Bismarck Investment Shop
For Sale
$1,890,000
2908 Morrison Avenue, Bismarck, ND 58501
Fully leased commercial property near Walmart and Sam's Club.
Property Size12,000 SF
Price / SF$157.50
Days on Market167
Property Features for 2908 Morrison Avenue
General Information
Standard status
Active
Size
12,000 SF
Property subtype
Investment Shop Condos
Building Details
Building Size
12,000 SF
Year Built
2017
Listing Agency:
Rise Property Brokers
(701) 319-3000
Listed By:
George Yineman · License #ND #7535
Source:
Risepropertybrokers
Added: Mar 6
Changed: Aug 15
Last Checked: Aug 20 at 4:14AM
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 commercial property, constructed in 2017, is located in south Bismarck, behind Walmart and Sam's Club. The building offers a total of 12,000 square feet of space, including 4,000 square feet of finished office and showroom area, and 8,000 square feet of shop and warehouse space. The property is located at 2908 Morrison Ave, Units 1-4. The property features commercial flooring, indirect LED lighting, and Cat 5 data jacks throughout. It also includes 14' roll-up doors with openers and 16' ceiling heights, as well as floor drains. The property is fully leased to reputable tenants. Suites 2, 3, and 4 are currently leased to Braun Intertec Corporation, and Suite 1 is leased to Loft 21 Boutique. The property is located in the MA Commercial zone.
Key Highlights
- Income‑generating property: Fully leased to reputable tenants.
- Modern 2017 construction with 12,000 SF of finished office/showroom and shop/warehouse space.
- Located in a high‑traffic commercial zone in South Bismarck.
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
$93,862
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
4.97%
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%
$1,877,240
$1.9M
Cap Rate 7%
$1,340,886
$1.3M
Cap Rate 9%
$1,042,911
$1.0M
Market Conditions
NOI Build-Up for 12,000 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
$165.6K $13.80/SF
− Vacancy
−$21.2K −$1.77/SF
EGI
$144.4K $12.03/SF
− OpEx
−$50.5K −$4.21/SF
NOI
$93.9K $7.82/SF
Area
Burleigh County, ND
Vacancy
12.80%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
35.00%
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%
$1,877,240
Cap Rate 7%
$1,340,886
Cap Rate 9%
$1,042,911
Alternative Uses
Best Use
Flex RnD
$1.34M
$1.17M – $1.56M
NOI $93,862 @ 7.0% cap · market cap 4.97%
Second Best
Industrial
$732.6K
$641.0K – $854.7K
NOI $51,282 @ 7.0% cap · market cap 2.71%
Theoretical Best
Office A
$2.86M
$2.50M – $3.33M
NOI $199,893 @ 7.0% cap · market cap 10.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
297
Businesses Nearby
Well-served
Demand for This Use
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 Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Key West Cafe Food Truck — carpet garage, bismarck, nd 58504
Frequently Asked Questions
What type of property is this?
Flex space - Fully leased commercial property near Walmart and Sam's Club.
Where is this flex space located?
The property is located at 2908 Morrison Avenue Bismarck, ND.
What is the asking price?
The asking price for this property is $1,890,000.
What are key features of this property?
This property features: Income‑generating property: Fully leased to reputable tenants.; Modern 2017 construction with 12,000 SF of finished office/showroom and shop/warehouse space.; Located in a high‑traffic commercial zone in South Bismarck.
