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Property profile & analytics
OFF-MARKET
Estimated value
$700,000
Bars & Pubs
118 3rd St Bismarck, ND 58504-5584
Entity Owned
~
Est. High Equity
Property ID
US56-0443314
Property summary
AI-generated overview
This exceptional mixed-use property, located at 118 S 3rd Street in Bismarck, North Dakota, presents a unique investment opportunity. The 95,388 square foot lot, zoned DC - CORE ZONING DISTRICT, offers over two acres of land for redevelopment. Currently featuring a 11,275 square foot, two-story building formerly used as a bar and restaurant, the property boasts significant potential for various development projects. The asking price is $2,790,000, translating to $247.45 per square foot. Built in 1898, the existing structure provides a solid foundation for adaptive reuse or demolition to make way for new construction. The Downtown Core Zoning District encourages mixed-use development, enhancing the pedestrian-oriented nature of Bismarck's city center. Possible development options include multi-family housing, entertainment venues, office spaces, retail establishments, community services, or green spaces. This property's central location and flexible zoning make it an ideal investment for developers seeking a high-impact project in a thriving downtown area. The property's rich history and prime location combine to create a truly unique opportunity in the heart of Bismarck.
Property profile
Verified
Property type
Bars & Pubs
Use group
BAR, TAVERN
Year built
1898
Total area
11,275 SF
Lot
2.19 ac (95,396 SF)
Zoning code
DC
APN
0001-005-001
UPID
US56-0443314
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Leingang Home Center Big Box & Wholesale Store Building Supply
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$545k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$861k
Blend (final)
Blend
$700k
Owner & transaction history
Shoults Strategies Qozb LLC
Shoults Strategies Qozb LLC
since 2026
2 recorded transactions
Zoning & alternative use
DC · Bismarck, ND
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$1.2M
+1.6%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Bismarck submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Bismarck submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
$545,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RESTAURANT
$1,135,000
Current use
AUTO REPAIR, GARAGE
$1,155,000
Change: +2% · Conversion: Difficult
RETAIL STORES
$1,010,000
Change: -11% · Conversion: Easy
COMMERCIAL (GENERAL)
$985,000
Change: -13% · Conversion: Easy
MEDICAL BUILDING
$980,000
Change: -14% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$950,000
Change: -17% · Conversion: Difficult
Blend value · Realmo final
$700k
Range $630k – $770k · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$62 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$25,448
Tax year 2023
Assessed value
$979,150
Assessed 2023
Previous assessed
$992,400
-1.3% YoY
Effective rate
2.60%
On assessed value
Assessed land
$430,300
Assessed improvement
$548,850
Land market value
$860,600
Improvement market value
$1,097,700
Total market value
$1,958,300
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Bars & Pubs
Use group
BAR, TAVERN
Status
Off-Market
Year built
1898
Total area
11,275 SF
Lot
2.19 ac (95,396 SF)
Zoning code
DC
APN
0001-005-001
UPID
US56-0443314
Jurisdiction
BURLEIGH
Zoning & alternative use
DC · Bismarck, ND
Zoning DC · permitted uses
DC · Bismarck, ND
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Bismarck. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
RESTAURANT Current
Est. value
$1.1M
AUTO REPAIR, GARAGE
Est. value
$1.2M
RETAIL STORES
Est. value
$1.0M
COMMERCIAL (GENERAL)
Est. value
$985,000
MEDICAL BUILDING
Est. value
$980,000
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$950,000
RESTAURANT Current
AUTO REPAIR, GARAGE
RETAIL STORES
COMMERCIAL (GENERAL)
MEDICAL BUILDING
NEIGHBORHOOD: SHOPPING CENTER
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1898
Lot
2.19 ac
Current owner
From public records · entity-resolved
Shoults Strategies Qozb LLC
Entity
Mailing address
PO BOX 2043, FARGO, ND 58107-2043
Ownership since
2026
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 1, 2026
—
Shoults Strategies Qozb LLC
—
Deed
related
$376,500 · Security First Bank/nd
Aug 21, 2025
—
Qozb LLC
—
Deed
related
$2,250,000 · Security First Bank Of North Dakota
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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