Building Details

Year Built 2025

Listing Agency: Oaktree Realty

Listed By: DARREN SCHMIDT · License #7897 Show Phone

Source: Clearwaterproperties

Added: Jul 26 Changed: Oct 21 Last Checked: Oct 20 at 8:54PM

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Investment Insights

Based on property information with market context.

The Airway Project offers flex shop condominium units at 3232 Airway Avenue in south Bismarck. Individual units measure 2,010–2,040 square feet, with the ability to combine units for an open interior span. Each unit is designed with a 14-by-14-foot overhead door, 16-foot sidewalls, radiant heat, hot and cold water, a trench drain, and 220A, 220V, three-phase electrical service. A front office includes PTAC heating and air conditioning, while the bathroom has a toilet, sink, and 50-gallon water heater. Shower and laundry installations are optional.

The development provides front and rear service doors, 137 total parking spaces, exterior lighting, and available signage space. Its south Bismarck location offers access to Bismarck Expressway and I-94. Association-maintained items include snow removal, water, sewer, exterior maintenance, and exterior insurance. Completion is anticipated for Summer 2026.

Key Highlights

• 2,010–2,040 square feet per unit with options to combine units
• 14‑by‑14‑foot front overhead door with opener and WIFI connection capabilities
• 16‑foot sidewalls with energy‑efficient radiant heat

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$15,722

Cap Rate

5.21%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$314,440 $314.4K

Cap Rate 7%

$224,600 $224.6K

Cap Rate 9%

$174,689 $174.7K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,010 SF

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 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 (±1% cap)

NOI $15,722 @ 7.0% cap · market cap 5.21%

Second Best

Warehouse

$141.9K

$124.2K – $165.6K (±1% cap)

NOI $9,936 @ 7.0% cap · market cap 3.30%

Theoretical Best

Office A

$478.3K

$418.5K – $558.0K (±1% cap)

NOI $33,482 @ 7.0% cap · market cap 11.11%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Flex space

Suggested Use

Top Pick Locksmith Grocery & Convenience Store Catering Service Dental Office Pharmacy Barber Shop

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

Market

Vacancy Rate% for Industrial in Midwest region

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

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Frequently Asked Questions

What type of property is this?

Flex space - Shop units support business or personal use with optional individually secured outdoor storage.

Where is this flex space located?

The property is located at 3232 Airway 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: 2,010–2,040 square feet per unit with options to combine units; 14‑by‑14‑foot front overhead door with opener and WIFI connection capabilities; 16‑foot sidewalls with energy‑efficient radiant heat