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    HWY 83 Lawn & Leisure Title is generated by Realmo AI

    1619 US-83, Garrison, ND 58540

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    Thriving business and real estate opportunity on HWY 83.

    Type:Business for Sale, Mixed Use, Retail, Special Purpose
    Property size:
    31,200 SF
    Lot size:
    3.29 Acres
    Price / SF:
    $160/SF
    Added:
    Oct 1, 2024
    Days on Market:
    612
    Last Refresh:
    May 12 at 9:00 pm

    Property Features for 1619 US-83

    General Information

    Standard status
    Active
    Size
    31,200 SF
    Lot size
    3.29 Acres
    Property subtype
    Business for Sale, Mixed Use, Retail, Special Purpose

    Building Details

    Year Built
    2020

    We can help!

    Listing Contact
    Lynne Reisenauer

    Listing agent Lynne Reisenauer License #ND10222

    Listing office Keller Williams Inspire Realty

    Listing date Oct 1, 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 Keller Williams Inspire Realty

    HighLights

    • Prime location directly off HWY 83 ensures high visibility and easy access for customers.
    • Established business with a diverse product range catering to farming, fishing, camping, and home improvement needs.
    • Substantial 21,600 sq ft main building with three oversized OH doors, public restrooms, ample parking, and climate control.
    • Eco‑friendly features including solar panels and an off‑site wind turbine generate surplus electricity, reducing utility costs and providing additional income.
    • Additional 9,600 sq ft secondary building on 3.29 acres, half‑finished and heated, suitable for inventory storage.
    • Sale includes both the business and the real estate, offering a comprehensive investment opportunity.

    Overview

    This commercial opportunity features a thriving business with a prime location off HWY 83. HWY 83 Lawn & Leisure serves as a destination for farming, fishing, camping, and home improvement supplies, offering a comprehensive product range from bait and tackle to farming supplies, snacks, and beverages. It also provides small engine repair services. The main building is a 21,600 sq ft structure equipped with three oversized OH doors (16x16, 16x16, 14x28), public restrooms, and ample paved parking. Climate control features include electric and propane heat, central air, and a backup generator. Eco-friendly initiatives include solar panels and an off-site wind turbine that generate surplus electricity, reducing utility costs and providing additional income through energy sales to the grid. A secondary building on 3.29 acres offers 9,600 sq ft of space with half-finished and heated area, currently used for inventory storage. The sale includes both the business and the real estate. The property is suited to capitalize on the diverse needs of the community.
    Location Intelligence

    Current Use by Public Records

    Retail space

    Map

    City
    Garrison
    County
    McLean
    State
    North Dakota
    Longitude
    -101.328
    Latitude
    47.6856

    Nearby Similar for Sale

    • $5,000,000
      31,200 SF

      Highway 83 Commercial Opportunity

      Thriving business and real estate on Highway 83.
      1619 US-83, Garrison, ND 58540
      View Details
    • $180,000
      1,936 SF

      Garrison Multifamily Property For Sale

      Multifamily property in Garrison, North Dakota, sold before listing.
      536 2nd St lot: 536-546 2Nd St Ne Garrison, Garrison, ND 58540
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Thriving business and real estate opportunity on HWY 83.
    Where is this mixed-use property located?
    The property is located at 1619 US-83 Garrison, ND.
    What is the asking price?
    The asking price for this property is $5,000,000.
    What are key features of this property?
    This property features: Prime location directly off HWY 83 ensures high visibility and easy access for customers.; Established business with a diverse product range catering to farming, fishing, camping, and home improvement needs.; **Substantial 21,600 sq ft main building with three oversized OH doors, public restrooms, ample parking, and climate control.**
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Lynne Reisenauer
    Real Estate License ID: ND10222
    Learn More
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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.

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