New Flex Space Condo with
For Sale
$550,000
107 Washington Avenue B, Williston, ND 58801
Unfinished commercial space offers a flexible layout, overhead access, and room for a customized build-out.
Property Size4,015 SF
Price / SF$136.99
Days on Market46
Property Features for 107 Washington Avenue B
General Information
Standard status
Active
Size
4,015 SF
Zoning
C-3
Additional Details
Utilities to Site
Yes
Mezzanine
1,328 SF
Building Details
Year Built
2024
Construction
steel-frame
Listing Agency:
NextHome Fredricksen Real Estate
(701) 770-3394
Listed By:
Amanda L Stevens · License #9325
(701) 770-3394
Source:
Hunterroll
Added: Jul 16
Changed: Aug 29
Last Checked: Aug 29 at 7:47PM
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 NextHome Fredricksen Real Estate
Investment Insights
Based on property information with market context.
This 2024 flex space condo provides 4,015 square feet across a 2,687-square-foot main level and a 1,328-square-foot open mezzanine. Delivered unfinished, the interior allows for a customized build-out. The property includes an 18' x 18' overhead door, radiant in-floor heat, a 6-inch reinforced concrete slab, rough plumbing, city utilities, and a dedicated concrete parking pad. Steel-frame construction, an insulated metal roof, and EIFS exterior accents complete the building improvements.
Located at 107 Washington Avenue, Suite B, in Williston, the property is zoned C-3 and falls within the Renaissance Zone. It offers access to Williston's main commercial corridors and Business Hwy 2. Potential tax incentives and residential allowance through the Renaissance Zone program and city zoning are subject to qualification and buyer verification.
Located at 107 Washington Avenue, Suite B, in Williston, the property is zoned C-3 and falls within the Renaissance Zone. It offers access to Williston's main commercial corridors and Business Hwy 2. Potential tax incentives and residential allowance through the Renaissance Zone program and city zoning are subject to qualification and buyer verification.
Key Highlights
- 4,015 square feet with 2,687 square feet on the main level and a 1,328‑square‑foot open mezzanine
- 18' x 18' oversized overhead door
- 6‑inch reinforced concrete slab and radiant in‑floor heat
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$38,755
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.05%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$775,100
$775.1K
Cap Rate 7%
$553,643
$553.6K
Cap Rate 9%
$430,611
$430.6K
Market Conditions
NOI Build-Up for 4,015 SF
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.
Gross rent
$60.2K $15.00/SF
− Vacancy
−$602 −$0.15/SF
EGI
$59.6K $14.85/SF
− OpEx
−$20.9K −$5.20/SF
NOI
$38.8K $9.65/SF
Area
Williams County, ND
Vacancy
1.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
35.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$775,100
Cap Rate 7%
$553,643
Cap Rate 9%
$430,611
Alternative Uses
Best Use
Flex RnD
$553.6K
$484.4K – $645.9K
NOI $38,755 @ 7.0% cap · market cap 7.05%
Second Best
Warehouse
$447.0K
$391.1K – $521.5K
NOI $31,288 @ 7.0% cap · market cap 5.69%
Theoretical Best
Office A
$885.4K
$774.7K – $1.03M
NOI $61,979 @ 7.0% cap · market cap 11.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
821
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 58801, ND
34,921
Population
17,095
Households
2
Avg Household Size
31
Median Age
25%
College-Educated
91%
High-School Grad
716.1 sq mi
ZIP Area
49
Density / Sq Mi
$90,119
Median Household Income
$53,496
Median Earnings
$1,116
Median Rent
$279,800
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- C J Delights & Catering — 621 E Broadway suite a, Williston, ND 58801
Frequently Asked Questions
What type of property is this?
Flex space - Unfinished commercial space offers a flexible layout, overhead access, and room for a customized build-out.
Where is this flex space located?
The property is located at 107 Washington Avenue B Williston, ND.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 4,015 square feet with 2,687 square feet on the main level and a 1,328‑square‑foot open mezzanine; 18' x 18' oversized overhead door; 6‑inch reinforced concrete slab and radiant in‑floor heat
