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: Oct 12 Last Checked: Oct 16 at 6:11AM

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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

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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 / Yr

$260,304

Cap Rate

4.39%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$5,206,080 $5.2M

Cap Rate 7%

$3,718,629 $3.7M

Cap Rate 9%

$2,892,267 $2.9M

Is this asking price fair?

Market Conditions

NOI Build-Up for 45,507 SF

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 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. How Realmo checks its estimates

Property Analytics

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Current Use

Apartment buildings

Suggested Use

Top Pick Building Supply Furniture & Home Goods Big Box & Wholesale Store Garden Center 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

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