Two-Unit Duplex with
For Sale
Contact for pricing
118 21st St. NW, Minot, ND 58703
Flexible residential income property with separate entrances, refreshed interiors, and a detached garage.
Property Size3,512 SF
Price / SF$86.85
Days on Market14
Property Features for 118 21st St. NW
General Information
Standard status
Active
Size
3,512 SF
Total Parking Spaces
2
Property subtype
Multifamily
Zoning
R1G
Building Details
Year Built
1957
Units
2
Tenancy
Multi
Listing Agency:
Brokers 12
Listed By:
Brokers 12 ADMIN · License #ND80
Source:
Crexi
Added: Jul 29
Changed: Aug 3
Last Checked: Aug 11 at 6:42PM
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 Brokers 12
Investment Insights
Based on property information with market context.
This 3,512-square-foot duplex contains two distinct residential units, each arranged with two bedrooms, one bathroom, a full kitchen, and a generously sized living room. Separate entrances support independent occupancy, while the configuration can also accommodate multigenerational households or an owner-occupant seeking additional rental space. One kitchen has been remodeled, and the interior has been freshly painted throughout.
The property includes a detached two-stall garage, an in-ground sprinkler system, and a yard. Built in 1957, it is located at 118 21st St. NW in Minot, North Dakota, and is zoned R1G.
The property includes a detached two-stall garage, an in-ground sprinkler system, and a yard. Built in 1957, it is located at 118 21st St. NW in Minot, North Dakota, and is zoned R1G.
Key Highlights
- Two‑unit duplex with 3,512 square feet of property size
- Each unit has 2 bedrooms, 1 bathroom, a full kitchen, and a large living room
- Separate entrances provide independent access to each residence
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
$23,218
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
7.61%
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%
$464,360
$464.4K
Cap Rate 7%
$331,686
$331.7K
Cap Rate 9%
$257,978
$258.0K
Market Conditions
NOI Build-Up for 3,512 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
$35.8K $10.20/SF
− Vacancy
−$2.7K −$0.76/SF
EGI
$33.2K $9.44/SF
− OpEx
−$10.0K −$2.83/SF
NOI
$23.2K $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%
$464,360
Cap Rate 7%
$331,686
Cap Rate 9%
$257,978
Alternative Uses
Best Use
Multifamily LT 5
$331.7K
$290.2K – $387.0K
NOI $23,218 @ 7.0% cap · market cap 7.61%
Second Best
Apartment 5plus
$305.3K
$267.1K – $356.2K
NOI $21,371 @ 7.0% cap · market cap 7.01%
Theoretical Best
Office A
$471.5K
$412.6K – $550.1K
NOI $33,007 @ 7.0% cap · market cap 10.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
184
Businesses Nearby
Explore this area
Business Placement
Demographics for 58703, ND
23,341
Population
10,643
Households
2.2
Avg Household Size
31
Median Age
34%
College-Educated
95%
High-School Grad
156.2 sq mi
ZIP Area
149
Density / Sq Mi
$82,926
Median Household Income
$48,355
Median Earnings
$1,030
Median Rent
$254,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Flexible residential income property with separate entrances, refreshed interiors, and a detached garage.
Where is this duplex located?
The property is located at 118 21st St. NW Minot, ND.
What is the asking price?
The asking price for this property is $305,000.
What are key features of this property?
This property features: Two‑unit duplex with 3,512 square feet of property size; Each unit has 2 bedrooms, 1 bathroom, a full kitchen, and a large living room; Separate entrances provide independent access to each residence
