Condo Shop and Flex Warehouse
For Sale
$301,500
2-3232 Airway Ave, Bismarck, ND 58504
Condo shop units with 14x14 overhead doors and secured outside storage options for flexible business use.
Property Size2,010 SF
Price / SF$150
Days on Market104
Property Features for 2-3232 Airway Ave
General Information
Standard status
Active
Size
2,010 SF
Taxes and HOA fees
Annual Taxes
$561
Listing Agency:
Oaktree Realty
(701) 226-5942
Listed By:
DARREN SCHMIDT · License #7897
(701) 226-5942
Source:
Exprealty
Added: Apr 30
Changed: Aug 8
Last Checked: Aug 11 at 10:38AM
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.
The Airway Project Shop Condominiums offer individual condo shop units designed for business and personal use, with optional 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 three-phase electrical power. A front office with a window is included, along with an installed PTAC heat and A/C unit for temperature control. The bathroom features a toilet and sink and a 50-gallon water heater, with options for adding a shower and laundry area. Units also include front and rear service doors to support ongoing operations, and there is signage space plus lighted exterior areas. An open interior span option allows units to be combined.
Located in south Bismarck, the development provides easy access to the Bismarck Expressway and I-94. The project includes 137 total parking spaces for the development.
For tenants or buyers looking for a self-contained shop setup, the combination of overhead access, power, radiant heat, and on-site office and bathroom facilities supports a range of legal business operations. The association provides snow removal, water, sewer, exterior maintenance, and exterior insurance, while unit-level covenants and monthly association fees apply. Units are expected to be ready for occupancy in Summer 2026.
Located in south Bismarck, the development provides easy access to the Bismarck Expressway and I-94. The project includes 137 total parking spaces for the development.
For tenants or buyers looking for a self-contained shop setup, the combination of overhead access, power, radiant heat, and on-site office and bathroom facilities supports a range of legal business operations. The association provides snow removal, water, sewer, exterior maintenance, and exterior insurance, while unit-level covenants and monthly association fees apply. Units are expected to be ready for occupancy in Summer 2026.
Key Highlights
- South Bismarck condo shop units (2,010–2,040 SF) for business or personal use; available for sale or lease
- 14x14 front overhead door with opener and WIFI capabilities, plus 16‑foot sidewalls
- Utilities and power: radiant heat, 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
$15,722
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
5.21%
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%
$314,440
$314.4K
Cap Rate 7%
$224,600
$224.6K
Cap Rate 9%
$174,689
$174.7K
Market Conditions
NOI Build-Up for 2,010 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
$27.7K $13.80/SF
− Vacancy
−$3.6K −$1.77/SF
EGI
$24.2K $12.03/SF
− OpEx
−$8.5K −$4.21/SF
NOI
$15.7K $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%
$314,440
Cap Rate 7%
$224,600
Cap Rate 9%
$174,689
Alternative Uses
Best Use
Flex RnD
$224.6K
$196.5K – $262.0K
NOI $15,722 @ 7.0% cap · market cap 5.21%
Second Best
Warehouse
$141.9K
$124.2K – $165.6K
NOI $9,936 @ 7.0% cap · market cap 3.30%
Theoretical Best
Office A
$478.3K
$418.5K – $558.0K
NOI $33,482 @ 7.0% cap · market cap 11.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Condo shop units with 14x14 overhead doors and secured outside storage options for flexible business use.
Where is this flex space located?
The property is located at 2-3232 Airway Ave Bismarck, ND.
What is the asking price?
The asking price for this property is $301,500.
What are key features of this property?
This property features: South Bismarck condo shop units (2,010–2,040 SF) for business or personal use; available for sale or lease; 14x14 front overhead door with opener and WIFI capabilities, plus 16‑foot sidewalls; Utilities and power: radiant heat, hot & cold water, trench floor drain, and 220A/220V 3‑phase electrical power
