Building Details

Year Built 1890

Listing Agency: Berkshire Hathaway HomeServices Premier Properties

Listed By: Mari Santoyo Perry Show Phone

Source: Tayloronken

Added: Aug 15 Changed: Sep 10 Last Checked: Oct 4 at 3:29PM

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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.

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 / Yr

$18,389

Cap Rate

7.51%

Suggested Prices Based on Cap Rates

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

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 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 (±1% cap)

NOI $18,389 @ 7.0% cap · market cap 7.51%

Second Best

Apartment 5plus

$240.5K

$210.4K – $280.6K (±1% cap)

NOI $16,835 @ 7.0% cap · market cap 6.87%

Theoretical Best

Office A

$441.7K

$386.5K – $515.3K (±1% cap)

NOI $30,916 @ 7.0% cap · market cap 12.62%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Duplexes

Suggested Use

Top Pick Locksmith Florist (Bike/Boat/Book/etc) Store Butcher Veterinary Clinic Pet Grooming Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this duplexes located? What is the asking price? Find similar properties What are key features of this property?

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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