Flex Building with Living
New
For Sale
Contact for pricing
836 38th Ave E, Dickinson, ND 58601
Commercially zoned property combines work areas, office space, and residential quarters within one adaptable building.
Property Size8,400 SF
Price / SF$160.71
Days on Market4
Property Features for 836 38th Ave E
General Information
Standard status
Active
Size
8,400 SF
Property subtype
Office, Industrial
Zoning
Commercial
Building Details
Year Built
2012
Buildings
1
Stories
2
Listing Agency:
Marc C Johnson Commercial Real Estate
Listed By:
Marc Johnson · License #ND 2026
Source:
Crexi
Added: Aug 8
Changed: Aug 11
Last Checked: Aug 11 at 4:50AM
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 Marc C Johnson Commercial Real Estate
Investment Insights
Based on property information with market context.
Constructed in 2012, this 8,400-square-foot flex property brings together shop space, offices, and living quarters under one roof. The combination supports multiple commercial and operational functions within a single building, while the residential component adds another distinct use area.
The property occupies almost 2 acres at 836 38th Ave E in Dickinson, North Dakota. Commercial zoning applies to the site, providing the governing land-use designation for the building and its associated improvements.
The property occupies almost 2 acres at 836 38th Ave E in Dickinson, North Dakota. Commercial zoning applies to the site, providing the governing land-use designation for the building and its associated improvements.
Key Highlights
- 8,400‑square‑foot flex building
- Shop space, office areas, and living quarters in one building
- Constructed in 2012
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
$98,477
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
7.29%
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%
$1,969,540
$2.0M
Cap Rate 7%
$1,406,814
$1.4M
Cap Rate 9%
$1,094,189
$1.1M
Market Conditions
NOI Build-Up for 8,400 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
$168.3K $20.04/SF
− Vacancy
−$37.0K −$4.41/SF
EGI
$131.3K $15.63/SF
− OpEx
−$32.8K −$3.91/SF
NOI
$98.5K $11.72/SF
Area
Stark County, ND
Vacancy
22.00%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
25.00%
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%
$1,969,540
Cap Rate 7%
$1,406,814
Cap Rate 9%
$1,094,189
Alternative Uses
Best Use
Office B
$1.41M
$1.23M – $1.64M
NOI $98,477 @ 7.0% cap · market cap 7.29%
Second Best
Flex RnD
$1.26M
$1.11M – $1.47M
NOI $88,452 @ 7.0% cap · market cap 6.55%
Theoretical Best
Multifamily LT 5
$6.66M
$5.83M – $7.77M
NOI $466,344 @ 7.0% cap · market cap 34.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
43
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
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 Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Commercially zoned property combines work areas, office space, and residential quarters within one adaptable building.
Where is this flex space located?
The property is located at 836 38th Ave E Dickinson, ND.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: 8,400‑square‑foot flex building; Shop space, office areas, and living quarters in one building; Constructed in 2012
