Sleep Inn & Suites
For Sale
$6,295,000
1350 S 42nd St, Grand Forks, ND 58201
Interior-corridor hotel affiliated with Choice Hotels and positioned near Interstate 29 in Grand Forks.
Property Size39,232 SF
Days on Market168
Property Features for 1350 S 42nd St
General Information
Standard status
Active
Size
39,232 SF
Property subtype
Hotel-Motel
Additional Details
Highway Access
Yes
Amenities
Built in 2011, this 82-Room Hotel Offers Upside Through Improved Revenue Management Strategies and the Ability to Capture New Demand from Nearby Major Developments.
Alerus Center Renovation Complete - The 2025 Summer Headwind is Resolved, with the Upgraded Arena Returning to Full Programming and Expanded Event Capacity in 2026.
$155m in New Demand Infrastructure Coming to the Same S. 42nd Street Corridor - Altru Sports Complex ($120m, Fall 2027) And Grand Forks Children's Museum ($35m, Mid-2027).
Zero New Hotel Supply Projected In Grand Forks Through 2034.
Building Details
Building Size
39,232 SF
Year Built
2011
Listing Agency:
Minneapolis Office
(952) 852-9700
Listed By:
Reed Gizinski · License #MN: 40892986
(952) 852-9731
Source:
Marcusmillichap
Added: May 8
Changed: Oct 21
Last Checked: Oct 20 at 5:08PM
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 Minneapolis Office
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Investment Insights
Based on property information with market context.
Sleep Inn & Suites is an 82-room interior-corridor hotel at 1350 South 42nd Street in Grand Forks, North Dakota. The property contains 39,232 square feet and was built in 2011. It operates under the Sleep Inn brand, part of Choice Hotels International, providing access to the company’s reservation platform, loyalty program, and distribution network.
Interstate 29 is nearby, with traffic counts exceeding 20,000 vehicles per day in the immediate area. Local lodging demand is connected to the University of North Dakota, Altru Health System, Grand Forks Air Force Base approximately 15 miles west, manufacturing and distribution operations, and Columbia Mall with surrounding national retailers. The university enrolls over 14,000 students and contributes year-round activity through athletics, events, and academic programs.
Interstate 29 is nearby, with traffic counts exceeding 20,000 vehicles per day in the immediate area. Local lodging demand is connected to the University of North Dakota, Altru Health System, Grand Forks Air Force Base approximately 15 miles west, manufacturing and distribution operations, and Columbia Mall with surrounding national retailers. The university enrolls over 14,000 students and contributes year-round activity through athletics, events, and academic programs.
Key Highlights
- 82‑room interior‑corridor hotel
- 39,232‑square‑foot property built in 2011
- Sleep Inn affiliation with Choice Hotels International
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$216,466
Cap Rate
3.44%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,329,320
$4.3M
Cap Rate 7%
$3,092,371
$3.1M
Cap Rate 9%
$2,405,178
$2.4M
Market Conditions
NOI Build-Up for 39,232 SF
Gross rent
$517.9K $13.20/SF
− Vacancy
−$62.1K −$1.58/SF
EGI
$455.7K $11.62/SF
− OpEx
−$239.3K −$6.10/SF
NOI
$216.5K $5.52/SF
Area
Grand Forks County, ND
Vacancy
12.00%
Lease Rate
$13.20 /SF/Yr
Expense Ratio
52.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,329,320
Cap Rate 7%
$3,092,371
Cap Rate 9%
$2,405,178
Alternative Uses
Best Use
Hotel Hospitality
$3.09M
$2.71M – $3.61M
NOI $216,466 @ 7.0% cap · market cap 3.44%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.26M
$6.36M – $8.47M
NOI $508,447 @ 7.0% cap · market cap 8.08%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
205
Businesses Nearby
Explore this area
Business Placement
Demographics for 58201, ND
42,598
Population
20,277
Households
2.1
Avg Household Size
34
Median Age
40%
College-Educated
96%
High-School Grad
69.0 sq mi
ZIP Area
617
Density / Sq Mi
$69,120
Median Household Income
$43,503
Median Earnings
$966
Median Rent
$274,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Frequently Asked Questions
What type of property is this?
Hotel - Interior-corridor hotel affiliated with Choice Hotels and positioned near Interstate 29 in Grand Forks.
Where is this hotel located?
The property is located at 1350 S 42nd St Grand Forks, ND.
What is the asking price?
The asking price for this property is $6,295,000.
What are key features of this property?
This property features: 82‑room interior‑corridor hotel; 39,232‑square‑foot property built in 2011; Sleep Inn affiliation with Choice Hotels International
