Flex Space with Multiple Overhead
For Sale
Contact for pricing
1212 Airport Rd, Bismarck, ND 58504
Flex space combining office and warehouse areas with multiple overhead doors and loading docks for industrial operations.
Property Size20,224 SF
Lot Size1.14 Acres
Price / SF$96.42
Days on Market204
Property Features for 1212 Airport Rd
General Information
Standard status
Active
Size
20,224 SF
Lot size
1.14 Acres
Property subtype
INDUSTRIAL
Warehouse & Industrial
Dock-High Doors
2
Voltage
240 V
Three-Phase Power
Yes
Additional Details
Road Access
Yes
Amenities
Reception Space
Offices
Open Work Area
Storage Rooms
Break Room
IT Room
Restrooms
Conference Room
Water Fountain
Building Details
Building Size
20,224 SF
Listing Agency:
Aspen Group
(701) 223-2450
Listed By:
Michael Ilse · License #8214
(701) 400-7808
Source:
Moodyscre
Added: Feb 24
Changed: Sep 5
Last Checked: Sep 15 at 9:12AM
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 Aspen Group
Investment Insights
Based on property information with market context.
This flex space industrial building offers a functional mix of office and warehouse areas totaling 20,224 SF on 1.14 acres along Airport Road in Bismarck. The office portion includes a second-floor reception area with four private offices, an open work area, multiple storage rooms, a break room, an IT room, a conference room, and restrooms.
The warehouse is equipped with a wide variety of overhead doors, including multiple 14’ and 20’ wide options plus 22’ wide doors. Loading capabilities include two loading docks with a concrete platform. The facility also includes a floor drain and a heated shop, along with water fountain and men’s and women’s restrooms.
Electrical service includes 240V 3-phase power, supporting a range of industrial uses such as fabrication or distribution.
The warehouse is equipped with a wide variety of overhead doors, including multiple 14’ and 20’ wide options plus 22’ wide doors. Loading capabilities include two loading docks with a concrete platform. The facility also includes a floor drain and a heated shop, along with water fountain and men’s and women’s restrooms.
Electrical service includes 240V 3-phase power, supporting a range of industrial uses such as fabrication or distribution.
Key Highlights
- 20,224 SF flex space on 1.14 acres along Airport Road
- Office area with reception, four private offices, open work area, break room, and conference room
- Warehouse overhead doors include multiple 14’, 20’, and 22’ wide options
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
$158,189
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
8.11%
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%
$3,163,780
$3.2M
Cap Rate 7%
$2,259,843
$2.3M
Cap Rate 9%
$1,757,656
$1.8M
Market Conditions
NOI Build-Up for 20,224 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
$279.1K $13.80/SF
− Vacancy
−$35.7K −$1.77/SF
EGI
$243.4K $12.03/SF
− OpEx
−$85.2K −$4.21/SF
NOI
$158.2K $7.82/SF
Area
Burleigh County, ND
Vacancy
12.80%
Lease Rate
$13.80 /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%
$3,163,780
Cap Rate 7%
$2,259,843
Cap Rate 9%
$1,757,656
Alternative Uses
Best Use
Office B
$3.75M
$3.28M – $4.38M
NOI $262,671 @ 7.0% cap · market cap 13.47%
Second Best
Flex RnD
$2.26M
$1.98M – $2.64M
NOI $158,189 @ 7.0% cap · market cap 8.11%
Theoretical Best
Office A
$4.81M
$4.21M – $5.61M
NOI $336,886 @ 7.0% cap · market cap 17.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Dock-high doors
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
608
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 58504, ND
29,517
Population
12,479
Households
2.4
Avg Household Size
35
Median Age
31%
College-Educated
94%
High-School Grad
103.3 sq mi
ZIP Area
286
Density / Sq Mi
$78,671
Median Household Income
$45,817
Median Earnings
$940
Median Rent
$282,100
Median Home Value
Check the figures for this property
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Flex space - Flex space combining office and warehouse areas with multiple overhead doors and loading docks for industrial operations.
Where is this flex space located?
The property is located at 1212 Airport Rd Bismarck, ND.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: 20,224 SF flex space on 1.14 acres along Airport Road; Office area with reception, four private offices, open work area, break room, and conference room; Warehouse overhead doors include multiple 14’, 20’, and 22’ wide options
