Building Details

Year Built 2014

Buildings 1

Stories 3

Units 36

Listing Agency: Aspen Group LLP

Listed By: Matt Reichert · License #ND 2039 Show Phone

Source: Crexi

Added: Jun 18, 2018 Changed: Aug 25 Last Checked: Aug 31 at 11:23AM

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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 Aspen Group LLP

Investment Insights

Based on property information with market context.

This multifamily property, constructed in 2014, is located along Lincoln Road, a high-traffic corridor, and is situated minutes from Bismarck’s Kirkwood Mall. The property consists of a three-story, 36-unit apartment building with garages. The 45,507 square foot building is positioned on a 2.76-acre lot. Each unit includes a washer and dryer. The property features a security system with cameras connected to a DVR system, an auto door lock system with call units in each apartment, electric heat measured to each unit, wall AC units, a fire alarm system, and a fully fire-sprinkled system.

Key Highlights

• 36‑unit apartment building built in 2014
• High‑traffic location on Lincoln Road, minutes from Kirkwood Mall
• Washer and dryer in each unit

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

$260,304

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

4.39%

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%

$5,206,080 $5.2M

Cap Rate 7%

$3,718,629 $3.7M

Cap Rate 9%

$2,892,267 $2.9M

Market Conditions

NOI Build-Up for 45,507 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

$513.3K $11.28/SF

− Vacancy

−$40.0K −$0.88/SF

EGI

$473.3K $10.40/SF

− OpEx

−$213.0K −$4.68/SF

NOI

$260.3K $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%

$5,206,080

Cap Rate 7%

$3,718,629

Cap Rate 9%

$2,892,267

Alternative Uses

Best Use

Apartment 5plus

$3.72M

$3.25M – $4.34M (±1% cap)

NOI $260,304 @ 7.0% cap · market cap 4.39%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$10.83M

$9.48M – $12.63M (±1% cap)

NOI $758,043 @ 7.0% cap · market cap 12.79%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Apartment buildings

Suggested Use

Top Pick Building Supply Big Box & Wholesale Store Garden Center Furniture & Home Goods Auto Repair Shop Cafe & Coffee Shop

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

41

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

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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Frequently Asked Questions

What type of property is this?

Apartment building - 36-unit apartment building built in 2014 near Kirkwood Mall.

Where is this apartment building located?

The property is located at 5180 Lincoln Rd Lincoln, ND.

What is the asking price?

The asking price for this property is $5,925,000.

What are key features of this property?

This property features: 36‑unit apartment building built in 2014; High‑traffic location on Lincoln Road, minutes from Kirkwood Mall; Washer and dryer in each unit