4-Unit Quadplex with New
For Sale
$235,000
111 N 11TH Street Grand, Grand Forks, ND 58203
Occupied four-unit property with a two-bedroom residence and three one-bedroom residences.
Property Size2,540 SF
Days on Market219
Property Features for 111 N 11TH Street Grand
General Information
Standard status
Active
Size
2,540 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
1 x 2BR/1BA, 3 x 1BR/1BA
Multifamily Units
4
Additional Details
Gross Income
$35,400
Amenities
Gas Forced Air
Electric Baseboard
Building Details
Building Size
2,540 SF
Year Built
1900
Listing Agency:
(218) 791-4510
Listed By:
Jonathon Vonesh · License #7851
(218) 791-4510
Source:
Kw
Added: Jan 23
Changed: Aug 29
Last Checked: Aug 29 at 11:59PM
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 Jonathon Vonesh
Investment Insights
Based on property information with market context.
This four-unit residential income property was built in 1900 and includes one two-bedroom, one-bath residence alongside three one-bedroom, one-bath residences. Each unit has gas forced-air or electric baseboard heating. All four units are currently occupied.
Recent property improvements include a new roof, new front exterior doors, and additional updates within the units. The four-residence configuration provides a clearly defined unit mix for continued multifamily ownership.
Recent property improvements include a new roof, new front exterior doors, and additional updates within the units. The four-residence configuration provides a clearly defined unit mix for continued multifamily ownership.
Key Highlights
- Four‑unit property with one 2‑bedroom, 1‑bath unit and three 1‑bedroom, 1‑bath units
- All units are currently occupied
- New roof completed as part of recent updates
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
$19,614
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
8.35%
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%
$392,280
$392.3K
Cap Rate 7%
$280,200
$280.2K
Cap Rate 9%
$217,933
$217.9K
Market Conditions
NOI Build-Up for 2,540 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
$36.6K $14.40/SF
− Vacancy
−$914 −$0.36/SF
EGI
$35.7K $14.04/SF
− OpEx
−$16.0K −$6.32/SF
NOI
$19.6K $7.72/SF
Area
Grand Forks County, ND
Vacancy
2.50%
Lease Rate
$14.40 /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%
$392,280
Cap Rate 7%
$280,200
Cap Rate 9%
$217,933
Alternative Uses
Best Use
Multifamily LT 5
$321.3K
$281.2K – $374.9K
NOI $22,494 @ 7.0% cap · market cap 9.57%
Second Best
Apartment 5plus
$280.2K
$245.2K – $326.9K
NOI $19,614 @ 7.0% cap · market cap 8.35%
Theoretical Best
Office A
$470.3K
$411.5K – $548.6K
NOI $32,918 @ 7.0% cap · market cap 14.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
961
Businesses Nearby
Explore this area
Business Placement
Demographics for 58203, ND
16,165
Population
8,395
Households
1.9
Avg Household Size
29
Median Age
36%
College-Educated
95%
High-School Grad
68.7 sq mi
ZIP Area
235
Density / Sq Mi
$57,905
Median Household Income
$31,586
Median Earnings
$932
Median Rent
$202,500
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?
Quadplex - Occupied four-unit property with a two-bedroom residence and three one-bedroom residences.
Where is this quadplex located?
The property is located at 111 N 11TH Street Grand Grand Forks, ND.
What is the asking price?
The asking price for this property is $235,000.
What are key features of this property?
This property features: Four‑unit property with one 2‑bedroom, 1‑bath unit and three 1‑bedroom, 1‑bath units; All units are currently occupied; New roof completed as part of recent updates
