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    Well-Maintained Four-Unit Investment Property Title is generated by Realmo AI

    205 East St S, Lehr, ND 58460

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    For Sale
    $100,000

    Multi-Unit (2-4) - Lehr, ND

    Property size:
    2,784 SF
    Price / SF:
    $35/SF
    Added:
    Mar 1, 2026
    Days on Market:
    96
    Last Refresh:
    Jun 5 at 8:06 am

    Property Features for 205 East St S

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    200
    Bedrooms
    6
    Bathrooms
    4
    Rooms
    Basement, Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5, Kitchen, Living Room
    Parking features
    Garage, Garage - Attached
    Basement Y/N
    1
    Appliances
    Dishwasher, Microwave, Refrigerator, Washer
    Standard status
    Active
    APN
    9540000
    Size
    2,784 SF

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    1225

    Utilities

    Heating system
    Electric (Heating)

    Building Details

    Year built
    1968
    Year renovated
    1968
    Floors in Building
    1
    Flooring type
    Carpet, Laminate, Linoleum
    Building materials
    Wood Siding
    Roof type
    Asphalt
    Architectural style
    Other

    We can help!

    Listing Contact
    Denise Rohweder

    Listing agent Denise Rohweder

    Listing office Northern Elements Real Estate 8375 Hwy 3 SE, Wishek, ND

    Listing date Mar 1, 2026

    MLS# 11660118 Listing URL

    Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Turnkey four‑unit property with strong income potential.
    • Each unit has a separate meter for easy management.
    • Includes all appliances, furnishings (excluding Unit 3), lawnmower, and tools.
    • Well‑maintained property with long‑term ownership.
    • Roof inspected in 2025 by a licensed roofer.
    • Freshly painted wood siding.

    Overview

    This well-maintained four-unit property, owned and cared for by the same owner for the last 37 years, offers flexibility for investors, owner-occupants, or those seeking a shared retreat. Each unit has its own separate meter, making management and rental straightforward. The property features electric boiler hot-water heat and freshly painted wood siding. The asphalt shingle roof was inspected in 2025 by a licensed roofer. Window A/C units are installed in all units except Unit 4. The sale includes all appliances, furnishings, a lawnmower, and miscellaneous tools; furnishings in Unit 3 are tenant-owned and excluded. This turnkey opportunity offers strong income potential with multiple rental units, or the option to live in one unit while generating revenue from the others. It is ideal for those looking for a low-maintenance investment property, multi-unit housing solution, or flexible-use property in a recreational area. The property is located in Lehr, ND, and has a lot size of 0 acres. The property size is 2784 square feet. The zoning is 200.
    Property Profile Location Intelligence

    Current Use by Public Records

    Quadplexes

    Map

    City
    Lehr
    County
    McIntosh
    State
    North Dakota
    Longitude
    -99.350474
    Latitude
    46.281847

    FAQs

    What type of property is this?
    Quadplex - Turnkey four-unit property with strong income potential in Lehr, ND.
    Where is this quadplex located?
    The property is located at 205 East St S Lehr, ND.
    What is the asking price?
    The asking price for this property is $100,000.
    What are key features of this property?
    This property features: Turnkey four‑unit property with strong income potential.; Each unit has a separate meter for easy management.; Includes all appliances, furnishings (excluding Unit 3), lawnmower, and tools.
    (701) 321-0162
    We can help!
    Listing Contact
    Denise Rohweder
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    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
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