Four-Unit Apartment
For Sale
$273,970
Pending
608 SE 18th Avenue, Minot, ND 58701
MULTI-FAMILY, Minot, ND
Property Size3,136 SF
Days on Market59
Property Features for 608 SE 18th Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R3B
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 3, Bathroom 2, Bedroom 1, Bedroom 2, Bedroom 7, Bedroom 5, Bedroom 4, Bathroom 4, Bathroom 3, Bedroom 6, Bedroom 8, Bathroom 1
Appliances
Dishwasher, Refrigerator, Range/Oven, Washer and Dryer
Elementary school district
Minot #1
Middle school district
Minot #1
High school district
Minot #1
Directions
Just south of Washington Elementary.
Subdivision
SE
Standard status
Pending
Size
3,136 SF
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
3235
Utilities
Heating system
Hot Water(Heating)
Cooling system
Wall Unit(s)
Amenities
fridge
range
dishwasher
wall A/C
balcony
off-street parking
coin-operated laundry
Building Details
Year built
1976
Floors in Building
2
Number of units
4
Listing Agency:
Better Homes and Gardens Real Estate Watne Group
(701) 852-1156
Listed By:
MATT WATNE
(701) 852-5700
Added: Jul 11
Changed: Sep 5
Last Checked: Sep 7 at 3:06PM
MLS# 260974
Copyright © 2026 Minot Board of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 3,136-square-foot quadplex, built in 1976, contains four two-bedroom, one-bath apartments. Each residence is equipped with a refrigerator, range, dishwasher, and wall-mounted air-conditioning unit. Upper-level apartments include balconies, while the building also offers coin-operated laundry and hot-water heating. Off-street parking includes electrical outlets suited to winter conditions.
The property is located near schools and shopping in south Minot at 608 SE 18th Avenue. It carries R3B zoning and provides a four-unit residential configuration. Class 4 shingles are identified for August 2026.
The property is located near schools and shopping in south Minot at 608 SE 18th Avenue. It carries R3B zoning and provides a four-unit residential configuration. Class 4 shingles are identified for August 2026.
Key Highlights
- Four two‑bedroom, one‑bath apartments within a 3,136‑square‑foot building
- R3B zoning with four residential units
- Each apartment includes a refrigerator, range, dishwasher, and wall A/C
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
$20,732
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
7.57%
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%
$414,640
$414.6K
Cap Rate 7%
$296,171
$296.2K
Cap Rate 9%
$230,356
$230.4K
Market Conditions
NOI Build-Up for 3,136 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
$32.0K $10.20/SF
− Vacancy
−$2.4K −$0.76/SF
EGI
$29.6K $9.44/SF
− OpEx
−$8.9K −$2.83/SF
NOI
$20.7K $6.61/SF
Area
Ward County, ND
Vacancy
7.41%
Lease Rate
$10.20 /SF/Yr
Expense Ratio
30.00%
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%
$414,640
Cap Rate 7%
$296,171
Cap Rate 9%
$230,356
Alternative Uses
Best Use
Multifamily LT 5
$296.2K
$259.2K – $345.5K
NOI $20,732 @ 7.0% cap · market cap 7.57%
Second Best
Apartment 5plus
$272.6K
$238.5K – $318.1K
NOI $19,083 @ 7.0% cap · market cap 6.97%
Theoretical Best
Office A
$421.0K
$368.4K – $491.2K
NOI $29,473 @ 7.0% cap · market cap 10.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
331
Businesses Nearby
Explore this area
Business Placement
Demographics for 58701, ND
32,517
Population
16,267
Households
2
Avg Household Size
37
Median Age
28%
College-Educated
95%
High-School Grad
235.6 sq mi
ZIP Area
138
Density / Sq Mi
$75,329
Median Household Income
$46,695
Median Earnings
$875
Median Rent
$270,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - R3B-zoned residential income property with furnished kitchens, private balconies, and on-site laundry.
Where is this quadplex located?
The property is located at 608 SE 18th Avenue Minot, ND.
What is the asking price?
The asking price for this property is $273,970.
What are key features of this property?
This property features: Four two‑bedroom, one‑bath apartments within a 3,136‑square‑foot building; R3B zoning with four residential units; Each apartment includes a refrigerator, range, dishwasher, and wall A/C
