Updated Duplex with Attached
For Sale
$187,500
205 1st Avenue E, West Fargo, ND 58078
Residential Income, West Fargo, ND
Property Size1,320 SF
Lot Size0.16 Acres
Price / SF$142.05
Days on Market47
Property Features for 205 1st Avenue E
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential-Multi-Family, Residential-Single Family
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 2, Laundry Room, Bathroom 2, Bedroom 1, Bedroom 3, Bedroom 4
Parking features
Garage - Attached
Patio and Porch features
Deck
Subdivision
Sukuts Estates
High school
West Fargo
High school district
West Fargo
Directions
1st Ave E is currently under construction until approximately 8-18-26. Drive north up 2nd St E turn right into alleyway park in the back of property.
Standard status
Active
APN
02210000660000
Size
1,320 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
2025
Utilities
Heating system
Baseboard
Amenities
in-unit laundry
deck/patio
separate entrances
Building Details
Year built
1930
Roof type
Shingle
Listing Agency:
eXp Realty (3523 FGO)
(612) 751-9303
Listed By:
Michelle Larson-Hoppe
(763) 443-9821
Added: Aug 13
Changed: Sep 24
Last Checked: Sep 28 at 8:06AM
MLS# 7125969
Copyright © 2026 Northstar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex contains two separately accessed residences, with each unit offering 2 bedrooms, 1 bathroom, and in-unit laundry. The main-level residence has an attached one-stall garage, while the upper unit includes an exterior-access deck above the garage. The property uses baseboard heating and has a shingle roof.
Recent work includes crawl space stabilization and moisture-management improvements completed in 2024, along with multiple interior updates. The main-level unit received new paint, carpet, vinyl flooring, light fixtures, door hardware, laundry appliances, and plumbing fixtures in 2024 and 2025. Other updates include professionally cleaned carpets in 2025, a new washer and dryer in 2025, and bathroom repairs completed in 2026. The property is located in West Fargo, ND, on a 0.161-acre lot.
Recent work includes crawl space stabilization and moisture-management improvements completed in 2024, along with multiple interior updates. The main-level unit received new paint, carpet, vinyl flooring, light fixtures, door hardware, laundry appliances, and plumbing fixtures in 2024 and 2025. Other updates include professionally cleaned carpets in 2025, a new washer and dryer in 2025, and bathroom repairs completed in 2026. The property is located in West Fargo, ND, on a 0.161-acre lot.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 1 bathroom in each residence
- 1,320 square feet on a 0.161‑acre lot
- Attached one‑stall garage serves the main‑level unit
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
6.36%
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 6.36%
Second Best
Apartment 5plus
$155.9K
$136.4K – $181.9K
NOI $10,914 @ 7.0% cap · market cap 5.82%
Theoretical Best
Specialty Retail
$243.9K
$213.4K – $284.5K
NOI $17,072 @ 7.0% cap · market cap 9.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two separately entered units provide in-unit laundry, recent improvements, and a deck serving the upper residence.
Where is this duplex located?
The property is located at 205 1st Avenue E West Fargo, ND.
What is the asking price?
The asking price for this property is $187,500.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms and 1 bathroom in each residence; 1,320 square feet on a 0.161‑acre lot; Attached one‑stall garage serves the main‑level unit
