Flex Shop Condominium
For Sale
$301,500
3232 Airway Avenue 2, Bismarck, ND 58504
Shop units support business or personal use with optional individually secured outdoor storage.
Property Size2,040 SF
Price / SF$147.79
Days on Market35
Property Features for 3232 Airway Avenue 2
General Information
Standard status
Active
Size
2,040 SF
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Warehouse & Industrial
Clear Height
16 ft
Power
220 amps
Voltage
220 V
Three-Phase Power
Yes
Listing Agency:
Oaktree Realty
(701) 226-5942
Listed By:
DARREN SCHMIDT · License #7897
Source:
Hunterroll
Added: Jul 26
Changed: Aug 28
Last Checked: Aug 29 at 9:21AM
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 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.
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 = 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
$15,957
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
5.29%
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%
$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
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
$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 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%
$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 5.29%
Second Best
Warehouse
$144.1K
$126.1K – $168.1K
NOI $10,084 @ 7.0% cap · market cap 3.34%
Theoretical Best
Office A
$485.5K
$424.8K – $566.4K
NOI $33,982 @ 7.0% cap · market cap 11.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
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 - 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 Avenue 2 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
