Apartment Building with Private
For Sale
Contact for pricing
2920 Warwick Loop, Bismarck, ND 58504
Six-unit apartment property with individual garages, storage garages, in-unit climate control, and coin-operated laundry facilities.
Property Size7,880 SF
Lot Size0.49 Acres
Price / SF$120.54
Days on Market9
Property Features for 2920 Warwick Loop
General Information
Standard status
Active
Size
7,880 SF
Total Parking Spaces
6
Lot size
0.49 Acres
Property subtype
Multifamily
Zoning
RM15 - Res Multi Family 15 Units
Units
Unit Mix
6 x 2BR/2BA
Multifamily Units
6
Amenities
coin-operated laundry
storage garages
Building Details
Year Built
1990
Buildings
1
Units
6
Tenancy
Multi
Listing Agency:
Aspen Group LLP
(701) 223-2450
Listed By:
Michael Ilse · License #ND 8214
Source:
Crexi
Added: Aug 3
Changed: Aug 10
Last Checked: Aug 11 at 6:20PM
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.
Built in 1990, this 7,880-square-foot apartment building contains six two-bedroom, two-bathroom units. Each apartment has its own furnace, central air conditioning, and private single-stall garage. The property also includes 15 additional storage garages and coin-operated laundry facilities, creating multiple sources of rental income. Tenants are responsible for their own gas and electric utilities.
The building sits on a 21,388-square-foot lot at 2920 Warwick Loop in Bismarck, North Dakota, and is zoned RM15 - Res Multi Family 15 Units. Recent property work includes replacement of three furnaces, replacement of one air conditioning unit, and deck repainting completed in 2025. New front-entry handrails are scheduled for installation in August 2026.
The building sits on a 21,388-square-foot lot at 2920 Warwick Loop in Bismarck, North Dakota, and is zoned RM15 - Res Multi Family 15 Units. Recent property work includes replacement of three furnaces, replacement of one air conditioning unit, and deck repainting completed in 2025. New front-entry handrails are scheduled for installation in August 2026.
Key Highlights
- 7,880 SF apartment building with six 2‑bedroom, 2‑bathroom units
- Each apartment includes a private single‑stall garage
- 15 additional storage garages provide supplemental rental space
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
$45,074
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
4.75%
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%
$901,480
$901.5K
Cap Rate 7%
$643,914
$643.9K
Cap Rate 9%
$500,822
$500.8K
Market Conditions
NOI Build-Up for 7,880 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
$88.9K $11.28/SF
− Vacancy
−$6.9K −$0.88/SF
EGI
$82.0K $10.40/SF
− OpEx
−$36.9K −$4.68/SF
NOI
$45.1K $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%
$901,480
Cap Rate 7%
$643,914
Cap Rate 9%
$500,822
Alternative Uses
Best Use
Apartment 5plus
$643.9K
$563.4K – $751.2K
NOI $45,074 @ 7.0% cap · market cap 4.75%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.88M
$1.64M – $2.19M
NOI $131,263 @ 7.0% cap · market cap 13.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
65
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?
Apartment building - Six-unit apartment property with individual garages, storage garages, in-unit climate control, and coin-operated laundry facilities.
Where is this apartment building located?
The property is located at 2920 Warwick Loop Bismarck, ND.
What is the asking price?
The asking price for this property is $949,831.
What are key features of this property?
This property features: 7,880 SF apartment building with six 2‑bedroom, 2‑bathroom units; Each apartment includes a private single‑stall garage; 15 additional storage garages provide supplemental rental space
