Two-Unit Duplex with
For Sale
$245,000
1121 3rd Ave N, Fargo, ND 58102
Tenant-occupied property includes two-story units, off-street parking, and basement laundry facilities.
Property Size2,036 SF
Price / SF$120.33
Days on Market14
Property Features for 1121 3rd Ave N
General Information
Standard status
Active
Size
2,036 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,633
Listing Agency:
Berkshire Hathaway HomeServices Premier Properties
(701) 729-6275
Listed By:
Mari Santoyo Perry
(701) 729-6275
Source:
Exprealty
Added: Aug 7
Changed: Aug 16
Last Checked: Aug 19 at 1:02PM
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 Berkshire Hathaway HomeServices Premier Properties
Investment Insights
Based on property information with market context.
This duplex contains two separate two-story units, each with a covered entry porch, tall-ceilinged living room, formal dining area, kitchen, and rear deck connected to off-street parking. The upper level in each unit has two bedrooms and a full bathroom, while a third-story loft provides additional storage. Basements include laundry equipment and unfinished storage. Hardwood flooring and architectural detailing are present throughout both residences.
The property is located at 1121 3rd Ave N in Fargo, near downtown, Brewhalla, and established North Fargo neighborhoods. Both units are tenant-occupied and professionally managed, providing an existing residential income setup.
The property is located at 1121 3rd Ave N in Fargo, near downtown, Brewhalla, and established North Fargo neighborhoods. Both units are tenant-occupied and professionally managed, providing an existing residential income setup.
Key Highlights
- Two separate two‑story units
- Each unit includes two bedrooms, a full bathroom, and a third‑story loft
- Covered front porches and rear decks for both units
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
$18,389
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
7.51%
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%
$367,780
$367.8K
Cap Rate 7%
$262,700
$262.7K
Cap Rate 9%
$204,322
$204.3K
Market Conditions
NOI Build-Up for 2,036 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
$28.1K $13.80/SF
− Vacancy
−$1.8K −$0.90/SF
EGI
$26.3K $12.90/SF
− OpEx
−$7.9K −$3.87/SF
NOI
$18.4K $9.03/SF
Area
Fargo, ND
Vacancy
6.50%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
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%
$367,780
Cap Rate 7%
$262,700
Cap Rate 9%
$204,322
Alternative Uses
Best Use
Multifamily LT 5
$262.7K
$229.9K – $306.5K
NOI $18,389 @ 7.0% cap · market cap 7.51%
Second Best
Apartment 5plus
$240.5K
$210.4K – $280.6K
NOI $16,835 @ 7.0% cap · market cap 6.87%
Theoretical Best
Office A
$441.7K
$386.5K – $515.3K
NOI $30,916 @ 7.0% cap · market cap 12.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,448
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 - Tenant-occupied property includes two-story units, off-street parking, and basement laundry facilities.
Where is this duplex located?
The property is located at 1121 3rd Ave N Fargo, ND.
What is the asking price?
The asking price for this property is $245,000.
What are key features of this property?
This property features: Two separate two‑story units; Each unit includes two bedrooms, a full bathroom, and a third‑story loft; Covered front porches and rear decks for both units
