Two-Unit Duplex
For Sale
$217,000
Pending
111-113 32nd Avenue N, Fargo, ND 58102
Built in 1976 with electric baseboard heating and concrete exterior construction.
Property Size2,304 SF
Days on Market15
Property Features for 111-113 32nd Avenue N
General Information
Standard status
Pending
Size
2,304 SF
Property subtype
Residential Income
Zoning
Residential-Multi-Family
Taxes and HOA fees
Annual Taxes
$3,415
Amenities
Electric, Baseboard
Concrete
Building Details
Building Size
2,304 SF
Year Built
1976
Listing Agency:
EXP REALTY
(701) 306-1823
Listed By:
Jeremy M Qualley
(701) 306-1823
Source:
Evrealestate
Added: Jul 29
Changed: Aug 2
Last Checked: Aug 2 at 7:25AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of EXP REALTY
Investment Insights
Based on property information with market context.
This two-unit duplex contains 2,304 square feet and was built in 1976. The property includes electric baseboard heating and concrete exterior construction, providing a straightforward physical profile for a residential income asset.
Located at 111-113 32nd Avenue N in Fargo, North Dakota, the property is designated Residential-Multi-Family under its zoning classification. The county or parish is Cass.
Located at 111-113 32nd Avenue N in Fargo, North Dakota, the property is designated Residential-Multi-Family under its zoning classification. The county or parish is Cass.
Key Highlights
- Two‑unit duplex configuration
- 2,304 square feet of property size
- Built in 1976
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
Current Use
Location Intelligence
Trade Area within ½ mile
44
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Built in 1976 with electric baseboard heating and concrete exterior construction.
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‑unit duplex configuration; 2,304 square feet of property size; Built in 1976
