Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    120 Main St Elgin, ND 58533
    Back to Search
    Property profile & analytics

    120 Main St Elgin, ND 58533

    View on Map
    • Commercial real estate
    • 3,059 SF
    • 0.08 lot acres
    For Sale
    $125,000
    View Listing →
    Elgin Commercial Building - Great Potential For Sale
    $125,000
    3,059 SF

    Elgin Commercial Building - Great Potential

    Turnkey Commercial Property, Prime Location

    Heil, ND 58533
    View Listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial real estate

    Property Details for 120 Main St

    Year built
    1920
    Lot size
    0.08 lot acres
    Property size
    3,059 SF
    Property type
    Commercial real estate

    Description

    This 3,059 square foot commercial building in Elgin, ND, is a fantastic opportunity for a savvy investor or entrepreneur. Located at 120 N Main Street, this property boasts a versatile layout ideal for various businesses. The current configuration includes a front bar area with seating and gaming options, a rear space equipped for pool tables, dart boards, and a stage, perfect for entertainment. Additional space encompasses an office area with laundry hook-ups and a shower, restrooms, an inventory area, and a basement offering ample storage. Recent upgrades significantly enhance the building's value and functionality. These include a new exterior electrical system (2020), a rebuilt cooler (2017), a new roof (2018), updated flooring (2021), and added insulation (2023). The property sits on a 0.08-acre lot, with the possibility of expansion onto an adjoining vacant lot available for purchase from the city of Elgin. This presents a unique opportunity to increase the property's footprint and cater to growing business needs. The seller is open to a contract for deed, offering flexible financing options. Alternatively, the building is available for lease at $2,000 per month plus utilities. Elgin's strategic location in a popular pheasant hunting area, near Lake Tschida, and on a well-traveled route for motorcyclists and car clubs ensures high visibility and potential for a thriving business. The city's vibrant community and regular events further contribute to a strong local market. This is a turnkey operation with significant upside potential.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Elgin
    County
    Grant
    State
    North Dakota
    Longitude
    -101.846
    Latitude
    46.403

    Comparable in this City

    • Value Estimation by Request

      Elgin, ND 58533

      COMMERCIAL (GENERAL)
      Elgin, ND 58533
      View Details
    • Value Estimation by Request

      Elgin, ND 58533

      COMMERCIAL (GENERAL)
      Elgin, ND 58533
      View Details
    • Value Estimation by Request

      Elgin, ND 58533

      COMMERCIAL (GENERAL)
      Elgin, ND 58533
      View Details
    • Value Estimation by Request

      Elgin, ND 58533

      COMMERCIAL (GENERAL)
      Elgin, ND 58533
      View Details
    • Value Estimation by Request

      Elgin, ND 58533

      COMMERCIAL (GENERAL)
      Elgin, ND 58533
      View Details
    • Value Estimation by Request

      Elgin, ND 58533

      COMMERCIAL (GENERAL)
      Elgin, ND 58533
      View Details

    Similar Nearby for Sale

    • $125,000
      3,059 SF

      Elgin Commercial Building - Great Potential

      Turnkey Commercial Property, Prime Location
      120 Main St, Elgin, ND 58533
      View Details
    • $125,000
      3,059 SF

      Elgin Restaurant & Bar - Turnkey!

      Established Business, Prime Location
      120 Main St, Elgin, ND 58533
      View Details
    View Listing
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    120 Main St
    Elgin, ND 58533
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    120 Main St, Elgin, ND, 58533
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!