Renovated Duplex with Leased
For Sale
$645,000
1402 Main, Williston, ND 58801
Renovated duplex on a corner lot with both units currently leased and full systems replacements throughout.
Property Size2,770 SF
Price / SF$232.85
Days on Market48
Property Features for 1402 Main
General Information
Standard status
Active
Size
2,770 SF
Total Parking Spaces
4
Property subtype
Duplex
Occupancy
100%
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,446
Amenities
Garage: On Street, Triple+ Driveway, Alley Access, Additional Parking, Parking Lot, On Site
Garage Spaces: 3
Style: Two-Story
6
7.00
4
3
Two-Story
On Street, Triple+ Driveway, Alley Access, Additional Parking, Parking Lot, On Site
Building Details
Year Built
1920
Tenancy
Multi
Listing Agency:
Williston Basin Realty
Listed By:
Tasheena Greaves · License #7795
(701) 770-0249
Source:
Clearwaterproperties
Added: Jul 20
Changed: Sep 4
Last Checked: Sep 4 at 9:26AM
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 Williston Basin Realty
Investment Insights
Based on property information with market context.
This fully renovated duplex is positioned on a corner double lot and features two leased units. Interior and exterior work includes completely new electrical, HVAC, and plumbing, with the basement roughed in and ready to be completed as an additional unit. The property is described as permitted, code compliant, and ready for new ownership.
Tenants pay MDU Meter 1 and Meter 2, while the owner pays MDU Meter 3 for the basement and MDU Meter 4 for the garage and outdoor electrical. The owner also pays water, garbage, sewer, and trash removal.
Lease details include an existing term ending April 30, 2027, with automatic month-to-month renewal at the same terms unless a 60-day notice to vacate is provided. The W 2 garage stalls are leased by the tenants, while the owner maintains possession of the E 2 garage stalls and the basement. A 26' x 50' concrete driveway is planned to be installed by the owner.
Tenants pay MDU Meter 1 and Meter 2, while the owner pays MDU Meter 3 for the basement and MDU Meter 4 for the garage and outdoor electrical. The owner also pays water, garbage, sewer, and trash removal.
Lease details include an existing term ending April 30, 2027, with automatic month-to-month renewal at the same terms unless a 60-day notice to vacate is provided. The W 2 garage stalls are leased by the tenants, while the owner maintains possession of the E 2 garage stalls and the basement. A 26' x 50' concrete driveway is planned to be installed by the owner.
Key Highlights
- Renovated duplex on a corner double lot in Williston, ND, close to downtown, schools, and churches
- Two units currently leased at $2,600/month each; lease runs until April 30, 2027 with month‑to‑month renewal after
- Permitted full renovation inside and out with completely new electrical, HVAC, and plumbing; property is code compliant
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
$19,196
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
2.98%
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%
$383,920
$383.9K
Cap Rate 7%
$274,229
$274.2K
Cap Rate 9%
$213,289
$213.3K
Market Conditions
NOI Build-Up for 2,770 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
$28.3K $10.20/SF
− Vacancy
−$831 −$0.30/SF
EGI
$27.4K $9.90/SF
− OpEx
−$8.2K −$2.97/SF
NOI
$19.2K $6.93/SF
Area
Williams County, ND
Vacancy
2.94%
Lease Rate
$10.20 /SF/Yr
Expense Ratio
30.00%
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%
$383,920
Cap Rate 7%
$274,229
Cap Rate 9%
$213,289
Alternative Uses
Best Use
Multifamily LT 5
$274.2K
$240.0K – $319.9K
NOI $19,196 @ 7.0% cap · market cap 2.98%
Second Best
Apartment 5plus
$245.5K
$214.8K – $286.4K
NOI $17,184 @ 7.0% cap · market cap 2.66%
Theoretical Best
Office A
$610.9K
$534.5K – $712.7K
NOI $42,760 @ 7.0% cap · market cap 6.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
538
Businesses Nearby
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 Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Renovated duplex on a corner lot with both units currently leased and full systems replacements throughout.
Where is this duplex located?
The property is located at 1402 Main Williston, ND.
What is the asking price?
The asking price for this property is $645,000.
What are key features of this property?
This property features: Renovated duplex on a corner double lot in Williston, ND, close to downtown, schools, and churches; Two units currently leased at $2,600/month each; lease runs until April 30, 2027 with month‑to‑month renewal after; Permitted full renovation inside and out with completely new electrical, HVAC, and plumbing; property is code compliant
