2316 Broadway Avenue E, Bismarck, ND 58501

$927,000
17
BD
15
BA
6,544
SqFt
List Price
$927,000
MLS#
4010588
Bedrooms
17
Full-baths
1
Sq. Ft
6,544
Acres
0.48
Year Built
1955
Neighborhood
Bismarck City

Property 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 excellent. 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.

Additional Information

Style
Apartment Style, Main Floor Unit, Ranch, See Remarks
Lot Size
21,000
Garage Spaces
1
Utilities
Sewer Connected, Natural Gas Connected, Phone Connected, Water Connected, Trash Pickup - Public, See Remarks, Cable Connected, Electricity Connected
Heating
Electric, Forced Air, Natural Gas

Mortgage Calculator

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Calculator source: Real Geeks

Listing courtesy of Tori Meyer from BIANCO REALTY, INC.