Over/Under Duplex with
For Sale
$425,000
Pending
311 Bowen, Bismarck, ND 58504
Two-level layout offers separate kitchens, laundry areas, and off-street parking.
Property Size2,824 SF
Days on Market30
Property Features for 311 Bowen
General Information
Standard status
Pending
Size
2,824 SF
Property subtype
Duplex
Units
Unit Mix
3BR/1BA upper, 2BR+office/1BA lower
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,550
Amenities
Garage: Off Street, Garage Door Opener, Additional Parking, Driveway, Garage Faces Front, Paved
Garage Spaces: 1
Style: Over/Under
5
2.00
2
Over/Under
Off Street, Garage Door Opener, Additional Parking, Driveway, Garage Faces Front, Paved
1
Building Details
Year Built
1955
Buildings
1
Listing Agency:
INTEGRA REALTY GROUP, INC.
(701) 751-6377
Listed By:
TAMMY LAPP-HARRIS
Source:
Clearwaterproperties
Added: Aug 1
Changed: Aug 30
Last Checked: Aug 30 at 7:35PM
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 INTEGRA REALTY GROUP, INC.
Investment Insights
Based on property information with market context.
This 2,824-square-foot duplex at 311 Bowen includes two vertically arranged residences. The upper unit has three bedrooms, a full bathroom, living and dining rooms, a kitchen, storage, and laundry. Its living room, dining room, and hallway feature new vinyl plank flooring. The lower unit provides two bedrooms, an office area, a full bathroom, kitchen, living room, and laundry room; it is currently furnished.
The property was built in 1955 and includes an oversized single garage, paved driveway, garage door opener, and additional off-street parking. Each residence has its own kitchen and laundry area, supporting separate occupancy within the duplex configuration.
The property was built in 1955 and includes an oversized single garage, paved driveway, garage door opener, and additional off-street parking. Each residence has its own kitchen and laundry area, supporting separate occupancy within the duplex configuration.
Key Highlights
- 2,824‑square‑foot duplex with over/under unit arrangement
- Upper residence has 3 bedrooms, 1 full bath, living room, dining room, kitchen, storage, and laundry
- Lower residence includes 2 bedrooms, an office area, 1 full bath, kitchen, living room, and laundry
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
$18,669
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
4.39%
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%
$373,380
$373.4K
Cap Rate 7%
$266,700
$266.7K
Cap Rate 9%
$207,433
$207.4K
Market Conditions
NOI Build-Up for 2,824 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
$28.8K $10.20/SF
− Vacancy
−$2.1K −$0.76/SF
EGI
$26.7K $9.44/SF
− OpEx
−$8.0K −$2.83/SF
NOI
$18.7K $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%
$373,380
Cap Rate 7%
$266,700
Cap Rate 9%
$207,433
Alternative Uses
Best Use
Multifamily LT 5
$266.7K
$233.4K – $311.2K
NOI $18,669 @ 7.0% cap · market cap 4.39%
Second Best
Apartment 5plus
$230.8K
$201.9K – $269.2K
NOI $16,154 @ 7.0% cap · market cap 3.80%
Theoretical Best
Office A
$672.0K
$588.0K – $784.0K
NOI $47,041 @ 7.0% cap · market cap 11.07%
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
1,634
Businesses Nearby
Explore this area
Business Placement
Demographics for 58504, ND
29,517
Population
12,479
Households
2.4
Avg Household Size
35
Median Age
31%
College-Educated
94%
High-School Grad
103.3 sq mi
ZIP Area
286
Density / Sq Mi
$78,671
Median Household Income
$45,817
Median Earnings
$940
Median Rent
$282,100
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 layout offers separate kitchens, laundry areas, and off-street parking.
Where is this duplex located?
The property is located at 311 Bowen Bismarck, ND.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 2,824‑square‑foot duplex with over/under unit arrangement; Upper residence has 3 bedrooms, 1 full bath, living room, dining room, kitchen, storage, and laundry; Lower residence includes 2 bedrooms, an office area, 1 full bath, kitchen, living room, and laundry
