Flex Space with Drive-Through
For Sale
$499,000
316 2nd Street W, Williston, ND 58801
Commercial building with office space, overhead doors, heated garage area, and access along a busy truck route.
Property Size2,500 SF
Price / SF$199.60
Days on Market305
Property Features for 316 2nd Street W
General Information
Standard status
Active
Size
2,500 SF
Property subtype
Retail
Financials
Asking Price
$499,000
Gross Income
$45,000
Additional Details
Road Access
Yes
Drive-In Doors
3
Taxes and HOA fees
Annual Taxes
$1,363
Amenities
drive-through bay
overhead doors
office area
3
Heated Garage.
Rectangular
50x140, 0.1599999964237213
Overhead Doors. Asphalt, City Road, Rectangular.
Building Details
Year Built
1975
Buildings
1
Stories
1
Building Size
2,500 SF
Listing Agency:
eXp Realty
(701) 580-0564
Listed By:
Lucas Natwick · License #10666
(701) 580-0564
Source:
Xome
Added: Oct 30, 2025
Changed: Aug 29
Last Checked: Aug 29 at 7:57PM
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 eXp Realty
Investment Insights
Based on property information with market context.
This 2,500-square-foot flex building at 316 2nd Street W in Williston, North Dakota, was constructed in 1975 and combines service-oriented space with an office area. The layout includes a drive-through bay, two 10' x 10' overhead doors, and one 10' x 8' overhead door. A heated garage area and asphalt surface add practical support for daily operations.
The property sits along a commercial corridor identified as a truck route and is located minutes from downtown. The building is leased on an NNN basis through 2/1/2027. Its combination of enclosed work space, vehicle access, and office functionality supports continued commercial use within the existing configuration.
The property sits along a commercial corridor identified as a truck route and is located minutes from downtown. The building is leased on an NNN basis through 2/1/2027. Its combination of enclosed work space, vehicle access, and office functionality supports continued commercial use within the existing configuration.
Key Highlights
- 2,500‑square‑foot commercial building constructed in 1975
- Drive‑through bay with two 10' x 10' overhead doors and one 10' x 8' door
- Heated garage area with office space
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
$24,131
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
4.84%
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%
$482,620
$482.6K
Cap Rate 7%
$344,729
$344.7K
Cap Rate 9%
$268,122
$268.1K
Market Conditions
NOI Build-Up for 2,500 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
$37.5K $15.00/SF
− Vacancy
−$375 −$0.15/SF
EGI
$37.1K $14.85/SF
− OpEx
−$13.0K −$5.20/SF
NOI
$24.1K $9.65/SF
Area
Williams County, ND
Vacancy
1.00%
Lease Rate
$15.00 /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%
$482,620
Cap Rate 7%
$344,729
Cap Rate 9%
$268,122
Alternative Uses
Best Use
Retail
$344.9K
$301.8K – $402.4K
NOI $24,142 @ 7.0% cap · market cap 4.84%
Second Best
Flex RnD
$344.7K
$301.6K – $402.2K
NOI $24,131 @ 7.0% cap · market cap 4.84%
Theoretical Best
Office A
$551.3K
$482.4K – $643.2K
NOI $38,592 @ 7.0% cap · market cap 7.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Drive-in doors
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
711
Businesses Nearby
Under-served
Demand for This Use
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 Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Commercial building with office space, overhead doors, heated garage area, and access along a busy truck route.
Where is this flex space located?
The property is located at 316 2nd Street W Williston, ND.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: 2,500‑square‑foot commercial building constructed in 1975; Drive‑through bay with two 10' x 10' overhead doors and one 10' x 8' door; Heated garage area with office space
