9-Unit Apartment
For Sale
$590,000
501 Memorial Hwy, Bismarck, ND 58504
Income-producing multifamily property with a mix of two-bedroom and efficiency apartments.
Property Size4,365 SF
Price / SF$135.17
Days on Market42
Property Features for 501 Memorial Hwy
General Information
Standard status
Active
Size
4,365 SF
Units
Unit Mix
4 x 2BR, 5 x studio
Multifamily Units
9
Building Details
Year Built
1953
Listing Agency:
Better Homes and Gardens Real Estate Alliance Group
(701) 391-1851
Listed By:
Jordan D Frank
Source:
Corerealestateadvisors
Added: Jul 20
Changed: Aug 29
Last Checked: Aug 29 at 11:34AM
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 9-unit apartment building contains four two-bedroom apartments and five efficiency, or studio, apartments. The efficiency units are located upstairs and share a bathroom. The property was built in 1953 and offers 4,365 square feet of building area.
All nine units are currently rented to tenants, providing an occupied multifamily configuration. The property is located at 501 Memorial Hwy in Bismarck, North Dakota.
All nine units are currently rented to tenants, providing an occupied multifamily configuration. The property is located at 501 Memorial Hwy in Bismarck, North Dakota.
Key Highlights
- 9 total apartment units
- Four two‑bedroom apartments
- Five upstairs efficiency units with a shared bathroom
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
$24,968
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
4.23%
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%
$499,360
$499.4K
Cap Rate 7%
$356,686
$356.7K
Cap Rate 9%
$277,422
$277.4K
Market Conditions
NOI Build-Up for 4,365 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
$49.2K $11.28/SF
− Vacancy
−$3.8K −$0.88/SF
EGI
$45.4K $10.40/SF
− OpEx
−$20.4K −$4.68/SF
NOI
$25.0K $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%
$499,360
Cap Rate 7%
$356,686
Cap Rate 9%
$277,422
Alternative Uses
Best Use
Apartment 5plus
$356.7K
$312.1K – $416.1K
NOI $24,968 @ 7.0% cap · market cap 4.23%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.04M
$908.9K – $1.21M
NOI $72,711 @ 7.0% cap · market cap 12.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9
Residential units
Location Intelligence
Trade Area within ½ mile
914
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 - Income-producing multifamily property with a mix of two-bedroom and efficiency apartments.
Where is this apartment building located?
The property is located at 501 Memorial Hwy Bismarck, ND.
What is the asking price?
The asking price for this property is $590,000.
What are key features of this property?
This property features: 9 total apartment units; Four two‑bedroom apartments; Five upstairs efficiency units with a shared bathroom
