Building Details

Year Built 2003

Buildings 1

Listing Agency: Park Company REALTORS Show Phone

Listed By: Julie Ann Nelson Wanzek

Source: Gabrielblackre

Added: Sep 12 Changed: Oct 31 Last Checked: Oct 31 at 2:19PM

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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 Park Company REALTORS

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Investment Insights

Based on property information with market context.

Built in 2003, this 1,306-square-foot single-level home has two bedrooms and two bathrooms. Vaulted ceilings and large south-facing windows bring natural light into the interior. The kitchen includes an eating area, breakfast bar, pantry, and custom oak cabinetry, while the main bedroom has an en-suite bath with a double-sink vanity. A second bathroom features a step-in shower.

Main-floor laundry, substantial storage, and a flexible room provide additional utility. The home also includes a step-down crawl space, a yard shed, and a south-facing patio. The backyard has no neighboring homes directly behind it.

Key Highlights

• Two bedrooms and two bathrooms
• 1,306 square feet; built in 2003
• One‑level layout with vaulted ceilings and south‑facing windows

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$10,799

Cap Rate

4.08%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$215,980 $216.0K

Cap Rate 7%

$154,271 $154.3K

Cap Rate 9%

$119,989 $120.0K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,306 SF

Gross rent

$21.2K $16.20/SF

− Vacancy

−$1.5K −$1.17/SF

EGI

$19.6K $15.03/SF

− OpEx

−$8.8K −$6.77/SF

NOI

$10.8K $8.27/SF

Area

Cass County, ND

Vacancy

7.20%

Lease Rate

$16.20 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$215,980

Cap Rate 7%

$154,271

Cap Rate 9%

$119,989

Alternative Uses

Best Use

Apartment 5plus

$154.3K

$135.0K – $180.0K (±1% cap)

NOI $10,799 @ 7.0% cap · market cap 4.08%

Second Best

—

—

no second resolved use

Theoretical Best

Specialty Retail

$241.3K

$211.1K – $281.5K (±1% cap)

NOI $16,890 @ 7.0% cap · market cap 6.37%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Lease Details

1

Residential units

Location Intelligence

Trade Area within ½ mile

34

Businesses Nearby

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Demographics for 58012, ND

2,636

Population

1,230

Households

2.1

Avg Household Size

37

Median Age

38%

College-Educated

96%

High-School Grad

73.3 sq mi

ZIP Area

36

Density / Sq Mi

$78,533

Median Household Income

$57,541

Median Earnings

$764

Median Rent

$307,500

Median Home Value

Frequently Asked Questions

What type of property is this?

Residential income property - A single-level home offers two full bathrooms, main-floor laundry, and a flexible room for dining, work, or relaxation.

Where is this residential income property located?

The property is located at 807 Morningside Drive Casselton, ND.

What is the asking price?

The asking price for this property is $265,000.

What are key features of this property?

This property features: Two bedrooms and two bathrooms; 1,306 square feet; built in 2003; One‑level layout with vaulted ceilings and south‑facing windows