Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    12648 23Rd St Watford City, ND 58854

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    164-unit apartment complex, prime location.

    Property size:
    55,148 SF

    Property Features for 12648 23Rd St

    General Information

    Property type
    Multifamily properties
    Square Feet
    55,148 SF
    Lot Size
    456,944 SF

    Building Details

    Year Built
    2013
    Units
    164

    We can help!

    Listing Contact
    Erik C. Peterson
    Erik C. Peterson

    Listing Agency: Proven Realty, LLC brokered by eXp Realty Listing Agent: Erik C. Peterson

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    This exceptional investment opportunity presents the Telluride Lodge, a 2013-built multifamily complex ideally situated in Watford City, North Dakota, within the heart of the Bakken Oil Fields. Boasting a substantial 55,148 square feet on a 10.49-acre lot, this property comprises 164 furnished one-bedroom apartments and six furnished cabins. The complex is meticulously maintained under professional property management, ensuring a safe and quiet living environment for residents. Convenient amenities include on-site laundry facilities, a fully equipped fitness room, and a community room, enhancing the appeal and value of the property. Each unit features outdoor outlets designed for block heaters, a practical feature in the North Dakota climate. The property's prime location near major roads provides excellent accessibility. Zoned for commercial use, this property offers significant potential for investors seeking a strong return in a thriving market. The asking price is $7,499,000, translating to $135.98 per square foot. This well-managed, high-occupancy complex represents a compelling investment opportunity. Further details are available upon request.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Building Supply Skin Care Clinic Wine and Liquor Store Travel Agency Bed & Breakfast (Bike/Boat/Book/etc) Store (Bike/Boat/Book/etc) Store Real Estate Agency Storage Facility Plumbing Service

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Watford City
    County
    Williams
    State
    North Dakota
    Longitude
    -103.294654
    Latitude
    47.7452618

    Nearby Similar for Sale

    • $950,000
      4,750 SF

      Watford City Industrial Property

      5.62-acre industrial property with shop, office, and secure yard.
      2612 123Rd Ave NW, Watford City, ND 58854
      View Details
    • $699,000
      2,880 SF

      Watford City Retail Investment

      2,880 SF Retail Space w/ Living Quarters
      2045 125Th Ave, Watford City, ND 58854
      View Details
    • $695,000
      4.73 Acres

      Prime Watford City RV Park

      50-space RV park, high ROI potential
      12597 Zoe Rd, Watford City, ND 58854
      View Details
    • $1,150,000
      7.40 Acres

      Prime Watford City RV Park

      86-space RV park, excellent cash flow
      12556 Zoe Rd, Watford City, ND 58854
      View Details

    FAQs

    What type of property is this?
    Multifamily property - 164-unit apartment complex, prime location.
    Where is this multifamily property located?
    The property is located at 12648 23Rd St Watford City, ND.
    What is the asking price?
    The asking price for this property is $7,499,000.
    What are key features of this property?
    This property features: 164 furnished one-bedroom apartments.; 6 furnished cabins.; On-site laundry facilities, fitness center, and community room.
    (701) 369-3949 Call to check price and availability
    Request Owner's contact information
    12648 23Rd St Watford City, ND 58854
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    12648 23Rd St
    Watford City, ND 58854
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    12648 23Rd St Watford City, ND 58854
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Erik C. Peterson
    Erik C. Peterson
    Real Estate License ID: 9328
    (701) 369-3949
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!