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    Airway Project Shop Condominiums Title is generated by Realmo AI

    1-3232 Airway Ave, Bismarck, ND 58504

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    For Sale
    $301,500

    Condo shop units with optional secured outside fenced storage.

    Property size:
    2,010 SF
    Price / SF:
    $150/SF
    Added:
    Apr 30, 2026
    Days on Market:
    32
    Last Refresh:
    May 19 at 10:57 pm

    Property Features for 1-3232 Airway Ave

    General Information

    Standard status
    Active
    Size
    2,010 SF

    We can help!

    Listing Contact
    DARREN SCHMIDT
    DARREN SCHMIDT

    Listing agent DARREN SCHMIDT License #7897

    Listing office Oaktree Realty

    Listing date Apr 30, 2026

    Source Exprealty

    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 Oaktree Realty

    HighLights

    • Flexible Usage: Suitable for business or personal use, available for sale or lease.
    • Optional Secured Storage: Individually secured, outside fenced storage areas available.
    • Convenient Location: Easy access to Bismarck Expressway and I‑94 in south Bismarck.
    • Functional Features: Includes 14x14 overhead door, 16‑foot sidewalls, radiant heat, hot & cold water, trench floor drain, and 220A‑220v 3‑phase electrical power.
    • Association Maintained: Snow removal, water, sewer, exterior maintenance, and exterior insurance covered by association.
    • Office and Bathroom: Front office with PTAC heat/AC and bathroom with toilet, sink, and 50‑gallon water heater.

    Overview

    The Airway Project Shop Condominiums offer condo shop units with optional individually secured outside fenced storage areas. Located in south Bismarck, the property provides easy access to Bismarck Expressway and I-94. These units can be utilized for business or personal purposes and are available for sale. The units range in size from 2,010 to 2,040 square feet, with the option to combine units with an open interior span. Standard features include a 14x14 front overhead door with opener and WIFI connection capabilities, 16-foot sidewalls, energy-efficient radiant heat, hot and cold water, a trench floor drain, and 220A-220v 3-phase electrical power. The front office, which includes a window, is equipped with an installed PTAC heat and A/C unit for temperature control. The bathroom includes a toilet, sink, and 50-gallon water heater, with the option for a shower and laundry area. Front and rear service doors accommodate legal business operations. The development includes 137 total parking spaces, lighted exterior, and signage space. The association, governed by covenants and by-laws, maintains snow removal, water, sewer, exterior maintenance, and exterior insurance. Units are expected to be ready for occupancy in Summer 2026.

    Local Financial Insights For Office B

    Simulate Cap Rate and NOI

    NOI Build-Up
    Vacancy
    income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
    EGI (Effective Gross Income)
    gross rent minus vacancy losses — the realistic income before paying operating costs.
    OpEx (Operating Expenses)
    recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
    NOI (Net Operating Income)
    income a property generates after operating costs but before financing and taxes.

    Component $ $/SF
    Gross rent $40.5k $20.16
    − Vacancy −$5.7k −$2.84
    EGI $34.8k $17.32
    − OpEx −$8.7k −$4.33
    NOI $26.1k $12.99
    2,010 SF · lease $20.16/SF/yr · vacancy 14.10% · expense 25.00%

    Alternative Uses

    Best Use
    Office B
    $372.9K
    $326.3K – $435.1K (±1% cap)
    NOI $26,106 @ 7.0% cap · market cap 8.66%
    Second Best
    Flex RnD
    $224.6K
    $196.5K – $262.0K (±1% cap)
    NOI $15,722 @ 7.0% cap · market cap 5.21%
    Theoretical Best
    Office A
    $478.3K
    $418.5K – $558.0K (±1% cap)
    NOI $33,482 @ 7.0% cap · market cap 11.11%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Flex space

    Suggested Use

    Restaurant Real Estate Agency Law Firm Spa & Massage Center Dental Office Building Supply Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon

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

    Similar Places Nearby

    • Key West Cafe Food Truck — carpet garage, bismarck, nd 58504

    Location Insight

    • Map
    • Local Demand
    City
    Bismarck
    County
    Burleigh
    State
    North Dakota
    Longitude
    -100.7568223
    Latitude
    46.7871286

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    FAQs

    What type of property is this?
    Flex space - Condo shop units with optional secured outside fenced storage.
    Where is this flex space located?
    The property is located at 1-3232 Airway Ave Bismarck, ND.
    What is the asking price?
    The asking price for this property is $301,500.
    What are key features of this property?
    This property features: Flexible Usage: Suitable for business or personal use, available for sale or lease.; Optional Secured Storage: Individually secured, outside fenced storage areas available.; Convenient Location: Easy access to Bismarck Expressway and I‑94 in south Bismarck.
    (701) 226-5942
    We can help!
    Listing Contact
    DARREN SCHMIDT
    DARREN SCHMIDT
    Real Estate License ID: 7897
    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.

    More about this property
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