Industrial•Flex Space•For Sale
Investment Property + - 20,000 SF Industrial Building, Office Yard
4926 HWY 85, Williston, North Dakota 58801
Bakken Oilfield Overview:
North Dakota is on track to produce 2 million barrels of oil per day by 2030. We can expect a significant increase in Bakken oil and gas reserves when the U.S. Geological Survey is revised later this year. The Bakken is going to produce oil and gas for generations to come.
Continental Resources estimates that the Bakken Formation has reserves of 30 billion to 40 billion barrels of recoverable oil, or roughly four to five times more than the government’s latest estimate.
The estimate of the Bakken’s potential was disclosed during the North Dakota Petroleum Council’s Bakken 2.0 conference on Monday, Sept. 24, by Jack Stark, president of Continental Resources, a top oil producer in the state.
“It’s a big number but I think it’s a technically sound and a technically well-founded number,” Stark said. “There’s a lot of future left in the Bakken.”
North Dakota recently surpassed Venezuela in oil production, and the United States recently became the world’s largest oil producer, outranking Saudi Arabia and Russia. North Dakota has 15,000 oil wells, and state officials estimate it has the potential for another 50,000 wells in the decades ahead.
- Investment Property | +/- 20,000 SF Industrial Building, Office & Yard | Williston ND
- 10% cap rate
- NOI: $250,923
- 2% - 2.5% annual rent increases
- Tenant(s) Info
- NoDak Oilfield Services
- Original 5 year lease
- Dakota Midstream
- Original 3 year lease
- Both of these leases are around $12/SF/YR NNN, in a market that is currently $15/SF/YR NNN and rising. This building has never been vacant, because of the location it leases very quickly when tenants leave.
6/11/2019 6:24:07 PM
11/6/2019 11:51:22 PM