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Property profile & analytics
FOR SALE
Flex space
1409 Lockheed Dr Bismarck, ND 58504
Entity Owned
1-yr Hold
Free & Clear
Property ID
US56-0488223
For Sale
1 / 5
$350,000
1409 Lockheed Dr, Bismarck, ND 58504
View Listing →
Property profile
Verified
Property type
Flex space
Use group
LIGHT INDUSTRIAL
Year built
2023
Total area
13,230 SF
Lot
1.62 ac (70,524 SF)
Zoning code
MA
APN
2185-001-050
UPID
US56-0488223
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.68M
Blend (final)
Blend
$1.32M
Owner & transaction history
Lmf Properties LLC · 1 yrs held
Lmf Properties LLC
since 2024
7 recorded transactions
Zoning & alternative use
MA · Bismarck, ND
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$2.1M
+3.5%
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
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
INDUSTRIAL (GENERAL)
$2,005,000
Current use
COMMERCIAL (GENERAL)
$2,075,000
Change: +3% · Conversion: Difficult
RETAIL STORES
$1,945,000
Change: -3% · Conversion: Moderate
NEIGHBORHOOD: SHOPPING CENTER
$1,820,000
Change: -9% · Conversion: Difficult
Blend value · Realmo final
$1.32M
Range $1.18M – $1.45M · ±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
$99 / 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
Assessed value
$97,400
Assessed 2023
Previous assessed
$91,650
+6.3% YoY
Total market value
$194,800
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
Flex space
Use group
LIGHT INDUSTRIAL
Status
For Sale
Year built
2023
Total area
13,230 SF
Lot
1.62 ac (70,524 SF)
Zoning code
MA
APN
2185-001-050
UPID
US56-0488223
Jurisdiction
BURLEIGH
Zoning & alternative use
MA · Bismarck, ND
Zoning MA · permitted uses
MA · 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
INDUSTRIAL (GENERAL) Current
Est. value
$2.0M
COMMERCIAL (GENERAL)
Est. value
$2.1M
RETAIL STORES
Est. value
$1.9M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$1.8M
INDUSTRIAL (GENERAL) Current
COMMERCIAL (GENERAL)
RETAIL STORES
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
2023
Lot
1.62 ac
Current owner
From public records · entity-resolved
Lmf Properties LLC
Entity
Free & Clear · 1 yrs held
Mailing address
8212 BELMONT LN, BISMARCK, ND 58501-8569
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
15 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 24, 2026
—
Lmf Properties LLC
—
Deed
related
$850,000 · Dakota Community Bank
Aug 8, 2024
$172,000
Lmf Properties LLC
Blue Water Development LLC
Warranty Deed
—
Mar 21, 2024
$195,840
Lmf Properties LLC
Blue Water Development LLC
Warranty Deed
$120,000 · Dakota Community Bank & Trust NA
Jan 10, 2024
$254,405
Bigfoot Investments LLC
Blue Water Development LLC
Warranty Deed
—
Jan 5, 2024
—
Michelle Bachmeier
Blue Water Development LLC
Warranty Deed
—
Dec 29, 2023
$197,150
Kyle Nordmeyer
Blue Water Development LLC
Warranty Deed
—
Dec 14, 2023
$174,000
Black Star LLC
Blue Water Development LLC
Warranty Deed
—
Nov 16, 2023
$174,000
Black Star LLC
Blue Water Development LLC
Warranty Deed
$140,000 · First Western Bank & Trust
Nov 14, 2023
$208,000
Dean Grunseth
Blue Water Development LLC
Warranty Deed
$70,000 · Bnc National Bank
Oct 19, 2023
$433,400
Kyle Nordmeyer
Blue Water Development LLC
Warranty Deed
$325,000 · Choice Financial Group
Oct 16, 2023
$174,080
Paul Engelhard
Blue Water Development LLC
Warranty Deed
—
Oct 13, 2023
$371,760
Lmf Proprerties LLC
Blue Water Development LLC
Warranty Deed
$250,000 · Dakota Community Bank & Trust NA
Apr 22, 2022
—
Blue Water Development LLC
Bell Bank
Deed
—
Jul 27, 2020
—
Bell Bank
Bell Bank
Intrafamily Transfer
related
—
Aug 14, 2017
—
William E Clairmont
Clairmont Development Co
Intrafamily Transfer
related
—
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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