411 & 413 Main Street, Williston, ND 58801
- FOR SALE: $1,900,000
- 26,000 +/- SF, three-story mixed-use building containing commercial space and multifamily units
- Ground Floor | (3) Commercial spaces
- 2nd and 3rd floors | (17) Furnished apartments:
- (4) Studio
- (8) 1 bed/1 bath
- (5) 2 bed/1 bath
- Basement provides excellent storage
- Ideally located on Main Street in downtown Williston, approximately 2.5 miles from airport
- Sale can be combined with an additional Williston mixed-use investment property, click HERE to view
- 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.
- CONSTRAINED HOUSING SUPPLY: Due to the resurgence of Bakken oil production activity, Western North Dakota has seen a rapid influx of service workers, dramatically increasing Williston’s housing demand. These workers are also shifting from month-to-month to a more permanent basis which grew Williston’s population 10% between 2016 and 2017. Today’s multifamily market has a depleted supply, and with no signs of demand waning this portfolio is well-positioned as an investment with high-return potential.
- INCREASED CONSUMER SPENDING: The increase in oil production has been an economic jolt for Western North Dakota energy markets. Not only has Williston seen an increase in population, but also in wages and consumer spending. Between 2016 and 2017, the median household income increased by a whopping 10.57%. And 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. On the multifamily side, we have vacancy rates shrinking to 7% (and dropping) as rental rates increase 28%-32%. With this stabilization upswing, investors have a very strong opportunity for future returns.
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