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    9541 39 St Horace, ND 58047

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    For Lease
    $11 SF/Yr ($6,093 /Mo)

    Large Shop Space, Ideal for Storage or Business

    Lot size:
    6,500 SF

    Property Features for 9541 39 St

    General Information

    Property type
    Specialty properties
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    6,500 SF
    Total Rate
    6093.75

    Spaces For Lease

    at 9541 39 St, Horace, ND 58047 Contact us
    Unit Available Space 1

    $11 /Mo

    Size
    3,250 SF
    Contact us

    We can help!

    Listing Contact
    Justin Gustofson, Ccim
    Justin Gustofson, Ccim

    Listing Agency: Property Resources Group Listing Agent: Justin Gustofson, Ccim

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    This exceptional 6,500 square foot shop space, located in the Commerce on I-29 Addition, south of Fargo in Horace, North Dakota, offers a unique opportunity for businesses seeking ample space and convenient access. Currently, one unit of 3,250 square feet minimum is available for lease, with the possibility of leasing additional space. The property features a 16-foot tall garage door, perfect for loading and unloading larger items, as well as a restroom for employee and customer convenience. Exterior storage is also provided at the rear of the building, offering additional space for inventory or equipment. This versatile space is situated in Cass County, at 9541 39th St S, Fargo, ND 58047, providing easy access to Interstate 29, making it an ideal location for businesses needing convenient transportation links. The property is classified as Special Purpose, with a shop/shop condo subtype, and is suitable for multiple tenants. The building's total area is 6,500 square feet, with a minimum leasable area of 3,250 square feet. An adjacent suite may also be available upon request, providing further expansion possibilities for growing businesses. This property presents a compelling opportunity for businesses seeking a functional and well-located space in a thriving area.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Hotel & Motel Bed & Breakfast

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

    Location Insight

    • Map
    • Local Demand
    City
    Horace
    County
    Cass
    State
    North Dakota
    Longitude
    -96.8470332
    Latitude
    46.7499841

    Nearby Similar for Lease

    • Contact for pricing
      8,139 SF

      Horace Mixed-Use Development Opportunity

      Prime location with retail, office, or mixed-use potential.
      301 Main St, Horace, ND 58047
      View Details

    FAQs

    What type of property is this?
    Specialty property - Large Shop Space, Ideal for Storage or Business
    Where is this specialty property located?
    The property is located at 9541 39 St Horace, ND.
    What is the lease rate?
    The lease rate is $11 SF/Yr.
    What are key features of this property?
    This property features: 6,500 SF shop space available for lease in Horace, ND, south of Fargo.; Minimum 3,250 SF unit available, with potential for expansion.; Features a 16' garage door, restroom, and rear exterior storage.
    (701) 238-7370
    Request Owner's contact information
    9541 39 St Horace, ND 58047
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    9541 39 St Horace, ND 58047
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    We can help!
    Listing Contact
    Justin Gustofson, Ccim
    Justin Gustofson, Ccim
    Real Estate License ID: 9860
    (701) 238-7370 (701) 499-3875
    Learn more
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