Side-by-Side Duplex with
For Sale
$265,000
Pending
3119-3121 10th Ave N, Fargo, ND 58102
Two three-bedroom units offer separate garage stalls, with one refreshed and the other leased month to month.
Property Size2,440 SF
Days on Market49
Property Features for 3119-3121 10th Ave N
General Information
Standard status
Pending
Size
2,440 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Building Details
Year Built
1975
Listing Agency:
Dane Arthur Real Estate Agency-Crosslake
Listed By:
The Elm Group brokered by REAL
(701) 446-7249
Source:
Realelmgroup
Added: Jul 16
Changed: Sep 2
Last Checked: Sep 1 at 6:05PM
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 Dane Arthur Real Estate Agency-Crosslake
Investment Insights
Based on property information with market context.
This 2,440-square-foot side-by-side duplex, built in 1975, contains two three-bedroom, one-bath units. Each side has its own garage stall, providing dedicated parking and storage for both households.
The 3119 unit is vacant and features new carpet, fresh paint, and newer appliances. The 3121 unit is occupied by a month-to-month tenant, creating distinct occupancy conditions within the property. The duplex is located near NDSU campus in Fargo.
The 3119 unit is vacant and features new carpet, fresh paint, and newer appliances. The 3121 unit is occupied by a month-to-month tenant, creating distinct occupancy conditions within the property. The duplex is located near NDSU campus in Fargo.
Key Highlights
- Side‑by‑side duplex with two 3‑bedroom, 1‑bath units
- Each unit includes its own garage stall
- 2440 square feet of building area
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
$22,038
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
8.32%
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%
$440,760
$440.8K
Cap Rate 7%
$314,829
$314.8K
Cap Rate 9%
$244,867
$244.9K
Market Conditions
NOI Build-Up for 2,440 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
$33.7K $13.80/SF
− Vacancy
−$2.2K −$0.90/SF
EGI
$31.5K $12.90/SF
− OpEx
−$9.4K −$3.87/SF
NOI
$22.0K $9.03/SF
Area
Fargo, 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%
$440,760
Cap Rate 7%
$314,829
Cap Rate 9%
$244,867
Alternative Uses
Best Use
Multifamily LT 5
$314.8K
$275.5K – $367.3K
NOI $22,038 @ 7.0% cap · market cap 8.32%
Second Best
Apartment 5plus
$288.2K
$252.2K – $336.3K
NOI $20,175 @ 7.0% cap · market cap 7.61%
Theoretical Best
Office A
$529.3K
$463.1K – $617.5K
NOI $37,051 @ 7.0% cap · market cap 13.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
261
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?
Duplex - Two three-bedroom units offer separate garage stalls, with one refreshed and the other leased month to month.
Where is this duplex located?
The property is located at 3119-3121 10th Ave N Fargo, ND.
What is the asking price?
The asking price for this property is $265,000.
What are key features of this property?
This property features: Side‑by‑side duplex with two 3‑bedroom, 1‑bath units; Each unit includes its own garage stall; 2440 square feet of building area
