12-Unit Apartment
New
For Sale
$850,000
811 15th, Williston, ND 58801
Downtown multifamily property with two-bedroom residences, tenant laundry, storage areas, and off-street parking.
Property Size11,232 SF
Price / SF$75.68
Days on Market2
Property Features for 811 15th
General Information
Standard status
Active
Size
11,232 SF
Total Parking Spaces
12
Property subtype
Commercial
Units
Unit Mix
12 x 2BR/1BA
Multifamily Units
12
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$4,491
Amenities
laundry area
indoor and outdoor storage areas
audio and visual camera system
Garage: Alley Access, Parking Lot
Style: Apartment Style
391.00
Apartment Style
Alley Access, Parking Lot
Building Details
Year Built
1953
Listing Agency:
Williston Basin Realty
Listed By:
Tasheena Greaves · License #7795
(701) 770-0249
Source:
Clearwaterproperties
Added: Sep 9
Last Checked: Sep 10 at 5:22AM
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 Williston Basin Realty
Investment Insights
Based on property information with market context.
This 12-unit apartment property at 811 15th Street W includes four residences on each floor, with every unit configured as two bedrooms and one bathroom. Interior improvements include vinyl plank flooring throughout the apartments, select updated kitchens and appliances, three units with completed repainting, and some updated bathrooms. The roof was replaced in 2022, while interior and exterior repainting was completed during 2024–2026.
A tenant laundry area serves the building, and owners have dedicated indoor and outdoor storage for supplies and maintenance. The property includes an audio and visual camera system covering hallways and exterior areas. There are 12 off-street parking spaces in the rear lot, with 2 spaces used for the dumpster. The owner pays water, garbage, sewer, and the main MDU electric and gas meter; tenants pay their apartment MDU bills. Leases and deposits transfer to the buyer.
A tenant laundry area serves the building, and owners have dedicated indoor and outdoor storage for supplies and maintenance. The property includes an audio and visual camera system covering hallways and exterior areas. There are 12 off-street parking spaces in the rear lot, with 2 spaces used for the dumpster. The owner pays water, garbage, sewer, and the main MDU electric and gas meter; tenants pay their apartment MDU bills. Leases and deposits transfer to the buyer.
Key Highlights
- 12 apartment units, all configured with 2 bedrooms and 1 bathroom
- New roof completed in 2022
- Interior and exterior repainting completed during 2024–2026
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
$69,678
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
8.20%
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%
$1,393,560
$1.4M
Cap Rate 7%
$995,400
$995.4K
Cap Rate 9%
$774,200
$774.2K
Market Conditions
NOI Build-Up for 11,232 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
$130.7K $11.64/SF
− Vacancy
−$4.1K −$0.36/SF
EGI
$126.7K $11.28/SF
− OpEx
−$57.0K −$5.08/SF
NOI
$69.7K $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%
$1,393,560
Cap Rate 7%
$995,400
Cap Rate 9%
$774,200
Alternative Uses
Best Use
Apartment 5plus
$995.4K
$871.0K – $1.16M
NOI $69,678 @ 7.0% cap · market cap 8.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.48M
$2.17M – $2.89M
NOI $173,386 @ 7.0% cap · market cap 20.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
12
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
768
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Apartment building - Downtown multifamily property with two-bedroom residences, tenant laundry, storage areas, and off-street parking.
Where is this apartment building located?
The property is located at 811 15th Williston, ND.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: 12 apartment units, all configured with 2 bedrooms and 1 bathroom; New roof completed in 2022; Interior and exterior repainting completed during 2024–2026
