Brand-New Flex Condo with
For Sale
$550,000
B-107 Washington Ave, Williston, ND 58801
Unfinished 2024 flex condo suite with an oversized overhead door, radiant in-floor heat, and open mezzanine.
Property Size4,015 SF
Price / SF$136.99
Days on Market67
Property Features for B-107 Washington Ave
General Information
Standard status
Active
Size
4,015 SF
Zoning
C-3
Additional Details
Utilities to Site
Yes
Drive-In Doors
1
Taxes and HOA fees
Annual Taxes
$2,871
Building Details
Year Built
2024
Stories
1
Listing Agency:
NextHome Fredricksen Real Estate
(701) 770-3394
Listed By:
Amanda L Stevens · License #9325
(701) 770-3394
Source:
Exprealty
Added: Jun 25
Changed: Aug 20
Last Checked: Aug 29 at 1:35PM
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 NextHome Fredricksen Real Estate
Investment Insights
Based on property information with market context.
Suite B at 107 Washington Ave presents a brand-new architectural-grade commercial flex condo with a flexible interior configuration and an open upper-level mezzanine. Delivered unfinished and ready for custom build-out, the space is set up with 2,687 sq ft on the main level and 1,328 sq ft on the mezzanine, with rough plumbing already installed. The building is constructed with a steel frame, insulated metal roof, and EIFS exterior accents.
The property includes an oversized 18' x 18' overhead door, radiant in-floor heat, and a 6'' reinforced concrete slab designed for commercial-grade performance. City utilities are available, and there is a dedicated concrete parking pad out front. Zoned C-3 and located within Williston’s Renaissance Zone, the property may qualify for incentives such as a 5-year property tax exemption and state income tax relief for qualifying commercial or mixed-use development; buyers should verify details with the City of Williston. The mezzanine configuration may also support live/work use, subject to buyer verification of residential allowance through the Renaissance Zone program and city zoning.
The property includes an oversized 18' x 18' overhead door, radiant in-floor heat, and a 6'' reinforced concrete slab designed for commercial-grade performance. City utilities are available, and there is a dedicated concrete parking pad out front. Zoned C-3 and located within Williston’s Renaissance Zone, the property may qualify for incentives such as a 5-year property tax exemption and state income tax relief for qualifying commercial or mixed-use development; buyers should verify details with the City of Williston. The mezzanine configuration may also support live/work use, subject to buyer verification of residential allowance through the Renaissance Zone program and city zoning.
Key Highlights
- 4,015 SF unfinished commercial flex condo suite with 2,687 SF main level and 1,328 SF open mezzanine
- Oversized 18' x 18' overhead door plus radiant in‑floor heat
- 6" reinforced concrete slab with steel‑frame construction; insulated metal roof and EIFS exterior accents
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
$38,755
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
7.05%
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%
$775,100
$775.1K
Cap Rate 7%
$553,643
$553.6K
Cap Rate 9%
$430,611
$430.6K
Market Conditions
NOI Build-Up for 4,015 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
$60.2K $15.00/SF
− Vacancy
−$602 −$0.15/SF
EGI
$59.6K $14.85/SF
− OpEx
−$20.9K −$5.20/SF
NOI
$38.8K $9.65/SF
Area
Williams County, ND
Vacancy
1.00%
Lease Rate
$15.00 /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%
$775,100
Cap Rate 7%
$553,643
Cap Rate 9%
$430,611
Alternative Uses
Best Use
Flex RnD
$553.6K
$484.4K – $645.9K
NOI $38,755 @ 7.0% cap · market cap 7.05%
Second Best
Warehouse
$447.0K
$391.1K – $521.5K
NOI $31,288 @ 7.0% cap · market cap 5.69%
Theoretical Best
Office A
$885.4K
$774.7K – $1.03M
NOI $61,979 @ 7.0% cap · market cap 11.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Drive-in doors
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
861
Businesses Nearby
Under-served
Demand for This Use
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 Industrial in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- C J Delights & Catering — 621 E Broadway suite a, Williston, ND 58801
Frequently Asked Questions
What type of property is this?
Flex space - Unfinished 2024 flex condo suite with an oversized overhead door, radiant in-floor heat, and open mezzanine.
Where is this flex space located?
The property is located at B-107 Washington Ave Williston, ND.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 4,015 SF unfinished commercial flex condo suite with 2,687 SF main level and 1,328 SF open mezzanine; Oversized 18' x 18' overhead door plus radiant in‑floor heat; 6" reinforced concrete slab with steel‑frame construction; insulated metal roof and EIFS exterior accents
