Office and Retail
For Sale
Contact for pricing
233 W Broadway Ave, Bismarck, ND 58501
This office and retail storefront property offers private offices and a conference room with large glass storefront windows plus ample off-street parking.
Property Size4,362 SF
Lot Size0.35 Acres
Price / SF$177.67
Days on Market166
Property Features for 233 W Broadway Ave
General Information
Standard status
Active
Size
4,362 SF
Lot size
0.35 Acres
Property subtype
OFFICE
Zoning
DC
Additional Details
Traffic Count
4,400 vehicles/day
Amenities
Private Offices
Conference Room
Lobby/Reception Area
Large Glass Storefront Windows
Kitchen/Breakroom
Storage
Common Restroom
Sinks
Heated/Insulated
Bump Up Studio Ceiling
High Visibility
Ample Off-Street Parking
Building Details
Year Built
1974
Listing Agency:
Rise Property Brokers
(701) 400-4445
Listed By:
Jon Lee · License #11237
(701) 400-4445
Source:
Moodyscre
Added: Feb 27
Changed: Aug 8
Last Checked: Aug 8 at 10:27AM
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 office and retail storefront property features private offices, a conference room, and a lobby/reception area. The interior includes a kitchen/breakroom, storage, and a common restroom with sinks. Exterior features include a brick exterior, large glass storefront windows, heated/insulated space, and a bump-up studio ceiling.
The building sits on a 15,226 SF lot and is zoned DC – Downtown Core. Public remarks note high traffic along N Washington St (17,790 vehicles per day) and E Broadway Ave (4,400 vehicles per day), with a walk score of 86 for a very walkable area. Ample off-street parking supports customer and employee access.
Built in 1974, the property was formerly the D’Joyce Photography Studio and offers a layout designed for client-facing space through the storefront presentation combined with dedicated office and meeting areas.
The building sits on a 15,226 SF lot and is zoned DC – Downtown Core. Public remarks note high traffic along N Washington St (17,790 vehicles per day) and E Broadway Ave (4,400 vehicles per day), with a walk score of 86 for a very walkable area. Ample off-street parking supports customer and employee access.
Built in 1974, the property was formerly the D’Joyce Photography Studio and offers a layout designed for client-facing space through the storefront presentation combined with dedicated office and meeting areas.
Key Highlights
- 4,362 SF office/retail building on a 15,226 SF lot with brick exterior and large glass storefront windows
- Private offices plus a conference room, lobby/reception area, kitchen/breakroom, storage, and common restroom
- Former D'Joyce Photography Studio with bump‑up studio ceiling and heated/insulated interior
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
$56,654
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
7.31%
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%
$1,133,080
$1.1M
Cap Rate 7%
$809,343
$809.3K
Cap Rate 9%
$629,489
$629.5K
Market Conditions
NOI Build-Up for 4,362 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
$87.9K $20.16/SF
− Vacancy
−$12.4K −$2.84/SF
EGI
$75.5K $17.32/SF
− OpEx
−$18.9K −$4.33/SF
NOI
$56.7K $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 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%
$1,133,080
Cap Rate 7%
$809,343
Cap Rate 9%
$629,489
Alternative Uses
Best Use
Office B
$809.3K
$708.2K – $944.2K
NOI $56,654 @ 7.0% cap · market cap 7.31%
Second Best
Retail
$805.5K
$704.8K – $939.8K
NOI $56,387 @ 7.0% cap · market cap 7.28%
Theoretical Best
Office A
$1.04M
$908.3K – $1.21M
NOI $72,661 @ 7.0% cap · market cap 9.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4,400 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
1,435
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 Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - This office and retail storefront property offers private offices and a conference room with large glass storefront windows plus ample off-street parking.
Where is this office units located?
The property is located at 233 W Broadway Ave Bismarck, ND.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: 4,362 SF office/retail building on a 15,226 SF lot with brick exterior and large glass storefront windows; Private offices plus a conference room, lobby/reception area, kitchen/breakroom, storage, and common restroom; Former D'Joyce Photography Studio with bump‑up studio ceiling and heated/insulated interior
