Brick Over/Under
New
For Sale
$359,900
224 W Reno, Bismarck, ND 58504
Two-level residential layout with full bathrooms on both floors and attached parking improvements.
Property Size2,464 SF
Price / SF$146.06
Days on Market4
Property Features for 224 W Reno
General Information
Standard status
Active
Size
2,464 SF
Property subtype
Duplex
Occupancy
100%
Units
Unit Mix
1 x 3BR/1BA, 1 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,350
Amenities
Garage: Triple+ Driveway, Carport, Garage Door Opener, Additional Parking, Garage Faces Front, Parking Pad, Attached
Garage Spaces: 2
Style: Over/Under, Walk-Out, Split Level, Split Entry
5
2.00
2
Over/Under, Walk-Out, Split Level, Split Entry
Triple+ Driveway, Carport, Garage Door Opener, Additional Parking, Garage Faces Front, Parking Pad, Attached
Building Details
Year Built
1978
Construction
brick
Tenancy
Multi
Listing Agency:
Realty One Group - Encore
Listed By:
PATRICK KOSKI · License #8121
(701) 471-1331
Source:
Clearwaterproperties
Added: Aug 30
Changed: Aug 31
Last Checked: Sep 1 at 5:42PM
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 Realty One Group - Encore
Investment Insights
Based on property information with market context.
This duplex offers 2,464 square feet across an over/under, split-level configuration. The upper residence contains three bedrooms, while the lower residence provides two bedrooms, with one full bathroom serving each level. Walk-out and split-entry features support the two-floor arrangement, and the brick exterior provides a durable building finish.
Parking improvements include an attached garage, carport, driveway parking, a parking pad, and additional parking. The property was built in 1978 and includes garage door opener equipment. The lower unit is rented for $925/month plus utilities, and the upper unit is rented for $1,750/month plus utilities. Closing is required in conjunction with 1313 & 1315 and 1319 & 1321 Washington St.
Parking improvements include an attached garage, carport, driveway parking, a parking pad, and additional parking. The property was built in 1978 and includes garage door opener equipment. The lower unit is rented for $925/month plus utilities, and the upper unit is rented for $1,750/month plus utilities. Closing is required in conjunction with 1313 & 1315 and 1319 & 1321 Washington St.
Key Highlights
- 2,464‑square‑foot duplex built in 1978
- Three‑bedroom upper unit and two‑bedroom lower unit
- Full bathroom on each level
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
$16,289
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
4.53%
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%
$325,780
$325.8K
Cap Rate 7%
$232,700
$232.7K
Cap Rate 9%
$180,989
$181.0K
Market Conditions
NOI Build-Up for 2,464 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
$25.1K $10.20/SF
− Vacancy
−$1.9K −$0.76/SF
EGI
$23.3K $9.44/SF
− OpEx
−$7.0K −$2.83/SF
NOI
$16.3K $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%
$325,780
Cap Rate 7%
$232,700
Cap Rate 9%
$180,989
Alternative Uses
Best Use
Multifamily LT 5
$232.7K
$203.6K – $271.5K
NOI $16,289 @ 7.0% cap · market cap 4.53%
Second Best
Apartment 5plus
$201.3K
$176.2K – $234.9K
NOI $14,094 @ 7.0% cap · market cap 3.92%
Theoretical Best
Office A
$586.4K
$513.1K – $684.1K
NOI $41,045 @ 7.0% cap · market cap 11.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
410
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 residential layout with full bathrooms on both floors and attached parking improvements.
Where is this duplex located?
The property is located at 224 W Reno Bismarck, ND.
What is the asking price?
The asking price for this property is $359,900.
What are key features of this property?
This property features: 2,464‑square‑foot duplex built in 1978; Three‑bedroom upper unit and two‑bedroom lower unit; Full bathroom on each level
