13-Unit Apartment
New
For Sale
$974,900
615 6th, Bismarck, ND 58501
Tenant-occupied multifamily property with established rental units in a central Bismarck location.
Property Size5,259 SF
Price / SF$185.38
Days on Market3
Property Features for 615 6th
General Information
Standard status
Active
Size
5,259 SF
Property subtype
Multi Family Home
Additional Details
Asking Price
$974,900
Multifamily Units
13
Taxes and HOA fees
Annual Taxes
$5,271
Amenities
Garage: On Street, Off Street, Parking Lot, Private
Style: Apartment Style, See Remarks
13
13.00
Apartment Style, See Remarks
On Street, Off Street, Parking Lot, Private
Building Details
Year Built
1910
Listing Agency:
BIANCO REALTY, INC.
Listed By:
MISSY MORITZ
(701) 223-3030
Source:
Clearwaterproperties
Added: Sep 24
Last Checked: Sep 24 at 3:07PM
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 13-unit apartment property at 615 6th Street in Bismarck provides an established, tenant-occupied residential income asset. Built in 1910, the building offers historic character and on-site parking options, including a parking lot and off-street spaces; on-street parking is also available.
The property is near Downtown Bismarck, the State Capitol, hospitals, major employers, restaurants, shopping, and everyday services. Its central setting places residents within convenient reach of these destinations.
The property is near Downtown Bismarck, the State Capitol, hospitals, major employers, restaurants, shopping, and everyday services. Its central setting places residents within convenient reach of these destinations.
Key Highlights
- 13 apartment units
- Tenant occupied
- Built in 1910
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
$30,082
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
3.09%
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%
$601,640
$601.6K
Cap Rate 7%
$429,743
$429.7K
Cap Rate 9%
$334,244
$334.2K
Market Conditions
NOI Build-Up for 5,259 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
$59.3K $11.28/SF
− Vacancy
−$4.6K −$0.88/SF
EGI
$54.7K $10.40/SF
− OpEx
−$24.6K −$4.68/SF
NOI
$30.1K $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%
$601,640
Cap Rate 7%
$429,743
Cap Rate 9%
$334,244
Alternative Uses
Best Use
Apartment 5plus
$429.7K
$376.0K – $501.4K
NOI $30,082 @ 7.0% cap · market cap 3.09%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.25M
$1.10M – $1.46M
NOI $87,603 @ 7.0% cap · market cap 8.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
13
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Apartment building - Tenant-occupied multifamily property with established rental units in a central Bismarck location.
Where is this apartment building located?
The property is located at 615 6th Bismarck, ND.
What is the asking price?
The asking price for this property is $974,900.
What are key features of this property?
This property features: 13 apartment units; Tenant occupied; Built in 1910
