608 Main Ave Fargo, ND 58103

Property Details for 608 Main Ave

Year built

1894

Property size

10,642 SF

Property type

High-rise multifamily apartments

Description

This exceptional mixed-use property, located at 608 & 610 Main Avenue in Fargo, North Dakota, presents a compelling investment opportunity. The property consists of two buildings totaling 10,642 square feet on a 7,000 square foot lot, built in 1894 and extensively renovated in 2015. The property boasts a strong 7.02% cap rate and a net operating income (NOI) of $87,691, with a current asking price of $1,250,000 ($117.46 per square foot). The property features eight units, including four updated apartments with a proven history of strong rental income and a unique, high-end 2,200+ square foot loft-style apartment. Two fully remodeled retail spaces complete the offering. The property is currently 100% occupied with a multi-tenant lease structure, featuring two tenants under a modified lease with a 3% annual rent bump. The current lease term is three years, commencing May 31, 2024, and expiring May 30, 2027, leaving a remaining term of 2.5 years. The property is zoned DMU and includes two parking spaces. Its prime downtown location offers excellent visibility and high daily traffic counts, making it an ideal investment for those seeking a stable, high-return property in a thriving urban environment. The property benefits from its walkable location within the vibrant downtown Fargo neighborhood.