Triplex With Detached
For Sale
$215,000
820 N 6TH Street Grand, Grand Forks, ND 58203
Three residential units offer varied layouts, with gas forced-air and electric baseboard heating and a detached garage.
Property Size2,224 SF
Days on Market204
Property Features for 820 N 6TH Street Grand
General Information
Standard status
Active
Size
2,224 SF
Total Parking Spaces
3
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
renovating the two vacant units
Units
Unit Mix
1 x 3BR/1BA, 1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
3
Amenities
Gas Forced Air
Electric Baseboard
Building Details
Building Size
2,224 SF
Year Built
1905
Buildings
1
Listing Agency:
(218) 791-4510
Listed By:
Jonathon Vonesh · License #7851
(218) 791-4510
Source:
Kw
Added: Feb 7
Changed: Aug 30
Last Checked: Aug 30 at 5:28AM
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 Jonathon Vonesh
Investment Insights
Based on property information with market context.
This 1905 triplex contains three separate residential units: one with three bedrooms and one bathroom, another with two bedrooms and one bathroom, and a one-bedroom, one-bathroom unit. Heating systems include gas forced air and electric baseboard. A detached three-stall garage provides additional enclosed space.
The property is located at 820 N 6TH Street in Grand Forks, North Dakota. The main-floor unit is occupied, while the other two units are vacant and identified for renovation before leasing. The current configuration combines an established occupied unit with two units requiring improvement.
The property is located at 820 N 6TH Street in Grand Forks, North Dakota. The main-floor unit is occupied, while the other two units are vacant and identified for renovation before leasing. The current configuration combines an established occupied unit with two units requiring improvement.
Key Highlights
- Three‑unit property built in 1905
- Unit mix includes 3‑bed/1‑bath, 2‑bed/1‑bath, and 1‑bed/1‑bath layouts
- Detached 3‑stall garage
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
$19,696
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
9.16%
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%
$393,920
$393.9K
Cap Rate 7%
$281,371
$281.4K
Cap Rate 9%
$218,844
$218.8K
Market Conditions
NOI Build-Up for 2,224 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
$28.8K $12.96/SF
− Vacancy
−$686 −$0.31/SF
EGI
$28.1K $12.65/SF
− OpEx
−$8.4K −$3.80/SF
NOI
$19.7K $8.86/SF
Area
Grand Forks County, ND
Vacancy
2.38%
Lease Rate
$12.96 /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%
$393,920
Cap Rate 7%
$281,371
Cap Rate 9%
$218,844
Alternative Uses
Best Use
Multifamily LT 5
$281.4K
$246.2K – $328.3K
NOI $19,696 @ 7.0% cap · market cap 9.16%
Second Best
Apartment 5plus
$245.3K
$214.7K – $286.2K
NOI $17,174 @ 7.0% cap · market cap 7.99%
Theoretical Best
Office A
$411.8K
$360.3K – $480.4K
NOI $28,823 @ 7.0% cap · market cap 13.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
522
Businesses Nearby
Explore this area
Business Placement
Demographics for 58203, ND
16,165
Population
8,395
Households
1.9
Avg Household Size
29
Median Age
36%
College-Educated
95%
High-School Grad
68.7 sq mi
ZIP Area
235
Density / Sq Mi
$57,905
Median Household Income
$31,586
Median Earnings
$932
Median Rent
$202,500
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?
Triplex - Three residential units offer varied layouts, with gas forced-air and electric baseboard heating and a detached garage.
Where is this triplex located?
The property is located at 820 N 6TH Street Grand Grand Forks, ND.
What is the asking price?
The asking price for this property is $215,000.
What are key features of this property?
This property features: Three‑unit property built in 1905; Unit mix includes 3‑bed/1‑bath, 2‑bed/1‑bath, and 1‑bed/1‑bath layouts; Detached 3‑stall garage
