18-Unit Apartment Building
For Sale
$1,500,000
611615 611-615 N 6th St, Bismarck, ND 58501
Two adjacent buildings provide primarily one-bedroom apartments with a detached garage and established central Bismarck location.
Property Size9,574 SF
Price / SF$156.67
Days on Market11
Property Features for 611615 611-615 N 6th St
General Information
Standard status
Active
Size
9,574 SF
Property subtype
Multi-Family
Additional Details
Asking Price
$1,500,000
Multifamily Units
18
Building Details
Year Built
1923
Buildings
2
Listing Agency:
BIANCO REALTY, INC.
(701) 223-3030
Listed By:
MISSY MORITZ
Source:
Corerealestateadvisors
Added: Aug 20
Changed: Aug 29
Last Checked: Aug 29 at 6:38PM
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 portfolio combines two adjacent apartment buildings at 611 and 615 N 6th St in Bismarck. The properties contain 18 units, primarily one-bedroom apartments, along with a detached 20-by-12-foot garage that provides additional storage. Both buildings date to 1923, and the ownership history extends back to the early 1990s. Capital improvements have been completed over time, and the apartments have a history of consistent maintenance and stable occupancy.
The central Bismarck setting places the property near downtown, the State Capitol, major employers, healthcare and hospitals, shopping, restaurants, and public transportation. The portfolio offers an established multifamily configuration with one-bedroom housing and separate buildings under a single offering.
The central Bismarck setting places the property near downtown, the State Capitol, major employers, healthcare and hospitals, shopping, restaurants, and public transportation. The portfolio offers an established multifamily configuration with one-bedroom housing and separate buildings under a single offering.
Key Highlights
- 18 total apartment units across two adjacent buildings
- 611 N 6th includes 5 units; 615 N 6th includes 13 units
- 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
709
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 provide primarily one-bedroom apartments with a detached garage and established central Bismarck location.
Where is this apartment building located?
The property is located at 611615 611-615 N 6th St 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 total apartment units across two adjacent buildings; 611 N 6th includes 5 units; 615 N 6th includes 13 units; Primarily one‑bedroom apartment configuration
