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    111 45Th Ave Minot, ND 58703

    Sponsored
    For Lease
    $11 SF/Yr ($3,980 /Mo)

    Flexible spaces, ideal for various uses.

    Lot size:
    4,000 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    401
    This exceptional Class A industrial condo building, constructed and renovated in 2014, offers a variety of flexible spaces in Minot, North Dakota's Ridgedale Industrial Park. Located at 111 45th Ave NE, near the North Main Street and 45th Ave NE intersection, and just one block from the US Hwy 83 Bypass, this property boasts excellent accessibility. The single-story building comprises 24,000 square feet, divided into six suites, with a minimum divisible space of 2,000 square feet and a maximum contiguous space of 10,000 square feet. Currently, 4,000 square feet are available for lease, with options for 2,000, 4,000, 8,000, or 10,000 square foot spaces. Units feature 20-foot ceilings, 14' x 14' overhead doors with openers, and 6-inch reinforced concrete floors capable of supporting 105,000 tons. Amenities include in-floor heat, natural gas, high-efficiency boilers, bright LED lighting, three-phase power, internet access, and a 1-inch water line service to each bay. The building is fire-sprinkled and equipped with an exterior security system. The 2.89-acre lot is primarily paved with concrete and asphalt, providing ample space. Ten parking spaces are available. The property is zoned M1 Light Industrial and has an APN of MI-01819-000-003-0. Annual property taxes are $1.72 per square foot. CAM is estimated at $2.50 per square foot per year for 2024. This is a triple net lease. The building includes two drive-in doors. Available spaces are ready for occupancy within 30 to 60 days.

    Property Features for 111 45Th Ave

    General Information

    Property type
    Life science properties
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    4,000 SF
    Class
    A
    Total Rate
    3980

    Building Details

    Year Built/Renovated
    2014/2014
    Buildings
    1
    Stories
    1

    Unit(s) available at that property

    Space
    Suite F
    Size
    2,000 SF
    Rate per SF
    $11

    HighLights

    • Class A industrial condo building, 24,000 SF, built and renovated in 2014, located in Minot, ND's Ridgedale Industrial Park.
    • Excellent accessibility near US Hwy 83 Bypass.
    • Flexible suite sizes available, from 2,000 SF to 10,000 SF contiguous, with 4,000 SF currently available.
    • Features include 20‑foot ceilings, 14' x 14' overhead doors, 6‑inch reinforced concrete floors (105,000 lbs capacity), in‑floor heat, natural gas, and three‑phase power.
    • 2.89‑acre lot with ample paved parking (10 spaces), M1 Light Industrial zoning, APN MI‑01819‑000‑003‑0.
    Property Profile Location Intelligence

    Current Use by Public Records

    Intoxalock Ignition Interlock Safety Equipment Supplier Northridge Property Management, ... Property Management Company Everything Construction Concrete ... Concrete Contractor LFS Elite Inc Auto Repair Shop Arnies Powersports Of Minot Powersports Vehicle Dealer

    Suggested Use

    Restaurant Realty agency Spa & Massage Building Supply Wholesale Shop Auto Repair Shop Hotel & Motel Gym & Fitness Department Store Skin Care Clinic

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

    Location Insight

    • Map
    • Local Demand
    City
    Minot
    County
    Ward
    State
    North Dakota
    Longitude
    -101.29091522863
    Latitude
    48.281109756744

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    FAQs

    What type of property is this?
    Life science property - Flexible spaces, ideal for various uses.
    Where is this life science property located?
    The property is located at 111 45Th Ave Minot, ND.
    What is the lease rate?
    The lease rate is $11 SF/Yr.
    What are key features of this property?
    This property features: Class A industrial condo building, 24,000 SF, built and renovated in 2014, located in Minot, ND's Ridgedale Industrial Park.; Excellent accessibility near US Hwy 83 Bypass.; Flexible suite sizes available, from 2,000 SF to 10,000 SF contiguous, with 4,000 SF currently available.
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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.

    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
    111 45Th Ave Minot, ND 58703
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