261.9K – $349.2K
NOI $20,951 @ 7.0% cap · market cap 8.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
23
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 58047, ND
4,216
Population
1,815
Households
2.3
Avg Household Size
38
Median Age
43%
College-Educated
97%
High-School Grad
70.2 sq mi
ZIP Area
60
Density / Sq Mi
$142,216
Median Household Income
$68,783
Median Earnings
$963
Median Rent
$417,800
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.
Frequently Asked Questions
What type of property is this?
Flex space - New 1620 sqft shop condo with natural gas heat.
Where is this flex space located?
The property is located at 6305 100th Ave. S #10 Horace Horace, ND.
What is the asking price?
The asking price for this property is $251,100.
What are key features of this property?
This property features: Brand new construction (2025) shop condo.; Ideal for business, RV storage, and recreational vehicles.; Convenient location with easy access to I‑29.
