Versatile Condos Near Interstate
For Sale
Contact for pricing
2975 Heartland Dr Ste H5, Grand Forks, ND 58201
Functional condos perfect for hobbies, business, or storage.
Property Size1,040 SF
Price / SF$192.10
Days on Market1007
Property Features for 2975 Heartland Dr Ste H5
General Information
Standard status
Active
Size
1,040 SF
Class
B
Property subtype
Mixed Use
Zoning
PUD B3
Building Details
Year Built
2023
Buildings
3
Stories
1
Units
1
Listing Agency:
Berkshire Hathaway HomeServices Family Realty
Listed By:
Michael Marcotte · License #8744
(701) 885-2441
Source:
Crexi
Added: Nov 30, 2023
Changed: Aug 26
Last Checked: Sep 1 at 12:10PM
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 Berkshire Hathaway HomeServices Family Realty
Investment Insights
Based on property information with market context.
These condos, located off 32nd Ave S and Interstate 29, offer a versatile space suitable for a variety of uses, including a personal retreat, hobby shop, or business. Each unit measures 26x40, totaling 1040 square feet. A 10x12 overhead door with remote power access and a 36-inch walk-in door provide convenient entry. The interior features 15-foot ceilings and four transom windows that provide natural light. An ADA-compliant restroom, a wash sink, and two floor drains are included for convenience. Three-phase power and LED lighting are installed. A gas forced air furnace and air conditioning system provide climate control. The property is intended for commercial real estate, flex space, industrial, warehouse, and office use.
Key Highlights
- Strategically located just off 32nd Ave S and Interstate 29 for convenient access.
- Versatile 26x40 unit suitable for a man cave, hobby shop, or business.
- Features a 10x12 overhead door with remote power access and a 36" walk‑in door for seamless entry.
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
$8,956
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
4.48%
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%
$179,120
$179.1K
Cap Rate 7%
$127,943
$127.9K
Cap Rate 9%
$99,511
$99.5K
Market Conditions
NOI Build-Up for 1,040 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
$15.0K $14.40/SF
− Vacancy
−$1.2K −$1.15/SF
EGI
$13.8K $13.25/SF
− OpEx
−$4.8K −$4.64/SF
NOI
$9.0K $8.61/SF
Area
Grand Forks 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%
$179,120
Cap Rate 7%
$127,943
Cap Rate 9%
$99,511
Alternative Uses
Best Use
Flex RnD
$127.9K
$112.0K – $149.3K
NOI $8,956 @ 7.0% cap · market cap 4.48%
Second Best
Industrial
$75.8K
$66.4K – $88.5K
NOI $5,309 @ 7.0% cap · market cap 2.66%
Theoretical Best
Office A
$192.5K
$168.5K – $224.6K
NOI $13,478 @ 7.0% cap · market cap 6.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
500
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 58201, ND
42,598
Population
20,277
Households
2.1
Avg Household Size
34
Median Age
40%
College-Educated
96%
High-School Grad
69.0 sq mi
ZIP Area
617
Density / Sq Mi
$69,120
Median Household Income
$43,503
Median Earnings
$966
Median Rent
$274,000
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Functional condos perfect for hobbies, business, or storage.
Where is this flex space located?
The property is located at 2975 Heartland Dr Ste H5 Grand Forks, ND.
What is the asking price?
The asking price for this property is $199,780.
What are key features of this property?
This property features: Strategically located just off 32nd Ave S and Interstate 29 for convenient access.; Versatile 26x40 unit suitable for a man cave, hobby shop, or business.; Features a **10x12 overhead door with remote power access** and a 36" walk‑in door for seamless entry.
