Versatile Building in Bismarck
For Sale
$775,000
233 W Broadway Ave, Bismarck, ND 58501
4,362 SF building suitable for office or retail use.
Property Size4,362 SF
Lot Size0.35 Acres
Price / SF$177.67
Days on Market159
Property Features for 233 W Broadway Ave
General Information
Standard status
Active
Size
4,362 SF
Lot size
0.35 Acres
Property subtype
Office
Building Details
Building Size
4,362 SF
Year Built
1974
Listing Agency:
Rise Property Brokers
(701) 400-4445
Listed By:
Jon Lee · License #ND #11237
Source:
Risepropertybrokers
Added: Mar 6
Changed: Aug 8
Last Checked: Aug 8 at 6:20AM
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 Rise Property Brokers
Investment Insights
Based on property information with market context.
This 4,362 SF building, formerly the D'Joyce Photography Studio, offers a versatile space suitable for office or retail use. The property includes private offices, a conference room, and a spacious lobby/reception area. Large glass storefront windows and a high-visibility location ensure maximum exposure. The building features a brick exterior, ample off-street parking, and a walk score of 86, indicating that most errands can be accomplished on foot. Additional features include a kitchen/breakroom, storage, common restroom, and sinks. The property is heated and insulated. The building was constructed in 1974 and is located in the thriving Bismarck area. The lot size is 15,226 SF and is zoned DC - Downtown Core. The 2025 taxes are $5,414.17, with a specials balance of $6,315.93 and specials installments of $1,622.10. The property benefits from high traffic, with 17,790 vehicles per day on N Washington St and 4,400 on E Broadway Ave.
Key Highlights
- High‑visibility location with high traffic count and large glass storefront windows.
- Versatile 4,362 SF building suitable for office or retail use.
- Ample off‑street parking.
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
$56,654
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
7.31%
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%
$1,133,080
$1.1M
Cap Rate 7%
$809,343
$809.3K
Cap Rate 9%
$629,489
$629.5K
Market Conditions
NOI Build-Up for 4,362 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
$87.9K $20.16/SF
− Vacancy
−$12.4K −$2.84/SF
EGI
$75.5K $17.32/SF
− OpEx
−$18.9K −$4.33/SF
NOI
$56.7K $12.99/SF
Area
Burleigh County, ND
Vacancy
14.10%
Lease Rate
$20.16 /SF/Yr
Expense Ratio
25.00%
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%
$1,133,080
Cap Rate 7%
$809,343
Cap Rate 9%
$629,489
Alternative Uses
Best Use
Office B
$809.3K
$708.2K – $944.2K
NOI $56,654 @ 7.0% cap · market cap 7.31%
Second Best
Retail
$805.5K
$704.8K – $939.8K
NOI $56,387 @ 7.0% cap · market cap 7.28%
Theoretical Best
Office A
$1.04M
$908.3K – $1.21M
NOI $72,661 @ 7.0% cap · market cap 9.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,435
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 Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - 4,362 SF building suitable for office or retail use.
Where is this office units located?
The property is located at 233 W Broadway Ave Bismarck, ND.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: High‑visibility location with high traffic count and large glass storefront windows.; Versatile 4,362 SF building suitable for office or retail use.; Ample off‑street parking.
