Two-Unit Duplex
For Sale
$217,000
111-113 32nd Avenue N, Fargo, ND 58102
Residential Income, Fargo, ND
Property Size2,304 SF
Lot Size0.26 Acres
Price / SF$94.18
Days on Market25
Property Features for 111-113 32nd Avenue N
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential-Multi-Family
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 6, Bathroom 1, Bedroom 1, Bathroom 2, Bedroom 5, Bedroom 2, Bedroom 4, Basement
Parking features
Driveway
Exterior features
Vinyl
Subdivision
Vanradens 2nd
High school district
Fargo
Directions
use Google Maps
Special listing conditions
Short Sale
Standard status
Active
APN
01356000240000
Size
2,304 SF
Lot size
0.26 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3415
Utilities
Heating system
Baseboard
Building Details
Year built
1976
Listing Agency:
eXp Realty (219 WF)
(701) 540-5000
Listed By:
Jeremy M Qualley
(612) 751-9303
Added: Jul 28
Changed: Aug 19
Last Checked: Aug 21 at 9:06AM
MLS# 7117561
Copyright © 2026 Northstar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,304-square-foot duplex contains two separate residential units, each arranged with three bedrooms and one bathroom. The property includes six bedrooms and two bathrooms overall, along with basement space, vinyl exterior features, baseboard heating, and driveway parking. Built in 1976, the building requires updates and repairs and is offered in its current as-is condition.
The property is located in North Fargo near schools, parks, dining, and everyday services. Its 0.257-acre lot and dual-unit configuration provide a defined residential income layout for a buyer planning renovation or continued rental use.
The property is located in North Fargo near schools, parks, dining, and everyday services. Its 0.257-acre lot and dual-unit configuration provide a defined residential income layout for a buyer planning renovation or continued rental use.
Key Highlights
- Two separate units with 3 bedrooms and 1 bathroom each
- 2,304 square feet of building area on a 0.257‑acre lot
- Six total bedrooms and two bathrooms
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$19,051
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.78%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$381,020
$381.0K
Cap Rate 7%
$272,157
$272.2K
Cap Rate 9%
$211,678
$211.7K
Market Conditions
NOI Build-Up for 2,304 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$37.3K $16.20/SF
− Vacancy
−$2.7K −$1.17/SF
EGI
$34.6K $15.03/SF
− OpEx
−$15.6K −$6.77/SF
NOI
$19.1K $8.27/SF
Area
Fargo, ND
Vacancy
7.20%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$381,020
Cap Rate 7%
$272,157
Cap Rate 9%
$211,678
Alternative Uses
Best Use
Multifamily LT 5
$297.3K
$260.1K – $346.8K
NOI $20,810 @ 7.0% cap · market cap 9.59%
Second Best
Apartment 5plus
$272.2K
$238.1K – $317.5K
NOI $19,051 @ 7.0% cap · market cap 8.78%
Theoretical Best
Office A
$499.8K
$437.3K – $583.1K
NOI $34,986 @ 7.0% cap · market cap 16.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
215
Businesses Nearby
Explore this area
Business Placement
Demographics for 58102, ND
30,767
Population
16,757
Households
1.8
Avg Household Size
32
Median Age
45%
College-Educated
95%
High-School Grad
31.6 sq mi
ZIP Area
974
Density / Sq Mi
$56,028
Median Household Income
$31,939
Median Earnings
$829
Median Rent
$235,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit residential property with basement space, driveway parking, and renovation needs.
Where is this duplex located?
The property is located at 111-113 32nd Avenue N Fargo, ND.
What is the asking price?
The asking price for this property is $217,000.
What are key features of this property?
This property features: Two separate units with 3 bedrooms and 1 bathroom each; 2,304 square feet of building area on a 0.257‑acre lot; Six total bedrooms and two bathrooms
