2316 E Broadway Avenue

Bismarck, ND 58501

MLS ID# 4010535 Active
Commercial

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$927,000

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• Description
• Contract Information
• Legal, Tax and Other Information
• General Property Information
• Details
• Virtual Tour 1
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Description

Great Opportunity to own your own business with Mark V Studio Apartments this consists of 15 units can be used as a Motel, Hotel, Extended Stay or monthly or long-term rentals in the heart of Bismarck that's Centrally Located near shopping, downtown facilities, job placement services, salons, health care, & more. This investment has been updated throughout every unit and has been in the family since 1980. These units are all on a month to month, no leases, background checks for safety and security deposits for cleaning. Tenants love this private setting, location & management and currently three units have stayed since 2004, 2005 and the longest tenant stayed is approx. 20 years (WOW)! These 15 apartments feature: 2- one bedroom & one bathroom includes a shower, 12- studio's & one bathroom that includes a shower. All these units are FULLY FURNISHED which include bed, recliner, table, kitchen with fridge, microwave, some have a range, utensils, towel sets, coffee pot and etc. These updated units are all fully equipped with everything you need like an extended stay facility. Also includes one large LIVING QUARTERS excellent for modernized living for the owner, management staff or a luxury rental that consists of 3 bedrooms, full bath with tub shower combo, modern updates, tons of built in storage & upgraded stainless steel appliances that include range, fridge, microwave & dishwasher. Also includes a movable electric fireplace, shared entry way, attached laundry, primary bedroom with tray ceiling & wood accents. This is large enough to feel like a single-family home. This unit is private with attached common area for rental management and laundry that are coin operated includes 2 washers, 2- dryers and individual storage compartment with lock and key. This high- occupancy investment has no need for full time employees. Low Maintenance and all utilities are paid by the owner so very easy to manage. This property also consists of a 280 sqft garage, 600 sqft car carport, shed and attached outdoor storage. This Location is surrounded by commercial opportunities, an emergency snow route, shaped like a U so it feels more like a private setting. In the last few years the seller put in several updates including west & north siding, exterior painting, shutters, carpet, painting- 3 apartments, living quarters, entry & laundry room, #5 & #9 full remodel & #8 remodel in process, driveway on west side approx. over $40,000 in updates. With this excellent ownership every year they continued to maintain and modernize this incredible investment property. If all these units are rented the CAP Rate is approx. from 8-10% depending on vacancy and if the living quarters is rented. This investment has huge potential to make even more. Call agent for rent rolls & expenses. Don't miss this opportunity of a lifetime to own this EXCELLENT WELL-KEPT PROPERTY. Great Opportunity to own your own business with Mark V Studio Apartments this consists of 15 units can be used as a Motel, Hotel, Extended Stay or monthly or long-term rentals in the heart of Bismarck that's Centrally Located near shopping, downtown... show more

Contract Information

• Buyer Agent Broker Commission 2.5%

Legal, Tax and Other Information

• Taxes 5999
• Specials Installment 75
• Specials Balance 199
• Pending Specials No
• Zoning COMMERICAL
• Parcel ID 0105-038-015
• Legal Description S 15' OF LOT 7 & ALL LOTS 8-12 BLOCK 38 GOVERNOR PIERCE Addition Number 105

General Property Information

• Property Sub Type Commercial
• Sub Type Details Business and Building
• Lot SqFt 21000
• Lot Acres 0.482
• Lot Dimensions 140 X150
• Year Built 1955
• Total Unfinished SqFt 0
• Finished Above Grade SqFt 6544
• Finished Below Grade SqFt 0
• Total Finished SqFt 6544
• Garage Yes
• Other Parking Spaces 2
• Accessibility Features Yes
• Fee No

Details

• Business Type

  Hotel/Motel, Other

• Building Info

  High Traffic Location, High Visibility, Loading Dock(s), Loft

• Cooling

  Ceiling Fan(s), Wall/Window Unit(s)

• Heating

  Electric, Forced Air, Natural Gas, Other

• Construction Materials

  Steel Siding, Vinyl Siding

• Roof

  Metal

• Architectural Style

  Apartment Style, Main Floor Unit

• Flooring

  Laminate, Vinyl

• Foundation

  Slab

• Basement

  None

• Exterior Features

  Keyless Entry, Other

• Electric

  Other

• Water Source

  Public

• Sewer

  Public Sewer

• Utilities

  Electricity Connected, Natural Gas Connected, Phone Connected, Sewer Connected, Water Connected, Trash Pickup - Public, Other

• Tenant Pays

  Other

• Fee Includes

  None

• Included

  Ceiling Fan(s), Cooktop, Dishwasher, Dryer, Garage Door Opener & Ctl, Keyless Entry, Microwave, Oven, Range, Refrigerator, Washer, Window Treatments

• Road Frontage Type

  City Street

• Road Surface Type

  Asphalt

• Amenities

  Lobby, No Pets Allowed, Storage

• Listing Terms

  1031 Exchange

• Accessibility Features

  Accessible Doors, Common Area

• Lot Features

  Corner Lot, Lot - Owned, Private, Other

• Parking Features

  Garage Dimensions:280, Assigned, Carport, Detached, None

• Patio And Porch Features

  # of Patios:1

• Other Structures

  Shed(s)