11-Unit Multifamily Apartment
For Sale
$725,000
1219 10th Avenue, Fargo, ND 58102
11-unit multifamily property with studio, one-bedroom, and two-bedroom apartments and leases in place.
Property Size5,236 SF
Price / SF$138.46
Days on Market167
Property Features for 1219 10th Avenue
General Information
Standard status
Active
Size
5,236 SF
Property subtype
General Commercial
Additional Details
Multifamily Units
11
Taxes and HOA fees
Annual Taxes
$4,878
Amenities
Wall Air Conditioning
3
Parking. Corner Lot.
Lot, On Street.
Corner.
Building Details
Year Built
1890
Stories
2
Listing Agency:
RE/MAX Legacy Realty
(701) 720-4719
Listed By:
Blaine Cook
(701) 720-4719
Source:
Xome
Added: Mar 10
Changed: Aug 23
Last Checked: Aug 23 at 3:48AM
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 RE/MAX Legacy Realty
Investment Insights
Based on property information with market context.
This 11-unit multifamily apartment building offers a unit mix of studios, one-bedroom, and two-bedroom residences. The property is presented as a stabilized rental asset with leases in place.
Located at 1219 10th Avenue N in Fargo, North Dakota, the building is described as being just minutes from North Dakota State University. The remarks also indicate convenient access to downtown Fargo, major employment centers, and public transportation routes.
For investors and tenant-focused buyers, the configuration supports a diversified rental mix within a single income-producing property.
Located at 1219 10th Avenue N in Fargo, North Dakota, the building is described as being just minutes from North Dakota State University. The remarks also indicate convenient access to downtown Fargo, major employment centers, and public transportation routes.
For investors and tenant-focused buyers, the configuration supports a diversified rental mix within a single income-producing property.
Key Highlights
- 11‑unit multifamily with a mix of studio, 1‑bedroom, and 2‑bedroom apartments
- Leases are in place, supporting current occupancy
- Corner lot with parking including on‑street parking
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
$43,294
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
5.97%
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%
$865,880
$865.9K
Cap Rate 7%
$618,486
$618.5K
Cap Rate 9%
$481,044
$481.0K
Market Conditions
NOI Build-Up for 5,236 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
$84.8K $16.20/SF
− Vacancy
−$6.1K −$1.17/SF
EGI
$78.7K $15.03/SF
− OpEx
−$35.4K −$6.77/SF
NOI
$43.3K $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%
$865,880
Cap Rate 7%
$618,486
Cap Rate 9%
$481,044
Alternative Uses
Best Use
Apartment 5plus
$618.5K
$541.2K – $721.6K
NOI $43,294 @ 7.0% cap · market cap 5.97%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.14M
$993.9K – $1.33M
NOI $79,508 @ 7.0% cap · market cap 10.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
11
Residential units
Location Intelligence
Trade Area within ½ mile
1,431
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?
Apartment building - 11-unit multifamily property with studio, one-bedroom, and two-bedroom apartments and leases in place.
Where is this apartment building located?
The property is located at 1219 10th Avenue Fargo, ND.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: 11‑unit multifamily with a mix of studio, 1‑bedroom, and 2‑bedroom apartments; Leases are in place, supporting current occupancy; Corner lot with parking including on‑street parking
