Three-Unit Apartment
For Sale
$215,000
415 Memorial Hwy, Bismarck, ND 58504
A fully rented triplex with three single-stall garages for convenient on-site parking.
Property Size1,674 SF
Price / SF$128.43
Days on Market169
Property Features for 415 Memorial Hwy
General Information
Standard status
Active
Size
1,674 SF
Occupancy
100%
Additional Details
Business Included
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$3,901
Listing Agency:
Better Homes and Gardens Real Estate Alliance Group
(701) 391-1851
Listed By:
Jordan D Frank
(701) 391-1851
Source:
Exprealty
Added: Feb 23
Changed: Aug 8
Last Checked: Aug 11 at 10:46AM
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
Investment Insights
Based on property information with market context.
This property is a three-unit apartment triplex with three single-stall garages. All three units are currently rented by tenants. The seller is related to the listing agent.
The building is located at 415 Memorial Hwy in Bismarck, North Dakota. The property configuration supports independent use of the three residential units with dedicated garage space for each.
For buyers seeking a multi-unit residential income property, this triplex offers an already-rented setup across three units, along with on-site garage storage and parking provided through the three single-stall garages. The existing tenancy may appeal to owner-occupants or investors looking for a straightforward three-unit structure with current rental operations in place.
The building is located at 415 Memorial Hwy in Bismarck, North Dakota. The property configuration supports independent use of the three residential units with dedicated garage space for each.
For buyers seeking a multi-unit residential income property, this triplex offers an already-rented setup across three units, along with on-site garage storage and parking provided through the three single-stall garages. The existing tenancy may appeal to owner-occupants or investors looking for a straightforward three-unit structure with current rental operations in place.
Key Highlights
- Fully rented triplex with three units currently leased to tenants
- Three single‑stall garages provide on‑site parking for the property
- Reported cash flow performance with all units currently and paying tenants
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
$11,067
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
5.15%
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%
$221,340
$221.3K
Cap Rate 7%
$158,100
$158.1K
Cap Rate 9%
$122,967
$123.0K
Market Conditions
NOI Build-Up for 1,674 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
$17.1K $10.20/SF
− Vacancy
−$1.3K −$0.76/SF
EGI
$15.8K $9.44/SF
− OpEx
−$4.7K −$2.83/SF
NOI
$11.1K $6.61/SF
Area
Burleigh County, ND
Vacancy
7.41%
Lease Rate
$10.20 /SF/Yr
Expense Ratio
30.00%
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%
$221,340
Cap Rate 7%
$158,100
Cap Rate 9%
$122,967
Alternative Uses
Best Use
Multifamily LT 5
$158.1K
$138.3K – $184.5K
NOI $11,067 @ 7.0% cap · market cap 5.15%
Second Best
Apartment 5plus
$136.8K
$119.7K – $159.6K
NOI $9,575 @ 7.0% cap · market cap 4.45%
Theoretical Best
Office A
$398.4K
$348.6K – $464.8K
NOI $27,885 @ 7.0% cap · market cap 12.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
208
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?
Triplex - A fully rented triplex with three single-stall garages for convenient on-site parking.
Where is this triplex located?
The property is located at 415 Memorial Hwy Bismarck, ND.
What is the asking price?
The asking price for this property is $215,000.
What are key features of this property?
This property features: Fully rented triplex with three units currently leased to tenants; Three single‑stall garages provide on‑site parking for the property; Reported cash flow performance with all units currently and paying tenants
