If you’re interested in getting into the real estate investment business, North Dakota is a place you should consider. Located in the central north, the state is popular in the agricultural and energy sectors, it’s one of the lowest populated and is the least visited state when it comes to tourism.
Commercial real estate in North Dakota
This kind of real estate is available in large sizes and is reasonably priced. You can find more than 3 acres for retail space in the mid $500,000s, leaving rent for the multiple shopping spaces to be quite affordable.
Restaurant space is usually built out ahead of time, and is better to lease rather than purchase, because of the low success rates of most restaurants. As with any company, the importance is location. You’ll want a restaurant that is easily accessible, has ample parking, and has high visibility.
Another lucrative real estate investment in North Dakota would be multifamily housing. Building and leasing apartments and townhomes can bring in at least $1,000 per unit. Although a money maker, buying a multifamily building or buildings will cost you millions of dollars. However, adding a few upgrades and renting at premium price will turn a profit much sooner.
Office buildings are the most popular commercial real estate properties available. With the economic downturn over the past few years, more companies have been forced out of business, leaving their spaces vacant. This proves to be a good opportunity for investors to grab office space at a great price, and offer it to start-up companies, which are constantly popping up in different areas of North Dakota.
One interesting way to utilize office building real estate is to turn it into a coworking space, where multiple people, whether entrepreneurs or freelancers, can lease space by the day or by the month. These types of spaces are increasing in popularity, as more people are able to telecommute for their job.
Industrial warehouse space is also available in North Dakota. Because of the amount of square footage available, this is an attractive option for companies who need automated systems or factory solutions.
The possibilities with real estate in North Dakota are virtually endless. With available buildings for purchase and lease, and ample amounts of land for new development, now is the time to get a few properties for yourself.