Stabilized Multifamily
For Sale
Contact for pricing
400 East Broadway Avenue, Bismarck, ND 58501
Turnkey 70-unit multifamily portfolio with major capital improvements complete, offered confidentially across three properties.
Property Size19,745 SF
Price / SF$151.94
Days on Market68
Property Features for 400 East Broadway Avenue
General Information
Standard status
Active
Size
19,745 SF
Property subtype
Multifamily, Office
Additional Details
Business Included
Yes
Sprinkler System
Yes
Multifamily Units
70
Building Details
Units
1
Tenancy
Multi
Listing Agency:
Capital Real Estate Partners
(701) 880-0522
Listed By:
Chris Volk · License #ND 10327
Source:
Crexi
Added: Jun 6
Changed: Aug 8
Last Checked: Aug 12 at 10:41AM
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 Capital Real Estate Partners
Investment Insights
Based on property information with market context.
This confidential offering presents a stabilized, owner-operated multifamily portfolio totaling 70 units across three properties. The portfolio is presented as a turnkey acquisition, with major capital improvements reported as complete, including full fire-sprinkler systems and recent roofing. The offering is also described as having continued growth since 2018, supported by long-standing local housing relationships.
The portfolio spans two stable, complementary markets in North Dakota. While the listing provides an example address of 400 East Broadway Avenue, Bismarck, ND 58501, the full set of property addresses and unit-level detail are disclosed only after execution of a confidentiality agreement. Flexible acquisition structures are available, with the option to purchase the full three-property portfolio or a smaller sub-package.
For buyers seeking a ready-to-operate residential income platform, this portfolio is positioned as having no major near-term capital required based on the reported completion of significant capital events. The listing also notes ongoing rent management activity and historically consistently high occupancy, along with durable income year over year. Interested parties can request the confidentiality agreement and complete financial statements through the listing broker.
The portfolio spans two stable, complementary markets in North Dakota. While the listing provides an example address of 400 East Broadway Avenue, Bismarck, ND 58501, the full set of property addresses and unit-level detail are disclosed only after execution of a confidentiality agreement. Flexible acquisition structures are available, with the option to purchase the full three-property portfolio or a smaller sub-package.
For buyers seeking a ready-to-operate residential income platform, this portfolio is positioned as having no major near-term capital required based on the reported completion of significant capital events. The listing also notes ongoing rent management activity and historically consistently high occupancy, along with durable income year over year. Interested parties can request the confidentiality agreement and complete financial statements through the listing broker.
Key Highlights
- 70‑unit stabilized multifamily portfolio across three properties in two North Dakota markets
- Owner‑operated portfolio with growth reported since 2018
- Major capital improvements are complete, with full fire‑sprinkler systems and recent roofing noted
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
$112,943
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
3.76%
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%
$2,258,860
$2.3M
Cap Rate 7%
$1,613,471
$1.6M
Cap Rate 9%
$1,254,922
$1.3M
Market Conditions
NOI Build-Up for 19,745 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
$222.7K $11.28/SF
− Vacancy
−$17.4K −$0.88/SF
EGI
$205.4K $10.40/SF
− OpEx
−$92.4K −$4.68/SF
NOI
$112.9K $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%
$2,258,860
Cap Rate 7%
$1,613,471
Cap Rate 9%
$1,254,922
Alternative Uses
Best Use
Apartment 5plus
$1.61M
$1.41M – $1.88M
NOI $112,943 @ 7.0% cap · market cap 3.76%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.70M
$4.11M – $5.48M
NOI $328,907 @ 7.0% cap · market cap 10.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
70
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
2,851
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 Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Turnkey 70-unit multifamily portfolio with major capital improvements complete, offered confidentially across three properties.
Where is this apartment building located?
The property is located at 400 East Broadway Avenue Bismarck, ND.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: 70‑unit stabilized multifamily portfolio across three properties in two North Dakota markets; Owner‑operated portfolio with growth reported since 2018; Major capital improvements are complete, with full fire‑sprinkler systems and recent roofing noted
