Eight-Unit Apartment
For Sale
$650,000
3240 Thayer Ave, Bismarck, ND 58501
Updated multifamily property with on-site laundry and assigned off-street parking in East Bismarck.
Property Size7,104 SF
Price / SF$91.50
Days on Market70
Property Features for 3240 Thayer Ave
General Information
Standard status
Active
Size
7,104 SF
Building Details
Year Built
1976
Listing Agency:
Better Homes and Gardens Real Estate Alliance Group
Listed By:
Jesse I Clooten
(701) 391-6965
Source:
Corerealestateadvisors
Added: Aug 10
Changed: Oct 13
Last Checked: Oct 16 at 2:06PM
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 Better Homes and Gardens Real Estate Alliance Group
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Investment Insights
Based on property information with market context.
The eight-unit apartment building at 3240 Thayer in Bismarck contains 7,104 square feet and was built in 1976. The property includes 16 bedrooms, eight bathrooms, two laundry facilities, and assigned off-street parking for residents. The building is described as updated and well maintained, with units presented as rent ready.
Located in East Bismarck on a quiet street, the property provides a residential multifamily configuration with eight apartments and shared laundry amenities.
Located in East Bismarck on a quiet street, the property provides a residential multifamily configuration with eight apartments and shared laundry amenities.
Key Highlights
- Eight‑unit apartment building with 16 bedrooms and eight bathrooms
- 7,104 square feet; built in 1976
- Two laundry facilities
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$40,636
Cap Rate
6.25%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$812,720
$812.7K
Cap Rate 7%
$580,514
$580.5K
Cap Rate 9%
$451,511
$451.5K
Market Conditions
NOI Build-Up for 7,104 SF
Gross rent
$80.1K $11.28/SF
− Vacancy
−$6.3K −$0.88/SF
EGI
$73.9K $10.40/SF
− OpEx
−$33.2K −$4.68/SF
NOI
$40.6K $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 Rate 5%
$812,720
Cap Rate 7%
$580,514
Cap Rate 9%
$451,511
Alternative Uses
Best Use
Apartment 5plus
$580.5K
$508.0K – $677.3K
NOI $40,636 @ 7.0% cap · market cap 6.25%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.69M
$1.48M – $1.97M
NOI $118,336 @ 7.0% cap · market cap 18.21%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
398
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
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Updated multifamily property with on-site laundry and assigned off-street parking in East Bismarck.
Where is this apartment building located?
The property is located at 3240 Thayer Ave Bismarck, ND.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Eight‑unit apartment building with 16 bedrooms and eight bathrooms; 7,104 square feet; built in 1976; Two laundry facilities
