Heavy-Industrial Flex
For Sale
$475,000
6609 Rubicon Road #1, Bismarck, ND 58504
Build-to-suit shop condo units offer configurable layouts, radiant heat, and oversized garage access.
Property Size2,400 SF
Days on Market198
Property Features for 6609 Rubicon Road #1
General Information
Standard status
Active
Size
2,400 SF
Property subtype
Commercial
Zoning
Heavy Industrial
Lease Term
24 Months
Warehouse & Industrial
Three-Phase Power
Yes
Conditioned Warehouse
No
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$69
Amenities
snow removal
fiber optic internet
Building Details
Building Size
2,400 SF
Year Built
2025
Listing Agency:
Realty One Group - Encore
(701) 934-3757
Listed By:
Caylee Krein
(701) 934-3757
Source:
Ivyrealestategroup
Added: Feb 13
Changed: Aug 28
Last Checked: Aug 29 at 10:18AM
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 - Encore
Investment Insights
Based on property information with market context.
Planned shop condo units at 6609 Rubicon Rd in Bismarck are designed for heavy industrial use and can be configured to suit different operational requirements. Standard units provide 2,400 square feet within an 80-foot-deep by 30-foot-wide layout, with expansion available in 30-foot increments up to 120 feet wide. Demising walls may be removed to create larger open areas, subject to the selected configuration.
Each unit includes radiant heat, 20-foot sidewalls, and an oversized garage door measuring 16 feet wide by 18 feet tall. Standard electrical service is provided, while three-phase power can be added at the buyer’s cost. Cooling is not included. Midco fiber optic internet is available, and the property is served by septic. Water is included through the HOA, with snow removal provided. Additional outdoor storage or parking may be available separately, subject to availability. Construction is expected to begin in April/May 2026, with move-in readiness anticipated for July/August 2026.
Each unit includes radiant heat, 20-foot sidewalls, and an oversized garage door measuring 16 feet wide by 18 feet tall. Standard electrical service is provided, while three-phase power can be added at the buyer’s cost. Cooling is not included. Midco fiber optic internet is available, and the property is served by septic. Water is included through the HOA, with snow removal provided. Additional outdoor storage or parking may be available separately, subject to availability. Construction is expected to begin in April/May 2026, with move-in readiness anticipated for July/August 2026.
Key Highlights
- Heavy industrial zoning with flexible shop condo configurations
- Standard unit size is 2,400 square feet, measuring 80' deep by 30' wide
- Expansion options include 30', 60', 90', or up to 120' wide configurations
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
$18,772
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
3.95%
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%
$375,440
$375.4K
Cap Rate 7%
$268,171
$268.2K
Cap Rate 9%
$208,578
$208.6K
Market Conditions
NOI Build-Up for 2,400 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
$33.1K $13.80/SF
− Vacancy
−$4.2K −$1.77/SF
EGI
$28.9K $12.03/SF
− OpEx
−$10.1K −$4.21/SF
NOI
$18.8K $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%
$375,440
Cap Rate 7%
$268,171
Cap Rate 9%
$208,578
Alternative Uses
Best Use
Flex RnD
$268.2K
$234.7K – $312.9K
NOI $18,772 @ 7.0% cap · market cap 3.95%
Second Best
Warehouse
$169.5K
$148.3K – $197.7K
NOI $11,864 @ 7.0% cap · market cap 2.50%
Theoretical Best
Office A
$571.1K
$499.7K – $666.3K
NOI $39,979 @ 7.0% cap · market cap 8.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2
Businesses Nearby
Well-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.
Frequently Asked Questions
What type of property is this?
Flex space - Build-to-suit shop condo units offer configurable layouts, radiant heat, and oversized garage access.
Where is this flex space located?
The property is located at 6609 Rubicon Road #1 Bismarck, ND.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Heavy industrial zoning with flexible shop condo configurations; Standard unit size is 2,400 square feet, measuring 80' deep by 30' wide; Expansion options include 30', 60', 90', or up to 120' wide configurations
