Four-Unit Apartment
For Sale
Contact for pricing
218 N 12th St, Bismarck, ND 58501
Multifamily property with a detached garage and HM - Health Medical zoning along North 12th Street.
Property Size3,248 SF
Lot Size0.17 Acres
Price / SF$107.76
Days on Market13
Property Features for 218 N 12th St
General Information
Standard status
Active
Size
3,248 SF
Lot size
0.17 Acres
Property subtype
Multifamily
Zoning
HM - Health Medical
Additional Details
Road Access
Yes
Multifamily Units
4
Building Details
Buildings
2
Units
4
Tenancy
Multi
Listing Agency:
Aspen Group LLP
(701) 202-6935
Listed By:
Charles Reichert · License #ND 11466
Source:
Crexi
Added: Jul 30
Changed: Aug 5
Last Checked: Aug 10 at 3:06PM
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 Aspen Group LLP
Investment Insights
Based on property information with market context.
This four-unit apartment property in Bismarck includes a 3,248-square-foot residential building and a separate 1,284-square-foot garage. The improvements sit on a 7,507-square-foot lot, providing a compact multifamily configuration with additional detached storage or parking-related space.
Located at 218 N 12th St, the property has visibility along North 12th Street within an established Bismarck neighborhood. The site is zoned HM - Health Medical, a designation that should be considered in evaluating the property’s current and future use parameters.
Located at 218 N 12th St, the property has visibility along North 12th Street within an established Bismarck neighborhood. The site is zoned HM - Health Medical, a designation that should be considered in evaluating the property’s current and future use parameters.
Key Highlights
- Four‑unit apartment building with 3,248 SF of residential space
- Detached 1,284 SF garage
- Situated on a 7,507 SF lot
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
$21,472
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
6.13%
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%
$429,440
$429.4K
Cap Rate 7%
$306,743
$306.7K
Cap Rate 9%
$238,578
$238.6K
Market Conditions
NOI Build-Up for 3,248 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
$33.1K $10.20/SF
− Vacancy
−$2.5K −$0.76/SF
EGI
$30.7K $9.44/SF
− OpEx
−$9.2K −$2.83/SF
NOI
$21.5K $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%
$429,440
Cap Rate 7%
$306,743
Cap Rate 9%
$238,578
Alternative Uses
Best Use
Multifamily LT 5
$306.7K
$268.4K – $357.9K
NOI $21,472 @ 7.0% cap · market cap 6.13%
Second Best
Apartment 5plus
$265.4K
$232.2K – $309.7K
NOI $18,579 @ 7.0% cap · market cap 5.31%
Theoretical Best
Office A
$772.9K
$676.3K – $901.7K
NOI $54,104 @ 7.0% cap · market cap 15.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,526
Businesses Nearby
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 Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Multifamily property with a detached garage and HM - Health Medical zoning along North 12th Street.
Where is this quadplex located?
The property is located at 218 N 12th St Bismarck, ND.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Four‑unit apartment building with 3,248 SF of residential space; Detached 1,284 SF garage; Situated on a 7,507 SF lot
