Historic Downtown Bismarck Retail
For Sale
$400,000
204 E Main Ave, Bismarck, ND 58501
Historic 2,357 SF building in thriving downtown Bismarck.
Property Size2,357 SF
Lot Size0.07 Acres
Price / SF$169.71
Days on Market159
Property Features for 204 E Main Ave
General Information
Standard status
Active
Size
2,357 SF
Lot size
0.07 Acres
Property subtype
Retail
Building Details
Building Size
2,357 SF
Year Built
1890
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 1:55PM
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 historic building, dating back to 1890, offers 2,357 square feet of space in downtown Bismarck. Zoned DC, the property features an open floor plan and large display windows. It benefits from high-traffic visibility, with 10,240 vehicles per day on E Main Ave. The building includes a lobby/reception area, a private office, and a conference room. A common restroom is available. Additional features include off-street parking, excellent signage potential, and a downtown Main Street location. The lot size is 3,250 square feet. The property has a Walk Score of 85, indicating that most errands can be accomplished on foot. The property also includes three sinks and a trench floor drain. The estimated taxes for 2025 are $2,945.97. This property presents a retail investment opportunity.
Key Highlights
- Prime downtown main street location: Situated in the heart of the thriving Downtown Bismarck area.
- High‑traffic visibility: Benefits from 10,240 vehicles per day on E Main Ave, ensuring excellent exposure.
- Flexible DC zoning: Offers versatile usage options within the Core Zoning District.
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
$30,469
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
7.62%
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%
$609,380
$609.4K
Cap Rate 7%
$435,271
$435.3K
Cap Rate 9%
$338,544
$338.5K
Market Conditions
NOI Build-Up for 2,357 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
$44.7K $18.96/SF
− Vacancy
−$1.2K −$0.49/SF
EGI
$43.5K $18.47/SF
− OpEx
−$13.1K −$5.54/SF
NOI
$30.5K $12.93/SF
Area
Burleigh County, ND
Vacancy
2.60%
Lease Rate
$18.96 /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%
$609,380
Cap Rate 7%
$435,271
Cap Rate 9%
$338,544
Alternative Uses
Best Use
Retail
$435.3K
$380.9K – $507.8K
NOI $30,469 @ 7.0% cap · market cap 7.62%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$560.9K
$490.8K – $654.4K
NOI $39,262 @ 7.0% cap · market cap 9.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
644
Businesses Nearby
Under-served
Demand for This Use
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 Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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- Concrete Daisiez, LLP — 222 N 4th St Suite #203, Bismarck, ND 58501
Frequently Asked Questions
What type of property is this?
Storefront property - Historic 2,357 SF building in thriving downtown Bismarck.
Where is this storefront property located?
The property is located at 204 E Main Ave Bismarck, ND.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: Prime downtown main street location: Situated in the heart of the thriving Downtown Bismarck area.; High‑traffic visibility: Benefits from 10,240 vehicles per day on E Main Ave, ensuring excellent exposure.; Flexible DC zoning: Offers versatile usage options within the Core Zoning District.
