18-Unit Apartment
New
For Sale
$1,500,000
611-615 N 6th, Bismarck, ND 58501
Two adjacent buildings offer primarily one-bedroom apartments near downtown, major employers, healthcare, shopping, and public transportation.
Property Size9,574 SF
Price / SF$156.67
Days on Market5
Property Features for 611-615 N 6th
General Information
Standard status
Active
Size
9,574 SF
Property subtype
Multi Family Home
Additional Details
Asking Price
$1,500,000
Public Transit
Yes
Multifamily Units
18
Taxes and HOA fees
Annual Taxes
$5,575
Amenities
Garage: On Street, Unassigned
Garage Spaces: 1
Style: See Remarks
20
18.00
17
See Remarks
On Street, Unassigned
1
Building Details
Year Built
1923
Buildings
2
Listing Agency:
BIANCO REALTY, INC.
(701) 223-3030
Listed By:
MISSY MORITZ
Source:
Clearwaterproperties
Added: Aug 20
Changed: Aug 24
Last Checked: Aug 24 at 9:23AM
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 BIANCO REALTY, INC.
Investment Insights
Based on property information with market context.
This multifamily offering includes two adjacent apartment buildings at 611 N 6th and 615 N 6th in Bismarck. The properties contain 18 units in total, with five apartments in the first building and 13 in the second. The unit mix is primarily one-bedroom apartments, and a detached garage provides additional storage. Both buildings date to 1923, and the properties have remained under the same ownership since the early 1990s, with capital improvements completed over time.
The central Bismarck setting places the apartments near downtown, the State Capitol, major employers, healthcare and hospitals, shopping, restaurants, and public transportation. Parking is available on street on an unassigned basis. The package provides an established multifamily configuration with two separate buildings, a supplemental storage structure, and a predominantly one-bedroom layout.
The central Bismarck setting places the apartments near downtown, the State Capitol, major employers, healthcare and hospitals, shopping, restaurants, and public transportation. Parking is available on street on an unassigned basis. The package provides an established multifamily configuration with two separate buildings, a supplemental storage structure, and a predominantly one-bedroom layout.
Key Highlights
- 18 units across two adjacent apartment buildings
- Unit breakdown includes 5 apartments at 611 N 6th and 13 at 615 N 6th
- Primarily one‑bedroom apartment configuration
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
$54,764
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
3.65%
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%
$1,095,280
$1.1M
Cap Rate 7%
$782,343
$782.3K
Cap Rate 9%
$608,489
$608.5K
Market Conditions
NOI Build-Up for 9,574 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
$108.0K $11.28/SF
− Vacancy
−$8.4K −$0.88/SF
EGI
$99.6K $10.40/SF
− OpEx
−$44.8K −$4.68/SF
NOI
$54.8K $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%
$1,095,280
Cap Rate 7%
$782,343
Cap Rate 9%
$608,489
Alternative Uses
Best Use
Apartment 5plus
$782.3K
$684.6K – $912.7K
NOI $54,764 @ 7.0% cap · market cap 3.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.28M
$1.99M – $2.66M
NOI $159,481 @ 7.0% cap · market cap 10.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
18
Residential units
Location Intelligence
Trade Area within ½ mile
3,174
Businesses Nearby
Explore this area
Business Placement
Demographics for 58501, ND
28,388
Population
13,445
Households
2.1
Avg Household Size
38
Median Age
35%
College-Educated
95%
High-School Grad
22.8 sq mi
ZIP Area
1,245
Density / Sq Mi
$69,796
Median Household Income
$45,237
Median Earnings
$938
Median Rent
$276,000
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 - Two adjacent buildings offer primarily one-bedroom apartments near downtown, major employers, healthcare, shopping, and public transportation.
Where is this apartment building located?
The property is located at 611-615 N 6th Bismarck, ND.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 18 units across two adjacent apartment buildings; Unit breakdown includes 5 apartments at 611 N 6th and 13 at 615 N 6th; Primarily one‑bedroom apartment configuration
