Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2024 Morrison Ave Bismarck, ND 58504-6920

    • Commercial land
    • 0.47 lot acres
    OFF-MARKET
    Last Sale
    Jun 17, 2022
    $665,000
    Value Estimations
    $845,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US56-0355173
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Commercial land

    Property Details for 2024 Morrison Ave

    Lot size
    0.47 lot acres
    Zone code
    MA
    Property type
    Commercial land
    APN
    0768-001-025
    APU
    768001025

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $995,000
      ML approach
      $1,050,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Bismarck
    County
    Burleigh
    State
    North Dakota
    Longitude
    -100.76
    Latitude
    46.7911
    CBSA code
    13900
    CBSA name
    BISMARCK, ND METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $1,285
    $28,300
    $0.00
    $28,300
    -
    $56,600
    $0.00
    $56,600

    Comparable in this City

    • Value Estimation by Request
      0.16 Acres

      214 15th St

      VACANT COMMERCIAL LAND • 0.16 Acres
      214 15th St, Bismarck, ND 58504
      View Details
    • Value Estimation by Request
      0.52 Acres

      1131 23rd St

      VACANT COMMERCIAL LAND • 0.52 Acres
      1131 23rd St, Bismarck, ND 58504
      View Details
    • Value Estimation by Request
      0.69 Acres

      1020 26th St

      VACANT COMMERCIAL LAND • 0.69 Acres
      1020 26th St, Bismarck, ND 58504-6857
      View Details
    • Value Estimation by Request
      0.28 Acres

      518 Mariner Ave

      VACANT COMMERCIAL LAND • 0.28 Acres
      518 Mariner Ave, Bismarck, ND 58504
      View Details
    • Value Estimation by Request
      2.45 Acres

      2214 Lockheed Drd

      VACANT COMMERCIAL LAND • 2.45 Acres
      2214 Lockheed Drd, Bismarck, ND 58504-1008
      View Details
    • Value Estimation by Request
      6.46 Acres

      318 Washington St

      VACANT COMMERCIAL LAND • 6.46 Acres
      318 Washington St, Bismarck, ND 58504
      View Details

    Similar Nearby for Sale

    • $653,400

      Level Lot Near Bismarck Expy

      Level commercial land with utilities and highway access for sale.
      3207 Airway Ave, Bismarck, ND 58504
      View Details
    • $350,660

      Commercial Land Near Lincoln Road

      Commercial land for sale near retail and event venues.
      5211 Lincoln Rd, Lincoln, ND 58504
      View Details
    • Contact for pricing

      Commercial Land with High Visibility

      Commercial land with high visibility and high traffic roundabout.
      7201 N Washington St, Bismarck, ND 58504
      View Details
    • Contact for pricing

      Lincoln, ND Commercial Land Parcels

      Commercial land parcels in fast-growing Lincoln, North Dakota.
      107 Mcdougall Dr, Lincoln, ND 58504
      View Details
    • Contact for pricing

      South Bismarck Development Land Available

      Prime development land with high traffic and visibility.
      810 S Washington St, Bismarck, ND 58504
      View Details
    • Contact for pricing

      Expansive Land Parcel Available

      Up to 53.8 acres with utilities in progress.
      52nd 52Nd St SE, Bismarck, ND 58504
      View Details

    Similar Nearby for Lease

    • $9 SF/Yr
      10,000 SF

      Bismarck Industrial Space for Lease

      10,000-20,000 SF Industrial Building, Spring 2025
      1814 Burlington Dr, Bismarck, ND 58504
      View Details
    • Contact for pricing
      848,102 SF

      Bismarck Retail Center Opportunity

      Prime Bismarck location, multiple spaces available.
      706 Kirkwood Mall Dr, Bismarck, ND 58504
      View Details
    • $12 SF/Yr

      High-End Office Space Available

      Prime location with high-end finishes and abundant parking.
      931 S 9Th St, Bismarck, ND 58504
      View Details
    • $9 SF/Yr

      Modern Industrial Space Available

      6,000 SF industrial space for lease in Bismarck, ND.
      2730 Paintball Way, Bismarck, ND 58504
      View Details
    • $600 /Mo

      Newly Renovated Executive Office Space

      Executive office space with full-service amenities in Bismarck, ND.
      1925 Lovett Ave, Bismarck, ND 58504
      View Details
    • $3 SF/Yr

      Spacious Flex Space with Mezzanine

      Versatile flex space featuring mezzanine, office, and secure parking.
      2027 East Sweet Ave, Bismarck, ND 58504
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2024 Morrison Ave
    Bismarck, ND 58504-6920
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!