Triplex With Separate
New
For Sale
$220,000
1002 Valley St, Minot, ND 58701
MULTI-FAMILY, Minot, ND
Property Size1,969 SF
Lot Size0.12 Acres
Price / SF$111.73
Days on Market2
Property Features for 1002 Valley St
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
R1G
Bedrooms
4
Bathrooms
3
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 2, Bathroom 1, Bedroom 2, Bedroom 4, Bedroom 1
Exterior features
Fence
Fencing
Fenced
Appliances
Microwave, Refrigerator, Range/Oven, Washer and Dryer, Gas Cooktop
Elementary school district
Minot #1
Middle school district
Minot #1
High school district
Minot #1
Subdivision
SE
Standard status
Active
Size
1,969 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
HECKERS SECOND ADDITION NORTH 1/2 LOT 11
Tax Annual Amount
1744
Legal Description
HECKERS SECOND ADDITION NORTH 1/2 LOT 11
Utilities
Heating system
Natural Gas, Forced Air
Amenities
fenced yard
Building Details
Year built
1941
Floors in Building
1
Number of units
3
Listing Agency:
Better Homes and Gardens Real Estate Watne Group
Listed By:
Carissa Hatfield
(701) 852-1156
Added: Sep 10
Changed: Sep 11
Last Checked: Sep 11 at 5:06PM
MLS# 261530
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 1,969-square-foot triplex contains three separately accessed units. The upstairs primary residence includes two bedrooms and one bathroom, while the basement apartment and attached unit each offer one bedroom and one bathroom. Separate entrances provide functional separation among the units, and the property includes a fenced yard and three off-street parking spaces.
Built in 1941, the property is currently used for short-term rentals and can also support long-term rental use or an owner-occupant arrangement with additional units. Improvements include natural-gas forced-air heating, a microwave, refrigerator, range/oven, washer and dryer, and gas cooktop. The property is zoned R1G and located near downtown Minot, with restaurants, shopping, entertainment, and other area amenities nearby.
Built in 1941, the property is currently used for short-term rentals and can also support long-term rental use or an owner-occupant arrangement with additional units. Improvements include natural-gas forced-air heating, a microwave, refrigerator, range/oven, washer and dryer, and gas cooktop. The property is zoned R1G and located near downtown Minot, with restaurants, shopping, entertainment, and other area amenities nearby.
Key Highlights
- Three‑unit triplex with 2‑bedroom and 1‑bath main unit plus two 1‑bedroom, 1‑bath units
- 1,969 square feet on a 0.115‑acre lot
- Each unit has a separate entrance
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
$13,017
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
5.92%
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%
$260,340
$260.3K
Cap Rate 7%
$185,957
$186.0K
Cap Rate 9%
$144,633
$144.6K
Market Conditions
NOI Build-Up for 1,969 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
$20.1K $10.20/SF
− Vacancy
−$1.5K −$0.76/SF
EGI
$18.6K $9.44/SF
− OpEx
−$5.6K −$2.83/SF
NOI
$13.0K $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%
$260,340
Cap Rate 7%
$185,957
Cap Rate 9%
$144,633
Alternative Uses
Best Use
Multifamily LT 5
$186.0K
$162.7K – $217.0K
NOI $13,017 @ 7.0% cap · market cap 5.92%
Second Best
Apartment 5plus
$171.2K
$149.8K – $199.7K
NOI $11,982 @ 7.0% cap · market cap 5.45%
Theoretical Best
Office A
$264.4K
$231.3K – $308.4K
NOI $18,505 @ 7.0% cap · market cap 8.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
518
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
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Triplex - Three-unit residential property with flexible rental arrangements, a fenced yard, and off-street parking near downtown Minot.
Where is this triplex located?
The property is located at 1002 Valley St Minot, ND.
What is the asking price?
The asking price for this property is $220,000.
What are key features of this property?
This property features: Three‑unit triplex with 2‑bedroom and 1‑bath main unit plus two 1‑bedroom, 1‑bath units; 1,969 square feet on a 0.115‑acre lot; Each unit has a separate entrance
