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    Property profile & analytics

    1807 22Nd Ave SW Minot, ND 58701

    • Retail space
    • 1.07 lot acres
    For Sale
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US56-0410243
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Panera Bread / Take-out & Catering / Catering Service
    • Mattress Firm Minot / Furniture & Home Goods

    Property Details for 1807 22Nd Ave SW

    Year built
    2014
    Lot size
    1.07 lot acres
    Property type
    Retail space
    Property subtype
    Storefront properties
    APN
    MI34D500000030

    Description

    This exceptional investment opportunity presents a 8,114 square foot, multi-tenant storefront located at 1807 22nd Ave SW in Minot, North Dakota. The property, built in 2014, sits on a 1.07-acre lot and boasts a strong 7.00% cap rate with a current NOI of $272,274. Anchored by a Panera Bread with a drive-thru, featuring over nine years remaining on a new 10-year NNN lease extension, including rental increases. Panera's lease comprises 71% of the total annual rent. The tenant is committed to the location, planning a $150,000 remodel by December 31, 2028. A second tenant, Mattress Firm, occupies a portion of the space with nearly two years remaining on their lease and two 5-year option periods. This franchisee NNN lease includes a 9-unit guaranty and a rental increase in August 2025. Mattress Firm is pending acquisition by Tempur Sealy. The property benefits from excellent visibility due to a large freeway-visible pylon sign and its strategic location near a signalized intersection with high daily traffic counts (33,500 CPD) and direct access to US 2/52 (15,900 CPD). Its proximity to Dakota Square Mall, with major retailers like Target and Best Buy, ensures significant crossover traffic. The surrounding area boasts affluent demographics, with average household incomes exceeding $104,000 within a 5-mile radius. Minot, ND itself is a growing market, experiencing over 16% population growth in the past decade. The asking price for this prime retail investment is $3,890,000.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Minot
    County
    Ward
    State
    North Dakota
    Longitude
    -101.3198634271
    Latitude
    48.209552046847

    Comparable in this City

    • $2,000,000
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      Retail Property with Starbucks

      Two-building retail property, fully leased, anchored by Starbucks.
      1800 22Nd Ave SW, Minot, ND 58701
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    • New
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      Downtown Minot Retail Opportunity

      13,600 SF retail space in central business district.
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      8,114 SF

      Drive-Thru Investment Property For Sale

      Two-tenant investment property with drive-thru and freeway visibility.
      1807 22Nd Ave SW, Minot, ND 58701
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      45,000 SF

      Minot Hotel with Upside Potential

      Hotel with upside potential, approved for Marriott and Best Western.
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    • $1,600,000
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      Freestanding Restaurant/Bar Building For Sale

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    • $1,795,000
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      Minot Commercial Land - 11.93 Acres

      Prime Commercial Lot, Minot, ND
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      View Details

    Similar Nearby for Sale

    • $2,000,000
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      Retail Property with Starbucks

      Two-building retail property, fully leased, anchored by Starbucks.
      1800 22Nd Ave SW, Minot, ND 58701
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    • New
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      Downtown Minot Retail Opportunity

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    • $1,600,000
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      8,114 SF

      Drive-Thru Investment Property For Sale

      Two-tenant investment property with drive-thru and freeway visibility.
      1807 22Nd Ave SW, Minot, ND 58701
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    • Contact for pricing
      45,000 SF

      Minot Hotel with Upside Potential

      Hotel with upside potential, approved for Marriott and Best Western.
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    • $65,000
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    Similar Nearby for Lease

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      34,456 SF

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      Prime Retail Space in Minot

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      Dakota Square Mall: Retail Space

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    1807 22Nd Ave SW
    Minot, ND 58701
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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
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