Two-Unit Walk-Out
For Sale
$205,000
505 10th, Bismarck, ND 58504
Over-under layout with separate laundry facilities and proximity to downtown Bismarck amenities.
Property Size1,690 SF
Price / SF$121.30
Days on Market30
Property Features for 505 10th
General Information
Standard status
Active
Size
1,690 SF
Property subtype
Duplex
Units
Unit Mix
1 x 1BR/1BA, 1 x 3BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,730
Amenities
in-unit laundry
Garage: On Street
Style: Over/Under, Walk-Out
4
2.00
1
Over/Under, Walk-Out
On Street
Building Details
Year Built
1950
Listing Agency:
Better Homes and Gardens Real Estate Alliance Group
(701) 223-3030
Listed By:
Bill H Dean
Source:
Clearwaterproperties
Added: Aug 1
Changed: Aug 29
Last Checked: Aug 29 at 8:03PM
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 1,690-square-foot duplex, built in 1950, features an over-under configuration with a walk-out design. The upper residence includes one bedroom and one bathroom, while the lower main-floor unit offers three bedrooms and one bathroom. Each unit has its own laundry facilities, providing functional separation for occupants.
The property is in south central Bismarck near grocery stores, hospitals, and downtown. Exterior features include on-street parking. The upper unit is occupied, while the lower unit is vacant and has been listed for rent, creating a two-unit residential income property with distinct unit layouts.
The property is in south central Bismarck near grocery stores, hospitals, and downtown. Exterior features include on-street parking. The upper unit is occupied, while the lower unit is vacant and has been listed for rent, creating a two-unit residential income property with distinct unit layouts.
Key Highlights
- 1,690 SF duplex constructed in 1950
- Upper unit: 1 bedroom and 1 bath
- Lower main‑floor unit: 3 bedrooms and 1 bath
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
$11,172
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
5.45%
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%
$223,440
$223.4K
Cap Rate 7%
$159,600
$159.6K
Cap Rate 9%
$124,133
$124.1K
Market Conditions
NOI Build-Up for 1,690 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
$17.2K $10.20/SF
− Vacancy
−$1.3K −$0.76/SF
EGI
$16.0K $9.44/SF
− OpEx
−$4.8K −$2.83/SF
NOI
$11.2K $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%
$223,440
Cap Rate 7%
$159,600
Cap Rate 9%
$124,133
Alternative Uses
Best Use
Multifamily LT 5
$159.6K
$139.7K – $186.2K
NOI $11,172 @ 7.0% cap · market cap 5.45%
Second Best
Apartment 5plus
$138.1K
$120.8K – $161.1K
NOI $9,667 @ 7.0% cap · market cap 4.72%
Theoretical Best
Office A
$402.2K
$351.9K – $469.2K
NOI $28,152 @ 7.0% cap · market cap 13.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,592
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Over-under layout with separate laundry facilities and proximity to downtown Bismarck amenities.
Where is this duplex located?
The property is located at 505 10th Bismarck, ND.
What is the asking price?
The asking price for this property is $205,000.
What are key features of this property?
This property features: 1,690 SF duplex constructed in 1950; Upper unit: 1 bedroom and 1 bath; Lower main‑floor unit: 3 bedrooms and 1 bath
