Condominium Apartment
For Sale
$1,200,000
3217 15th Avenue, Fargo, ND 58103
Well-maintained condominium building with eight units and assigned garage stalls for convenient tenant parking.
Property Size7,904 SF
Price / SF$151.82
Days on Market493
Property Features for 3217 15th Avenue
General Information
Standard status
Active
Size
7,904 SF
Property subtype
General Commercial
Additional Details
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$9,601
Amenities
3
Building Details
Year Built
1983
Stories
2
Tenancy
Multi
Listing Agency:
Raboin Realty
(701) 371-3294
Listed By:
Brandon Raboin
(701) 371-3294
Source:
Xome
Added: Apr 6, 2025
Changed: Aug 8
Last Checked: Aug 11 at 5:00AM
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 Raboin Realty
Investment Insights
Based on property information with market context.
This well-maintained condominium apartment building for sale is situated at 3217 15th Avenue S in Fargo, ND. The property totals 7,904 square feet and contains eight individual condominium units.
Each unit is described as offering a functional 2-bedroom, 2-bathroom layout and includes an assigned garage stall. The building also shows a consistent occupancy history, and detailed financial statements are available upon request for qualified investors.
Each unit is described as offering a functional 2-bedroom, 2-bathroom layout and includes an assigned garage stall. The building also shows a consistent occupancy history, and detailed financial statements are available upon request for qualified investors.
Key Highlights
- Condominium building with 8 individual units
- Total building size of 7,904 SF, with 988 SF per unit
- Units feature 2‑bedroom, 2‑bathroom layouts
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
$65,354
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
5.45%
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%
$1,307,080
$1.3M
Cap Rate 7%
$933,629
$933.6K
Cap Rate 9%
$726,156
$726.2K
Market Conditions
NOI Build-Up for 7,904 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
$128.0K $16.20/SF
− Vacancy
−$9.2K −$1.17/SF
EGI
$118.8K $15.03/SF
− OpEx
−$53.5K −$6.77/SF
NOI
$65.4K $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%
$1,307,080
Cap Rate 7%
$933,629
Cap Rate 9%
$726,156
Alternative Uses
Best Use
Apartment 5plus
$933.6K
$816.9K – $1.09M
NOI $65,354 @ 7.0% cap · market cap 5.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.71M
$1.50M – $2.00M
NOI $120,021 @ 7.0% cap · market cap 10.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,109
Businesses Nearby
Explore this area
Business Placement
Demographics for 58103, ND
46,754
Population
25,241
Households
1.9
Avg Household Size
36
Median Age
37%
College-Educated
93%
High-School Grad
11.5 sq mi
ZIP Area
4,066
Density / Sq Mi
$57,699
Median Household Income
$38,241
Median Earnings
$831
Median Rent
$239,200
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 - Well-maintained condominium building with eight units and assigned garage stalls for convenient tenant parking.
Where is this apartment building located?
The property is located at 3217 15th Avenue Fargo, ND.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Condominium building with 8 individual units; Total building size of 7,904 SF, with 988 SF per unit; Units feature 2‑bedroom, 2‑bathroom layouts
