Updated Duplex with Separate
For Sale
$274,900
1012 N 12th Street, Bismarck, ND 58501
Two-level duplex with distinct electrical systems, private laundry arrangements, and off-street parking accessed from the alley.
Property Size2,038 SF
Price / SF$134.89
Days on Market140
Property Features for 1012 N 12th Street
General Information
Standard status
Active
Size
2,038 SF
Property subtype
Duplex
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,687
Amenities
laundry
Garage: Concrete, Double Driveway, Detached, Off Street, Alley Access, Driveway
Garage Spaces: 1
Style: Over/Under
5
3.00
1
Over/Under
Concrete, Double Driveway, Detached, Off Street, Alley Access, Driveway
Building Details
Year Built
1949
Listing Agency:
CENTURY 21 Morrison Realty
Listed By:
CHRIS MORRIS · License #9110
Source:
Clearwaterproperties
Added: Apr 13
Changed: Aug 30
Last Checked: Aug 30 at 1:50AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of CENTURY 21 Morrison Realty
Investment Insights
Based on property information with market context.
This duplex contains two distinct residential units totaling 2,038 square feet. The upper residence includes two bedrooms and a 3/4 bath on the main level, plus an additional bedroom and half bath upstairs. The lower unit offers two bedrooms, a full bath, daylight windows, a walkout layout, and dedicated laundry. A second washer and dryer set serves the upper residence in the lower-level area.
Recent property improvements include windows, air conditioning, furnace, shingles, electrical work, bathrooms, steps, and a paved driveway with parking pad. The building has two separate electrical systems. Located at 1012 N 12th Street in Bismarck, the property also provides detached off-street parking, a double driveway, and alley access. Built in 1949.
Recent property improvements include windows, air conditioning, furnace, shingles, electrical work, bathrooms, steps, and a paved driveway with parking pad. The building has two separate electrical systems. Located at 1012 N 12th Street in Bismarck, the property also provides detached off-street parking, a double driveway, and alley access. Built in 1949.
Key Highlights
- Duplex totaling 2,038 square feet with separate upper and lower residences
- Upper unit has 3 bedrooms, a 3/4 bath, and a half bath across two levels
- Lower unit includes 2 bedrooms, a full bath, daylight windows, and a walkout
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
$13,473
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
4.90%
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%
$269,460
$269.5K
Cap Rate 7%
$192,471
$192.5K
Cap Rate 9%
$149,700
$149.7K
Market Conditions
NOI Build-Up for 2,038 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
$20.8K $10.20/SF
− Vacancy
−$1.5K −$0.76/SF
EGI
$19.2K $9.44/SF
− OpEx
−$5.8K −$2.83/SF
NOI
$13.5K $6.61/SF
Area
Burleigh 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%
$269,460
Cap Rate 7%
$192,471
Cap Rate 9%
$149,700
Alternative Uses
Best Use
Multifamily LT 5
$192.5K
$168.4K – $224.6K
NOI $13,473 @ 7.0% cap · market cap 4.90%
Second Best
Apartment 5plus
$166.5K
$145.7K – $194.3K
NOI $11,658 @ 7.0% cap · market cap 4.24%
Theoretical Best
Office A
$485.0K
$424.4K – $565.8K
NOI $33,948 @ 7.0% cap · market cap 12.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
785
Businesses Nearby
Explore this area
Business Placement
Demographics for 58501, ND
28,388
Population
13,445
Households
2.1
Avg Household Size
38
Median Age
35%
College-Educated
95%
High-School Grad
22.8 sq mi
ZIP Area
1,245
Density / Sq Mi
$69,796
Median Household Income
$45,237
Median Earnings
$938
Median Rent
$276,000
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?
Duplex - Two-level duplex with distinct electrical systems, private laundry arrangements, and off-street parking accessed from the alley.
Where is this duplex located?
The property is located at 1012 N 12th Street Bismarck, ND.
What is the asking price?
The asking price for this property is $274,900.
What are key features of this property?
This property features: Duplex totaling 2,038 square feet with separate upper and lower residences; Upper unit has 3 bedrooms, a 3/4 bath, and a half bath across two levels; Lower unit includes 2 bedrooms, a full bath, daylight windows, and a walkout
