424 32nd Avenue W, Williston, ND 58801
- FOR SALE: $7,900,000 | 10% CAP RATE
- FOR LEASE: $20/SF NNN
- 1,320 SF to 3,305 SF retail space for lease
- 36,608 SF retail center with 26 suites; 5 vacant
- Great tenant mix
- Excellent Williston location just off Highway 2 three miles west of downtown
- Traffic count: 7,605 +/-
- Directly adjacent to Ford, Menards and Sportsman’s Warehouse, and within walking distance of several apartment properties
- Considered the heart of Bakken oil activity, Williston’s economic activity continues to grow creating strong retail investment opportunities
- Between Q2 2017 and Q2 2018 Williston taxable sales and purchases increased 29.27%
- Offering memorandum available upon request with completed Confidentiality Agreement
- Contact Mike Elliott at email@example.com or (701) 713-6606
- BAKKEN OIL PRODUCTION ACTIVITY: 2018 oil prices have been increasing, prompting Bakken oil production activity to reach historic levels. In August, North Dakota production reached a new record of 1.3 million barrels per day, marking the first time the state produced 40 million barrels in one month. The past six months brought an average monthly WTI price of $67.64 per barrel. This beats a 2014 record, which was the last time the monthly average price was above $60 per barrel.
- INCREASED CONSUMER SPENDING: Due to the resurgence of Bakken oil production activity, Western North Dakota energy markets are experiencing a rapid influx of service workers which is increasing Williston’s permanent population, wages and consumer spending. Between 2016 and 2017, Williston area population increased by 10% and the median household income increased by a whopping 10.57%. Also, between Q2 2017 and Q2 2018, Williston taxable sales and purchases increased by over 29%.
- STABILIZATION UPSWING: The demand for Bakken oil in the global market is not disappearing anytime soon, keeping North Dakota shale play markets on an upward economic trajectory. We are seeing Bakken retail vacancy rates shrink to 2% as rental rates increase to $18-$22/SF NNN. With this stabilization upswing, retail investors have a strong opportunity for future returns.
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