Upgraded 35-Unit Apartment
For Sale
$2,362,500
35 Apt Units 303 311 & 321 W Highland Dr, Williston, ND 58801
Three-building multifamily complex with residential zoning and 94% occupancy.
Property Size33,264 SF
Lot Size1.36 Acres
Price / SF$71.02
Days on Market193
Property Features for 35 Apt Units 303 311 & 321 W Highland Dr
General Information
Standard status
Active
Size
33,264 SF
Lot size
1.36 Acres
Property subtype
MultiFamily Apartments
Zoning
Multifamily Residential
Occupancy
94%
Additional Details
Multifamily Units
35
Building Details
Building Size
33,264 SF
Year Built
1952
Buildings
3
Listing Agency:
Proven Realty
(701) 369-3949
Listed By:
Erik Peterson · License #9328
(701) 369-3949
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 30
Last Checked: Aug 30 at 4:26AM
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 Proven Realty
Investment Insights
Based on property information with market context.
This apartment property comprises three buildings totaling 35 units and 33,264 square feet. The configuration includes one 11-unit building and two 12-unit buildings. Constructed in 1952, the complex has undergone recent upgrades and is situated on W Highland Dr in Williston, North Dakota.
The property is zoned Multifamily Residential and currently reports 94% occupancy. The three addresses are 303 W Highland Dr, 311 W Highland Dr, and 321 W Highland Dr, Williston, ND 58801. Its established multifamily layout provides a substantial existing residential asset within the Williston market.
The property is zoned Multifamily Residential and currently reports 94% occupancy. The three addresses are 303 W Highland Dr, 311 W Highland Dr, and 321 W Highland Dr, Williston, ND 58801. Its established multifamily layout provides a substantial existing residential asset within the Williston market.
Key Highlights
- 35 total apartment units across three buildings
- 33,264 square feet of total building area
- One 11‑plex and two 12‑plexes
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
$206,354
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
8.73%
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%
$4,127,080
$4.1M
Cap Rate 7%
$2,947,914
$2.9M
Cap Rate 9%
$2,292,822
$2.3M
Market Conditions
NOI Build-Up for 33,264 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
$387.2K $11.64/SF
− Vacancy
−$12.0K −$0.36/SF
EGI
$375.2K $11.28/SF
− OpEx
−$168.8K −$5.08/SF
NOI
$206.4K $6.20/SF
Area
Williams County, ND
Vacancy
3.10%
Lease Rate
$11.64 /SF/Yr
Expense Ratio
45.00%
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%
$4,127,080
Cap Rate 7%
$2,947,914
Cap Rate 9%
$2,292,822
Alternative Uses
Best Use
Apartment 5plus
$2.95M
$2.58M – $3.44M
NOI $206,354 @ 7.0% cap · market cap 8.73%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.34M
$6.42M – $8.56M
NOI $513,490 @ 7.0% cap · market cap 21.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
35
Residential units
94%
Occupancy
Location Intelligence
Trade Area within ½ mile
518
Businesses Nearby
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 Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Three-building multifamily complex with residential zoning and 94% occupancy.
Where is this apartment building located?
The property is located at 35 Apt Units 303 311 & 321 W Highland Dr Williston, ND.
What is the asking price?
The asking price for this property is $2,362,500.
What are key features of this property?
This property features: 35 total apartment units across three buildings; 33,264 square feet of total building area; One 11‑plex and two 12‑plexes
