New Flex Condo with
For Sale
$550,000
107 Washington Avenue, Williston, ND 58801
Williston, ND
Property Size4,015 SF
Lot Size0.10 Acres
Price / SF$136.99
Days on Market16
Property Features for 107 Washington Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Standard status
Active
Lot size
0.10 Acres
Building Details
Year built
2024
Listing Agency:
NextHome Fredricksen Real Estate
(701) 572-8167
Listed By:
Amanda Stevens · License #9325
(701) 770-3394
Added: Aug 13
Changed: Aug 28
Last Checked: Aug 28 at 8:06PM
MLS# 4026283
Copyright © 2026 NextHome, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2024-built flex condominium at 107 Washington Avenue, Suite B, provides 4,015 square feet of unfinished commercial space, including 2,687 square feet on the main level and a 1,328-square-foot open mezzanine. The steel-frame building includes an insulated metal roof, EIFS exterior accents, radiant in-floor heat, rough plumbing, and a 6-inch reinforced concrete slab. An 18-by-18-foot overhead door and dedicated concrete parking pad support a range of commercial configurations.
The property is zoned C-3 and lies within Williston’s Renaissance Zone. The location offers access to the city’s main commercial corridors and Business Hwy 2. Potential Renaissance Zone tax benefits may apply to qualifying commercial or mixed-use development, subject to verification with the City of Williston. Residential use and live-work eligibility also require buyer confirmation under applicable zoning and program requirements.
The property is zoned C-3 and lies within Williston’s Renaissance Zone. The location offers access to the city’s main commercial corridors and Business Hwy 2. Potential Renaissance Zone tax benefits may apply to qualifying commercial or mixed-use development, subject to verification with the City of Williston. Residential use and live-work eligibility also require buyer confirmation under applicable zoning and program requirements.
Key Highlights
- 4,015 SF flex condominium with 2,687 SF main level and 1,328 SF open mezzanine
- Built in 2024 with steel‑frame construction and insulated metal roof
- 18'x18' overhead door and dedicated concrete parking pad
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
$45,096
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
8.20%
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%
$901,920
$901.9K
Cap Rate 7%
$644,229
$644.2K
Cap Rate 9%
$501,067
$501.1K
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
$77.1K $19.20/SF
− Vacancy
−$17.0K −$4.22/SF
EGI
$60.1K $14.98/SF
− OpEx
−$15.0K −$3.74/SF
NOI
$45.1K $11.23/SF
Area
Williams County, ND
Vacancy
22.00%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
25.00%
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%
$901,920
Cap Rate 7%
$644,229
Cap Rate 9%
$501,067
Alternative Uses
Best Use
Office B
$644.2K
$563.7K – $751.6K
NOI $45,096 @ 7.0% cap · market cap 8.20%
Second Best
Flex RnD
$553.6K
$484.4K – $645.9K
NOI $38,755 @ 7.0% cap · market cap 7.05%
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
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
861
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 Office in Midwest region
Questions? Ask Rey
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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 mezzanine, overhead door, and flexible build-out options.
Where is this flex space located?
The property is located at 107 Washington Avenue 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 SF flex condominium with 2,687 SF main level and 1,328 SF open mezzanine; Built in 2024 with steel‑frame construction and insulated metal roof; 18'x18' overhead door and dedicated concrete parking pad
