Listed By: Will Gardner · License #ND

Source: Crexi

Added: Apr 11 Changed: Aug 31 Last Checked: Aug 30 at 2:53AM

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Investment Insights

Based on property information with market context.

This apartment property at 201 3rd St S in New Salem, ND, contains 12 units arranged entirely on the main floor, with no basements. Each apartment includes one bedroom and one bathroom, with a combination of full and 3/4 baths. The property also provides a sizable shared area with a kitchen and bathroom; that space is currently vacant, and the owner has prepared designs for a possible apartment conversion.

Residents have access to a common laundry room equipped with coin-operated washers and dryers. Exterior improvements include concrete parking spaces installed within the last couple of years, along with an included shed. The sale also includes an adjoining undeveloped lot, adding land to the apartment property.

Key Highlights

• 12 apartment units, all located on the main floor with no basements
• Every unit includes a bedroom and bathroom; bath layouts include full and 3/4 baths
• Large common area with kitchen and bathroom is not currently leased

Property Analytics

Property Profile

Current Use

Apartment buildings

Suggested Use

Top Pick Building Supply Auto Repair Shop Auto Parts Store Electrical Service Plumbing Service Pharmacy

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

97

Businesses Nearby

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Demographics for 58563, ND

2,010

Population

927

Households

2.2

Avg Household Size

44

Median Age

18%

College-Educated

96%

High-School Grad

566.9 sq mi

ZIP Area

4

Density / Sq Mi

$76,250

Median Household Income

$44,961

Median Earnings

$850

Median Rent

$193,100

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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Frequently Asked Questions

What type of property is this?

Apartment building - One-level layout includes shared laundry, parking, and an adjoining undeveloped lot.

Where is this apartment building located?

The property is located at 201 3rd St S New Salem, ND.

What are key features of this property?

This property features: 12 apartment units, all located on the main floor with no basements; Every unit includes a bedroom and bathroom; bath layouts include full and 3/4 baths; Large common area with kitchen and bathroom is not currently leased