506 Roberts StFargo, ND 58102

Property Details for 506 Roberts St

Year built

1913

Property size (Sq ft)

6,069 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional 12-unit apartment building presents a compelling investment opportunity in the heart of Fargo, North Dakota. The property, known as Prairie Rose Lofts, boasts 6,069 square feet and sits on a 12,750 square foot lot. Originally constructed in 1913 and extensively renovated in 2024, the building seamlessly blends historic charm with modern updates. The two-story structure features a mix of one and two-bedroom units, currently enjoying 100% occupancy as of October 1, 2024. Located at 506 Roberts St N, Fargo, ND 58102, this prime location offers proximity to North Dakota State University (NDSU) and major employers like Sanford Health. The property's Commercial/Industrial zoning allows for versatile use. With 13 parking spaces and a strong NOI of $66,975, resulting in a 7.74% cap rate, this stabilized investment offers significant potential for long-term returns. The asking price is $865,000, translating to $72,083.33 per unit and $142.53 per square foot. The land value alone is $67.84 per square foot. This asset is poised to deliver strong returns for the discerning investor. The property's prime location and high occupancy rate make it an attractive investment in the thriving Fargo-Moorhead market.

Location Insight

City

Fargo

County

Cass

State

North Dakota

Latitude

46.8814

Longitude

-96.789

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