Downtown Office
For Sale
$350,000
Pending
217 Main Street N, Watford City, ND 58854
Multiple private offices, a conference room, reception area, and storage support varied business layouts.
Property Size1,891 SF
Days on Market116
Property Features for 217 Main Street N
General Information
Standard status
Pending
Size
1,891 SF
Property subtype
Commercial
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$2,612
Amenities
private offices
conference room
open reception area
storage space
0.00
Building Details
Year Built
1978
Buildings
1
Listing Agency:
Basin Brokers Realtors
(701) 572-5560
Listed By:
Tate Cymbaluk
Source:
Clearwaterproperties
Added: May 7
Changed: Aug 29
Last Checked: Aug 29 at 2:58PM
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 Basin Brokers Realtors
Investment Insights
Based on property information with market context.
This 1,891-square-foot office building, constructed in 1978, offers a practical layout for professional operations. The interior includes multiple private offices, a conference room, an open reception area, and ample storage, providing a mix of enclosed and shared work areas.
Situated on Main Street in downtown Watford City, the property offers parking along Main Street as well as additional spaces at the rear entrance. The front and rear parking options accommodate staff and visitors while providing access from both sides of the building.
Situated on Main Street in downtown Watford City, the property offers parking along Main Street as well as additional spaces at the rear entrance. The front and rear parking options accommodate staff and visitors while providing access from both sides of the building.
Key Highlights
- 1,891 SF office building constructed in 1978
- Multiple private offices for individual work areas
- Conference room and open reception area
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
$22,737
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
6.50%
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%
$454,740
$454.7K
Cap Rate 7%
$324,814
$324.8K
Cap Rate 9%
$252,633
$252.6K
Market Conditions
NOI Build-Up for 1,891 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
$37.9K $20.04/SF
− Vacancy
−$7.6K −$4.01/SF
EGI
$30.3K $16.03/SF
− OpEx
−$7.6K −$4.01/SF
NOI
$22.7K $12.02/SF
Area
McKenzie County, ND
Vacancy
20.00%
Lease Rate
$20.04 /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%
$454,740
Cap Rate 7%
$324,814
Cap Rate 9%
$252,633
Alternative Uses
Best Use
Office B
$324.8K
$284.2K – $379.0K
NOI $22,737 @ 7.0% cap · market cap 6.50%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$449.7K
$393.5K – $524.6K
NOI $31,478 @ 7.0% cap · market cap 8.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
463
Businesses Nearby
Explore this area
Business Placement
Demographics for 58854, ND
9,142
Population
4,941
Households
1.9
Avg Household Size
31
Median Age
24%
College-Educated
93%
High-School Grad
666.1 sq mi
ZIP Area
14
Density / Sq Mi
$88,234
Median Household Income
$61,278
Median Earnings
$1,212
Median Rent
$387,700
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Multiple private offices, a conference room, reception area, and storage support varied business layouts.
Where is this office building located?
The property is located at 217 Main Street N Watford City, ND.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: 1,891 SF office building constructed in 1978; Multiple private offices for individual work areas; Conference room and open reception area
