5-Unit Apartment
For Sale
$350,000
826 21st St S, Fargo, ND 58103
Fully occupied multifamily property with varied unit layouts, recent updates, and dedicated off-street parking.
Property Size3,648 SF
Price / SF$95.94
Days on Market32
Property Features for 826 21st St S
General Information
Standard status
Active
Size
3,648 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 1BR, 2 x studio, 1 x 2BR
Multifamily Units
5
Building Details
Year Built
1915
Listing Agency:
Aspire Realty
(701) 306-8303
Listed By:
Katherine Kiernan
Source:
Homesminn
Added: Jul 29
Changed: Aug 28
Last Checked: Aug 29 at 12:02PM
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 Aspire Realty
Investment Insights
Based on property information with market context.
Built in 1915, this multifamily property contains 3,648 square feet of living space across five units. The configuration includes two one-bedroom apartments, two studio apartments, and one two-bedroom apartment. Several units have received recent updates while retaining classic architectural character complemented by modern finishes. All five units are currently rented.
Parking is available off street, including a designated parking area on the property. The building is in Fargo’s Jefferson neighborhood on the south side of the city, with downtown, shopping, dining, parks, and major routes nearby. The property combines a varied unit mix, existing occupancy, and established residential improvements in a central Fargo setting.
Parking is available off street, including a designated parking area on the property. The building is in Fargo’s Jefferson neighborhood on the south side of the city, with downtown, shopping, dining, parks, and major routes nearby. The property combines a varied unit mix, existing occupancy, and established residential improvements in a central Fargo setting.
Key Highlights
- Five‑unit property with two one‑bedroom units, two studios, and one two‑bedroom unit
- 3,648 square feet of living space
- Built in 1915 with classic character and modern updates in several units
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
$30,163
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
8.62%
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%
$603,260
$603.3K
Cap Rate 7%
$430,900
$430.9K
Cap Rate 9%
$335,144
$335.1K
Market Conditions
NOI Build-Up for 3,648 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
$59.1K $16.20/SF
− Vacancy
−$4.3K −$1.17/SF
EGI
$54.8K $15.03/SF
− OpEx
−$24.7K −$6.77/SF
NOI
$30.2K $8.27/SF
Area
Fargo, ND
Vacancy
7.20%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
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%
$603,260
Cap Rate 7%
$430,900
Cap Rate 9%
$335,144
Alternative Uses
Best Use
Apartment 5plus
$430.9K
$377.0K – $502.7K
NOI $30,163 @ 7.0% cap · market cap 8.62%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$791.3K
$692.4K – $923.2K
NOI $55,394 @ 7.0% cap · market cap 15.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,011
Businesses Nearby
Explore this area
Business Placement
Demographics for 58103, ND
46,754
Population
25,241
Households
1.9
Avg Household Size
36
Median Age
37%
College-Educated
93%
High-School Grad
11.5 sq mi
ZIP Area
4,066
Density / Sq Mi
$57,699
Median Household Income
$38,241
Median Earnings
$831
Median Rent
$239,200
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?
Apartment building - Fully occupied multifamily property with varied unit layouts, recent updates, and dedicated off-street parking.
Where is this apartment building located?
The property is located at 826 21st St S Fargo, ND.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Five‑unit property with two one‑bedroom units, two studios, and one two‑bedroom unit; 3,648 square feet of living space; Built in 1915 with classic character and modern updates in several units
