Condo Shop with Fenced
For Sale
$324,900
2-3224 Airway Ave, Bismarck, ND 58504
Flex-style condo shop units feature secure outside storage and a 14x14 overhead door for flexible business use.
Property Size2,040 SF
Price / SF$159.26
Days on Market140
Property Features for 2-3224 Airway Ave
General Information
Standard status
Active
Size
2,040 SF
Total Parking Spaces
137
Warehouse & Industrial
Clear Height
16 ft
Drive-In Doors
2
Heavy Power
Yes
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$535
Listing Agency:
Oaktree Realty
(701) 223-7422
Listed By:
DARREN SCHMIDT · License #7897
(701) 226-5942
Source:
Exprealty
Added: Apr 30
Changed: Sep 6
Last Checked: Sep 15 at 1:03PM
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 Oaktree Realty
Investment Insights
Based on property information with market context.
Airway Project Shop Condominiums offer individual condo shop units designed for business or personal use, with the option for individually secured outside fenced storage areas. Each unit includes a 14x14 front overhead door with opener and WIFI connection capabilities, 16-foot sidewalls, energy efficient radiant heat, hot and cold water, a trench floor drain, and 220A/220V 3-phase electrical power. The front office area with a window features an installed PTAC heat and A/C unit for temperature control, and the bathroom includes a toilet and sink plus a 50-gallon water heater with an option for a shower and laundry area. Service access is supported by front and rear service doors, and the unit also includes a rear 8x10 overhead door. Lighted exterior space and signage space are available. Units may be combined to create an open interior span, providing flexibility for growing operators.
Located in south Bismarck, the development offers easy access to Bismarck Expressway and I-94. The project includes 137 total parking spaces. An association governed by covenants and by-laws maintains snow removal, water, sewer, exterior maintenance, and exterior insurance.
For tenants or buyers seeking a self-contained shop setup, the combination of office space, two service door options, and optional secured fenced storage supports a range of light commercial uses. Units are available for sale or lease, with monthly association fees estimated at $0.60 per square foot per year per unit; taxes and special installments are incomplete and require verification by the buyer.
Located in south Bismarck, the development offers easy access to Bismarck Expressway and I-94. The project includes 137 total parking spaces. An association governed by covenants and by-laws maintains snow removal, water, sewer, exterior maintenance, and exterior insurance.
For tenants or buyers seeking a self-contained shop setup, the combination of office space, two service door options, and optional secured fenced storage supports a range of light commercial uses. Units are available for sale or lease, with monthly association fees estimated at $0.60 per square foot per year per unit; taxes and special installments are incomplete and require verification by the buyer.
Key Highlights
- Flex‑style condo shop units in south Bismarck, available for sale or lease (2,010–2,040 SF), with option to combine units.
- Includes a 14x14 front overhead door with opener and WiFi connection, plus rear 8x10 overhead door.
- 16‑foot sidewalls with radiant heat and hot/cold water, trench floor drain, and 220A 220V 3‑phase electrical power.
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
$15,957
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
4.91%
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%
$319,140
$319.1K
Cap Rate 7%
$227,957
$228.0K
Cap Rate 9%
$177,300
$177.3K
Market Conditions
NOI Build-Up for 2,040 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
$28.2K $13.80/SF
− Vacancy
−$3.6K −$1.77/SF
EGI
$24.5K $12.03/SF
− OpEx
−$8.6K −$4.21/SF
NOI
$16.0K $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%
$319,140
Cap Rate 7%
$227,957
Cap Rate 9%
$177,300
Alternative Uses
Best Use
Flex RnD
$228.0K
$199.5K – $266.0K
NOI $15,957 @ 7.0% cap · market cap 4.91%
Second Best
Warehouse
$144.1K
$126.1K – $168.1K
NOI $10,084 @ 7.0% cap · market cap 3.10%
Theoretical Best
Office A
$485.5K
$424.8K – $566.4K
NOI $33,982 @ 7.0% cap · market cap 10.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
16 ft
Clear height
2
Drive-in doors
Yes
Heavy power
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
437
Businesses Nearby
Balanced
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
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Midwest region
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Frequently Asked Questions
What type of property is this?
Flex space - Flex-style condo shop units feature secure outside storage and a 14x14 overhead door for flexible business use.
Where is this flex space located?
The property is located at 2-3224 Airway Ave Bismarck, ND.
What is the asking price?
The asking price for this property is $324,900.
What are key features of this property?
This property features: Flex‑style condo shop units in south Bismarck, available for sale or lease (2,010–2,040 SF), with option to combine units.; Includes a 14x14 front overhead door with opener and WiFi connection, plus rear 8x10 overhead door.; 16‑foot sidewalls with radiant heat and hot/cold water, trench floor drain, and 220A 220V 3‑phase electrical power.
