Updated Duplex With Attached
For Sale
$190,000
205 1st Ave E, West Fargo, ND 58078
Two separately accessed residences offer in-unit laundry and recent improvements, with an attached one-stall garage for the main-level unit.
Property Size1,320 SF
Price / SF$143.94
Days on Market8
Property Features for 205 1st Ave E
General Information
Standard status
Active
Size
1,320 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$2,025
Listing Agency:
eXp Realty (3523 FGO)
(218) 443-6348
Listed By:
Ryan Belen
(218) 443-6348
Source:
Exprealty
Added: Aug 13
Changed: Aug 20
Last Checked: Aug 20 at 8:33AM
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 eXp Realty (3523 FGO)
Investment Insights
Based on property information with market context.
This duplex contains two separately entered residences, each configured with 2 bedrooms, 1 bathroom, and in-unit laundry. The main-level residence includes an attached one-stall garage, while the upper-level residence has an exterior-access deck or patio positioned above the garage. The property size is 1,320 square feet.
Recent work includes fresh paint, new carpet and vinyl flooring, replacement fixtures, updated hardware, and new laundry equipment in the main-level residence. The crawl space received substantial improvements in 2024, including professional bracing of the south wall, interior drain tile, a sump pit, and encapsulation. The wall bracing carries a 25-year transferable warranty. Other documented updates include professionally cleaned carpets in 2025, hallway lighting, and plumbing repairs completed in 2024 and 2026.
Recent work includes fresh paint, new carpet and vinyl flooring, replacement fixtures, updated hardware, and new laundry equipment in the main-level residence. The crawl space received substantial improvements in 2024, including professional bracing of the south wall, interior drain tile, a sump pit, and encapsulation. The wall bracing carries a 25-year transferable warranty. Other documented updates include professionally cleaned carpets in 2025, hallway lighting, and plumbing repairs completed in 2024 and 2026.
Key Highlights
- 1,320‑square‑foot duplex with two separately accessed residences
- Each residence includes 2 bedrooms, 1 bathroom, and in‑unit laundry
- Attached one‑stall garage serves the main‑level residence
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
$11,922
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
6.27%
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%
$238,440
$238.4K
Cap Rate 7%
$170,314
$170.3K
Cap Rate 9%
$132,467
$132.5K
Market Conditions
NOI Build-Up for 1,320 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
$18.2K $13.80/SF
− Vacancy
−$1.2K −$0.90/SF
EGI
$17.0K $12.90/SF
− OpEx
−$5.1K −$3.87/SF
NOI
$11.9K $9.03/SF
Area
Cass County, 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%
$238,440
Cap Rate 7%
$170,314
Cap Rate 9%
$132,467
Alternative Uses
Best Use
Multifamily LT 5
$170.3K
$149.0K – $198.7K
NOI $11,922 @ 7.0% cap · market cap 6.27%
Second Best
Apartment 5plus
$155.9K
$136.4K – $181.9K
NOI $10,914 @ 7.0% cap · market cap 5.74%
Theoretical Best
Specialty Retail
$243.9K
$213.4K – $284.5K
NOI $17,072 @ 7.0% cap · market cap 8.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
508
Businesses Nearby
Explore this area
Business Placement
Demographics for 58078, ND
39,161
Population
16,416
Households
2.4
Avg Household Size
34
Median Age
45%
College-Educated
97%
High-School Grad
39.8 sq mi
ZIP Area
984
Density / Sq Mi
$97,206
Median Household Income
$51,208
Median Earnings
$1,073
Median Rent
$303,200
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?
Duplex - Two separately accessed residences offer in-unit laundry and recent improvements, with an attached one-stall garage for the main-level unit.
Where is this duplex located?
The property is located at 205 1st Ave E West Fargo, ND.
What is the asking price?
The asking price for this property is $190,000.
What are key features of this property?
This property features: 1,320‑square‑foot duplex with two separately accessed residences; Each residence includes 2 bedrooms, 1 bathroom, and in‑unit laundry; Attached one‑stall garage serves the main‑level residence
