Flex Space with Overhead
New
For Sale
$999,000
3202 2nd, Williston, ND 58801
Multi-area commercial building with offices, storage, shop space, and on-site parking.
Property Size5,600 SF
Price / SF$202.23
Days on Market2
Property Features for 3202 2nd
General Information
Standard status
Active
Size
5,600 SF
Property subtype
Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Gross Income
$20,400
Taxes and HOA fees
Annual Taxes
$2,388
Amenities
overhead doors
floor drains
large front lobby
multiple offices
storage
upper mezzanine
furnaces
radiant tube heat
LED lights
Garage: Heated Garage, Floor Drain, Garage Door Opener, Parking Lot, On Site
Garage Spaces: 9
704.00
Heated Garage, Floor Drain, Garage Door Opener, Parking Lot, On Site
9
Building Details
Year Built
1953
Buildings
1
Building Size
5,600 SF
Tenancy
Multi
Listing Agency:
ND Realty
(701) 570-0486
Listed By:
Ryan Visser
Source:
Clearwaterproperties
Added: Aug 19
Changed: Aug 20
Last Checked: Aug 20 at 9:05AM
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 ND Realty
Investment Insights
Based on property information with market context.
This flex-space property includes a front shop with three 14-foot overhead doors, floor drains, a sizable lobby, and several offices. Additional improvements include a rear shop with an 8-foot overhead door, an open work area, extensive storage, and an upper mezzanine. Newer furnaces, radiant tube heat, LED lighting, and select upgraded overhead doors add to the building’s functional configuration. The property also includes multiple boom trucks, sign and sticker equipment, and embroidery machines.
The building occupies just under 1/2 an acre along the frontage road of U.S. Hwy 2 North, across from Williston Square. An on-site parking lot supports the property, while the rear shop is leased month to month. The building and the operating sign and embroidery business are presented as purchase options, subject to the applicable transaction structure.
The building occupies just under 1/2 an acre along the frontage road of U.S. Hwy 2 North, across from Williston Square. An on-site parking lot supports the property, while the rear shop is leased month to month. The building and the operating sign and embroidery business are presented as purchase options, subject to the applicable transaction structure.
Key Highlights
- Front shop with 3‑14' overhead doors and floor drains
- Rear shop includes 1‑8' overhead door and open work area
- Just under 1/2 an acre along U.S. Hwy 2 North frontage road
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
$47,704
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
4.78%
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%
$954,080
$954.1K
Cap Rate 7%
$681,486
$681.5K
Cap Rate 9%
$530,044
$530.0K
Market Conditions
NOI Build-Up for 4,940 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
$71.1K $14.40/SF
− Vacancy
−$3.0K −$0.60/SF
EGI
$68.1K $13.80/SF
− OpEx
−$20.4K −$4.14/SF
NOI
$47.7K $9.66/SF
Area
Williams County, ND
Vacancy
4.20%
Lease Rate
$14.40 /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%
$954,080
Cap Rate 7%
$681,486
Cap Rate 9%
$530,044
Alternative Uses
Best Use
Retail
$681.5K
$596.3K – $795.1K
NOI $47,704 @ 7.0% cap · market cap 4.78%
Second Best
Flex RnD
$681.2K
$596.0K – $794.7K
NOI $47,683 @ 7.0% cap · market cap 4.77%
Theoretical Best
Office A
$1.09M
$953.2K – $1.27M
NOI $76,258 @ 7.0% cap · market cap 7.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
99
Businesses Nearby
Balanced
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 - Multi-area commercial building with offices, storage, shop space, and on-site parking.
Where is this flex space located?
The property is located at 3202 2nd Williston, ND.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: Front shop with 3‑14' overhead doors and floor drains; Rear shop includes 1‑8' overhead door and open work area; Just under 1/2 an acre along U.S. Hwy 2 North frontage road
