Multifamily Property with Two
New
For Sale
Under Contract
$278,900
2101 SW 2nd Ave, Minot, ND 58701
MULTI-FAMILY, Minot, ND
Property Size3,202 SF
Price / SF$87.10
Days on Market4
Property Features for 2101 SW 2nd Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R3B
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 6, Bedroom 5, Bedroom 4, Bathroom 1, Bedroom 1, Bedroom 8, Bathroom 3, Bedroom 2, Bedroom 7, Bathroom 4, Bedroom 3, Bathroom 2
Appliances
Microwave, Dishwasher, Refrigerator, Range/Oven
Elementary school district
Minot #1
Middle school district
Minot #1
High school district
Minot #1
Directions
Several blocks west of Arrowhead.
Subdivision
SW
Standard status
Active Under Contract
Size
3,202 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
Westfield Addition Lot 13, Block 4
Tax Annual Amount
4068
Legal Description
Westfield Addition Lot 13, Block 4
Utilities
Heating system
Hot Water(Heating), Natural Gas
Building Details
Year built
1963
Floors in Building
2
Number of units
4
Listing Agency:
Better Homes and Gardens Real Estate Watne Group
(701) 852-1156
Listed By:
MATT WATNE
(701) 852-1156
Added: Aug 27
Last Checked: Aug 30 at 4:06PM
MLS# 261446
Copyright © 2026 Minot Board of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This multifamily property comprises two buildings totaling 3202 square feet. The room layout includes 8 bedrooms and 4 bathrooms, with kitchens equipped with microwaves, dishwashers, refrigerators, and ranges or ovens. Heating is provided by hot-water systems using natural gas. Constructed in 1963, the property has R3B zoning.
Both buildings received new Class IV shingles in August of 2026. The property experienced flooding in 2011 and was restored in 2012. It is located at 2101 SW 2nd Ave in Minot, North Dakota, within Ward County and postal code 58701.
Both buildings received new Class IV shingles in August of 2026. The property experienced flooding in 2011 and was restored in 2012. It is located at 2101 SW 2nd Ave in Minot, North Dakota, within Ward County and postal code 58701.
Key Highlights
- 3202‑square‑foot multifamily property across two buildings
- 8 bedrooms and 4 bathrooms
- R3B zoning
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
$19,485
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
6.99%
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%
$389,700
$389.7K
Cap Rate 7%
$278,357
$278.4K
Cap Rate 9%
$216,500
$216.5K
Market Conditions
NOI Build-Up for 3,202 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
$38.4K $12.00/SF
− Vacancy
−$3.0K −$0.94/SF
EGI
$35.4K $11.06/SF
− OpEx
−$15.9K −$4.98/SF
NOI
$19.5K $6.09/SF
Area
Ward County, ND
Vacancy
7.80%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
45.00%
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%
$389,700
Cap Rate 7%
$278,357
Cap Rate 9%
$216,500
Alternative Uses
Best Use
Apartment 5plus
$278.4K
$243.6K – $324.8K
NOI $19,485 @ 7.0% cap · market cap 6.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$429.9K
$376.2K – $501.6K
NOI $30,094 @ 7.0% cap · market cap 10.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
262
Businesses Nearby
Explore this area
Business Placement
Demographics for 58701, ND
32,517
Population
16,267
Households
2
Avg Household Size
37
Median Age
28%
College-Educated
95%
High-School Grad
235.6 sq mi
ZIP Area
138
Density / Sq Mi
$75,329
Median Household Income
$46,695
Median Earnings
$875
Median Rent
$270,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Multifamily property - The property offers residential space with natural gas hot-water heating, kitchen appliances, and R3B zoning.
Where is this multifamily property located?
The property is located at 2101 SW 2nd Ave Minot, ND.
What is the asking price?
The asking price for this property is $278,900.
What are key features of this property?
This property features: 3202‑square‑foot multifamily property across two buildings; 8 bedrooms and 4 bathrooms; R3B zoning
