Flex Shop Condominium with Service
For Sale
$324,900
3224 Airway Avenue #2, Bismarck, ND 58504
Shop space combines an enclosed front office with overhead access, radiant heat, and three-phase electrical service.
Property Size2,040 SF
Price / SF$159.26
Days on Market185
Property Features for 3224 Airway Avenue #2
General Information
Standard status
Active
Size
2,040 SF
Property subtype
Commercial
Site & Location
Highway Access
Yes
Outdoor Storage
Yes
Utilities to Site
Yes
Warehouse & Industrial
Clear Height
16 ft
Power
220 amps
Voltage
220 V
Three-Phase Power
Yes
Taxes and HOA fees
Annual Taxes
$535
Amenities
secured outside fenced storage areas
signage space available
Building Details
Building Size
2,040 SF
Year Built
2025
Listing Agency:
Oaktree Realty
Listed By:
Darren Schmidt · License #ND 7897
(701) 223-7422
Source:
Donner-realty
Added: Apr 30
Changed: Oct 30
Last Checked: Oct 29 at 7:24PM
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
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Investment Insights
Based on property information with market context.
The Airway Project offers flex shop condominiums with 2,040 square feet per unit. Each space has a 14-by-14-foot front overhead door with opener, an 8-by-10-foot rear overhead door, and front and rear service doors. Interior features include 16-foot sidewalls, radiant heat, hot and cold water, a trench floor drain, and 220A, 220V three-phase power. A front office has a window and PTAC heating and air conditioning. The bathroom includes a toilet, sink, and 50-gallon water heater; shower and laundry installations are optional.
Located in south Bismarck, the property provides access to Bismarck Expressway and I-94. The development has 137 parking spaces, exterior lighting, and signage space. Individually secured outdoor fenced storage areas are available as an option, and units may be combined with an open interior span. Association responsibilities include snow removal, water, sewer, exterior maintenance, and exterior insurance. Units are expected to be ready for occupancy in Summer 2026.
Located in south Bismarck, the property provides access to Bismarck Expressway and I-94. The development has 137 parking spaces, exterior lighting, and signage space. Individually secured outdoor fenced storage areas are available as an option, and units may be combined with an open interior span. Association responsibilities include snow removal, water, sewer, exterior maintenance, and exterior insurance. Units are expected to be ready for occupancy in Summer 2026.
Key Highlights
- 2,040‑square‑foot flex shop condominium
- 14‑by‑14‑foot front and 8‑by‑10‑foot rear overhead doors
- 16‑foot sidewalls; 220A, 220V three‑phase electrical power
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$15,957
Cap Rate
4.91%
Suggested Prices Based on Cap Rates
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
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 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
Industrial
$124.5K
$109.0K – $145.3K
NOI $8,718 @ 7.0% cap · market cap 2.68%
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.
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Current Use
Lease Details
16 ft
Clear height
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
218
Businesses Nearby
Well-served
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
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Market
Vacancy Rate% for Industrial in Midwest region
Similar Off Market Nearby
- Key West Cafe Food Truck — carpet garage, bismarck, nd 58504
Frequently Asked Questions
What type of property is this?
Flex space - Shop space combines an enclosed front office with overhead access, radiant heat, and three-phase electrical service.
Where is this flex space located?
The property is located at 3224 Airway Avenue #2 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: 2,040‑square‑foot flex shop condominium; 14‑by‑14‑foot front and 8‑by‑10‑foot rear overhead doors; 16‑foot sidewalls; 220A, 220V three‑phase electrical power
