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    Mott 8-Unit Townhouse Complex Title is generated by Realmo AI

    407 & 409 Millionaire Ave, Mott, ND 58646

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    8-unit apartment complex with long-term tenants in place.

    Type:Mixed Use
    Property size:
    1,060 SF
    Price / SF:
    $778/SF
    Added:
    May 22, 2026
    Days on Market:
    11
    Last Refresh:
    May 27 at 8:22 am

    Property Features for 407 & 409 Millionaire Ave

    General Information

    Standard status
    Active
    Size
    1,060 SF
    Property subtype
    Mixed Use

    Building Details

    Year Built
    2012

    We can help!

    Listing Contact
    Alison Pierce

    Listing agent Alison Pierce

    Listing office Pifer's Auction & Realty

    Listing date May 22, 2026

    Source Crexi

    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 Pifer's Auction & Realty

    HighLights

    • Stable investment: 8‑unit apartment complex with long‑term tenants and excellent rental history.
    • Low‑maintenance living: One‑story townhomes with private patios, shared courtyard, and automatic sprinkler systems.
    • Accessibility and Convenience: Step‑free entry and a 5‑foot walk‑in shower with corner bench. Attached insulated garage with garage door opener.
    • Spacious Units: Each unit features 1,060 sq ft, 2 bedrooms, 1.5 bathrooms, and an open‑concept layout.
    • Modern Amenities: Includes natural gas heat, central air conditioning, solid oak cabinetry, and a full appliance package.
    • Bonus unit: A 9th unit provides additional garage/storage space with a 3/4 bathroom.

    Overview

    Located in Mott, North Dakota, Timber Creek Townhouses at 407 & 409 Millionaire Ave is an 8-unit apartment complex designed for low-maintenance living. Each one-story townhome features 1,060 square feet of living space with no steps. Each unit includes 2 bedrooms, 1.5 bathrooms, and an open-concept layout with a living room, dining area, and kitchen. The kitchens are finished with solid oak cabinetry, a center island, and a full appliance package including a stove, refrigerator, microwave, dishwasher, garbage disposal, and washer/dryer combo. Residents have natural gas heat, central air conditioning, and an attached 308-square-foot insulated garage with a garage door opener and step-free entry. The primary bathroom features a 5-foot walk-in shower with a corner bench. In addition to the 8 residential units, the property includes a 9th bonus unit currently utilized as additional garage and storage space, complete with a 3/4 bathroom. This space offers flexibility for maintenance operations, extra tenant storage, workshop use, or conversion into an additional small rental unit. Outdoor amenities include a private 8' x 10' patio with privacy wall, a shared courtyard, and front lawns equipped with automatic sprinkler systems. The property has an excellent rental history with long-term tenants already in place.
    Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Law Firm Restaurant Dental Office Spa & Massage Center Hair Salon Nail Salon Auto Repair Shop Accounting Firm Big Box & Wholesale Store Grocery & Convenience Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Mott
    County
    Hettinger
    State
    North Dakota
    Longitude
    -102.317215
    Latitude
    46.374869

    FAQs

    What type of property is this?
    Apartment building - 8-unit apartment complex with long-term tenants in place.
    Where is this apartment building located?
    The property is located at 407 & 409 Millionaire Ave Mott, ND.
    What is the asking price?
    The asking price for this property is $825,000.
    What are key features of this property?
    This property features: Stable investment: 8‑unit apartment complex with long‑term tenants and excellent rental history.; Low‑maintenance living: One‑story townhomes with private patios, shared courtyard, and automatic sprinkler systems.; **Accessibility and Convenience:** Step‑free entry and a 5‑foot walk‑in shower with corner bench. Attached insulated garage with garage door opener.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Alison Pierce
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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