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Upgraded Shop Condo Near Airport

1409 Lockheed Dr 16 Bismarck, ND 58504

1409 Lockheed Dr 16, Bismarck, ND, 58504
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Move-in ready shop condo with modern amenities and flexible usage.

Property Size2,000 SF
Price / SF$175
AddedMay 11, 2024
Days on Market796
Last RefreshJul 14 at 7:23 pm

Property Features for 1409 Lockheed Dr 16

General Information

Standard status
Active
Size
2,000 SF
Property subtype
Industrial

Building Details

Year Built
2023

Listing office Black Star Realty

Listing date May 11, 2024

Source Crexi

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 Black Star Realty


Investment Insights

Based on property information with market context.

This upgraded shop condo near the airport is finished and move-in ready, featuring two levels and 2000 square feet of space. The unit includes heat, AC, a tiled shower, and on-demand hot water, along with a floor drain. A large 14x14 door with a remote opener provides access, and the ceiling height reaches 16 feet. The floor space measures 32x40, complemented by a loft area. The high ceiling space is 20x30, accommodating semi-trucks, campers, boats, and other large vehicles. Amenities include natural gas, LED lighting, keyless entry, a video doorbell, a stage 2 EV fast charger, laundry facilities, welder power, a polycuramine finish on the concrete floor, ceramic tile in the bathroom, and carpet upstairs. A closet under the stairs includes power for an air compressor. The HOA covers exterior maintenance, snow removal, dumpster services, outside security, and water/sewer. Zoned for light industrial use, the property is suitable for business, storage, or personal use, but it does not include a bedroom. It offers easy access to the Expressway and is located in a well-established area surrounded by businesses. There are no specials and features a private drive. Mail delivery is available via USPS lockers. Renting is permitted, with current seasonal renters storing watercraft during the winter months at a typical rate of $1 per square foot per month.

Key Highlights

  • Move‑in ready, upgraded 2000 sq.ft. shop condo with two levels.
  • Features include heat, AC, tile shower, on‑demand hot water, floor drain, laundry, and welder power.
  • Large 14x14 door with remote opener and 16 ft ceiling, the high ceiling space (20x30) accommodates semi‑trucks, campers, and boats.

Local Financial Insights For Flex RnD

Simulate Cap Rate and NOI

NOI Build-Up
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.

Component $ $/SF
Gross rent $27.6k $13.80
− Vacancy −$3.5k −$1.77
EGI $24.1k $12.03
− OpEx −$8.4k −$4.21
NOI $15.6k $7.82
2,000 SF · lease $13.80/SF/yr · vacancy 12.80% · expense 35.00%

Alternative Uses

Best Use
Flex RnD
$223.5K
$195.6K – $260.7K (±1% cap)
NOI $15,644 @ 7.0% cap · market cap 4.47%
Second Best
Warehouse
$141.2K
$123.6K – $164.8K (±1% cap)
NOI $9,887 @ 7.0% cap · market cap 2.82%
Theoretical Best
Office A
$475.9K
$416.4K – $555.3K (±1% cap)
NOI $33,315 @ 7.0% cap · market cap 9.52%
Zoning and permitted uses should be independently verified with local authorities.

Property Analytics

Property Profile Location Intelligence

Current Use by Public Records

Flex space

Suggested Use

(Bike/Boat/Book/etc) Store Garden Center Computer & Electronic Repair Tech Support Center Clothing & Fashion Store

Zoning and permitted uses should be independently verified with local authorities.

FAQs

What type of property is this?
Flex space - Move-in ready shop condo with modern amenities and flexible usage.
Where is this flex space located?
The property is located at 1409 Lockheed Dr 16 Bismarck, ND.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Move‑in ready, upgraded 2000 sq.ft. shop condo with two levels.; Features include heat, AC, tile shower, on‑demand hot water, floor drain, laundry, and welder power.; Large 14x14 door with remote opener and 16 ft ceiling, the high ceiling space (20x30) accommodates semi‑trucks, campers, and boats.
Contact an agent
(701) 805-1144 Call to check price and availability
More about this property
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