8-Unit Apartment
For Sale
$699,900
Pending
2406 N 8th, Bismarck, ND 58503
Well-maintained 8-unit apartment building with on-site coin-operated laundry and off-street parking.
Property Size5,898 SF
Days on Market49
Property Features for 2406 N 8th
General Information
Standard status
Pending
Size
5,898 SF
Property subtype
Multi Family Home
Additional Details
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$4,531
Amenities
Garage: Off Street, Additional Parking, Parking Lot, Paved
Style: Apartment Style
12
8.00
8
Apartment Style
Off Street, Additional Parking, Parking Lot, Paved
Building Details
Year Built
1977
Tenancy
Multi
Listing Agency:
BIANCO REALTY, INC.
Listed By:
JAMES J JEROMCHEK
(701) 527-1419
Source:
Clearwaterproperties
Added: Jul 17
Changed: Sep 3
Last Checked: Sep 2 at 8:26PM
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 BIANCO REALTY, INC.
Investment Insights
Based on property information with market context.
This well-maintained 8-unit apartment building offers a mix of four two-bedroom units and four one-bedroom units. The property includes on-site coin-operated laundry and ample off-street parking. Tenants are responsible for electricity, while the landlord pays gas, water, and garbage.
The building is offered for sale as a residential income property at 2406 N 8th Street, Bismarck, ND 58503.
The current unit mix is 1 Bedroom (Units 1, 4, 5, and 8) and 2 Bedroom (Units 2, 3, 6, and 7), with Unit 6 noted as a 2-bedroom unit with a porch. Reported monthly income totals $5,525.
The building is offered for sale as a residential income property at 2406 N 8th Street, Bismarck, ND 58503.
The current unit mix is 1 Bedroom (Units 1, 4, 5, and 8) and 2 Bedroom (Units 2, 3, 6, and 7), with Unit 6 noted as a 2-bedroom unit with a porch. Reported monthly income totals $5,525.
Key Highlights
- 8‑unit apartment building built in 1977 with 12 bedrooms and 8 full bathrooms
- Unit mix: four 2‑bedroom units and four 1‑bedroom units
- Monthly rent totals $5,525: $575-$850 per unit (Unit 6 2BR w/ Porch at $850)
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
$33,737
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
4.82%
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%
$674,740
$674.7K
Cap Rate 7%
$481,957
$482.0K
Cap Rate 9%
$374,856
$374.9K
Market Conditions
NOI Build-Up for 5,898 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
$66.5K $11.28/SF
− Vacancy
−$5.2K −$0.88/SF
EGI
$61.3K $10.40/SF
− OpEx
−$27.6K −$4.68/SF
NOI
$33.7K $5.72/SF
Area
Burleigh County, ND
Vacancy
7.80%
Lease Rate
$11.28 /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%
$674,740
Cap Rate 7%
$481,957
Cap Rate 9%
$374,856
Alternative Uses
Best Use
Apartment 5plus
$482.0K
$421.7K – $562.3K
NOI $33,737 @ 7.0% cap · market cap 4.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.40M
$1.23M – $1.64M
NOI $98,247 @ 7.0% cap · market cap 14.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
8
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
139
Businesses Nearby
Explore this area
Business Placement
Demographics for 58503, ND
37,157
Population
15,997
Households
2.3
Avg Household Size
39
Median Age
48%
College-Educated
96%
High-School Grad
135.6 sq mi
ZIP Area
274
Density / Sq Mi
$105,108
Median Household Income
$60,058
Median Earnings
$1,131
Median Rent
$383,300
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?
Apartment building - Well-maintained 8-unit apartment building with on-site coin-operated laundry and off-street parking.
Where is this apartment building located?
The property is located at 2406 N 8th Bismarck, ND.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: 8‑unit apartment building built in 1977 with 12 bedrooms and 8 full bathrooms; Unit mix: four 2‑bedroom units and four 1‑bedroom units; Monthly rent totals $5,525: $575-$850 per unit (Unit 6 2BR w/ Porch at $850)
