Listing Agency: Realty One Group - Encore Show Phone

Listed By: PATRICK KOSKI · License #8121 Show Phone

Source: Hunterroll

Added: Oct 30 Last Checked: Oct 30 at 3:16PM

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Investment Insights

Based on property information with market context.

This 1,900-square-foot medical office condominium in northwest Bismarck is arranged with four private offices, a reception area, a conference room, a break room, and a storage/flex room. Some furniture may be included in the sale.

The suite is located in an established business park and shares an elevator and common-area restrooms with the building. Its mix of private offices, meeting space, reception, and support areas provides a defined setting for office or medical use.

Key Highlights

• 1,900 square feet in a business condominium
• Four offices plus a reception area
• Conference room, break room, and storage/flex room

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$24,677

Cap Rate

3.66%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$493,540 $493.5K

Cap Rate 7%

$352,529 $352.5K

Cap Rate 9%

$274,189 $274.2K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,900 SF

Gross rent

$38.3K $20.16/SF

− Vacancy

−$5.4K −$2.84/SF

EGI

$32.9K $17.32/SF

− OpEx

−$8.2K −$4.33/SF

NOI

$24.7K $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 Rate 5%

$493,540

Cap Rate 7%

$352,529

Cap Rate 9%

$274,189

Alternative Uses

Best Use

Office B

$352.5K

$308.5K – $411.3K (±1% cap)

NOI $24,677 @ 7.0% cap · market cap 3.66%

Second Best

Healthcare Medical

$323.6K

$283.1K – $377.5K (±1% cap)

NOI $22,651 @ 7.0% cap · market cap 3.36%

Theoretical Best

Office A

$452.1K

$395.6K – $527.5K (±1% cap)

NOI $31,650 @ 7.0% cap · market cap 4.69%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Realty One Group ... Real Estate Agency Jessica Petrick, Realty ... Real Estate Agency Brandon Steckler, Realtor ... Real Estate Agency Dr. Timothy Anderson Dental Office Courtney Maier, Realtor ... Real Estate Agency

Suggested Use

Top Pick Building Supply Big Box & Wholesale Store Law Firm Parking Lot & Garage Electrical Service HVAC Service

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

505

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 58503, ND

37,157

Population

15,997

Households

2.3

Avg Household Size

39

Median Age

48%

College-Educated

96%

High-School Grad

135.6 sq mi

ZIP Area

274

Density / Sq Mi

$105,108

Median Household Income

$60,058

Median Earnings

$1,131

Median Rent

$383,300

Median Home Value

Market

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

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Frequently Asked Questions

What type of property is this?

Medical Office Space - A 1,900-square-foot condominium includes four offices, reception space, and shared building amenities.

Where is this medical office space located?

The property is located at 1401 Skyline Boulevard F Bismarck, ND.

What is the asking price?

The asking price for this property is $675,000.

What are key features of this property?

This property features: 1,900 square feet in a business condominium; Four offices plus a reception area; Conference room, break room, and storage/flex room