Second-Floor Residential Income
For Sale
$215,000
3506 33rd Ave W Unit 46, Williston, ND 58801
Updated condominium with an attached garage, private balcony, and in-unit laundry near schools, retail, restaurants, and golf.
Property Size1,311 SF
Days on Market199
Property Features for 3506 33rd Ave W Unit 46
General Information
Standard status
Active
Size
1,311 SF
Class
A
Property subtype
Multi Tenant Office
Building Details
Building Size
1,311 SF
Year Built
2014
Listing Agency:
Proven Realty
Listed By:
Erik Peterson · License #9328
(701) 369-3949
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 30
Last Checked: Aug 30 at 10:13PM
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 second-floor residential income condominium at Stony Ridge Condominiums offers 1,311 SF of living space, two bedrooms, and two bathrooms. Built in 2014, the unit includes vaulted ceilings, a gas fireplace, wood flooring, maple cabinetry, stainless steel appliances, a walk-in pantry, and a large kitchen. Central air, an in-unit washer and dryer, a garbage disposal, cable readiness, and an attached finished single-car garage add practical functionality. A private balcony extends the living area outdoors.
The property is located at 3506 33rd Ave W Unit 46 in Williston, with access to schools, stores, restaurants, and the Williston Municipal Golf Course. The condominium is zoned R-3 and provides a residential alternative to traditional apartment living.
The property is located at 3506 33rd Ave W Unit 46 in Williston, with access to schools, stores, restaurants, and the Williston Municipal Golf Course. The condominium is zoned R-3 and provides a residential alternative to traditional apartment living.
Key Highlights
- 1,311 SF second‑floor condominium built in 2014
- Two‑bedroom, two‑bathroom unit
- Attached finished single‑car garage
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
$8,133
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
3.78%
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%
$162,660
$162.7K
Cap Rate 7%
$116,186
$116.2K
Cap Rate 9%
$90,367
$90.4K
Market Conditions
NOI Build-Up for 1,311 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
$15.3K $11.64/SF
− Vacancy
−$473 −$0.36/SF
EGI
$14.8K $11.28/SF
− OpEx
−$6.7K −$5.08/SF
NOI
$8.1K $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%
$162,660
Cap Rate 7%
$116,186
Cap Rate 9%
$90,367
Alternative Uses
Best Use
Apartment 5plus
$116.2K
$101.7K – $135.6K
NOI $8,133 @ 7.0% cap · market cap 3.78%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$289.1K
$253.0K – $337.3K
NOI $20,238 @ 7.0% cap · market cap 9.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated condominium with an attached garage, private balcony, and in-unit laundry near schools, retail, restaurants, and golf.
Where is this residential income property located?
The property is located at 3506 33rd Ave W Unit 46 Williston, ND.
What is the asking price?
The asking price for this property is $215,000.
What are key features of this property?
This property features: 1,311 SF second‑floor condominium built in 2014; Two‑bedroom, two‑bathroom unit; Attached finished single‑car garage
