22 3Rd StGrand Forks, ND 58201

Property Details for 22 3Rd St

Year built

1910

Lot size

0.16 AC

Property size (Sq ft)

13,520 SF

Property type

Commercial real estate

APN

44000100255000

APU

44000100255000

Description

This exceptional multifamily and retail property, known as Epic Place, presents a unique investment opportunity in the heart of Grand Forks, North Dakota. The 13,520 square foot building, constructed in 1910 and extensively renovated in 2019, boasts a captivating blend of historic charm and modern amenities. The property features seven stylish, industrial-chic apartments on the upper floor, currently enjoying 100% occupancy. On the ground floor, a thriving restaurant space adds to the property's diverse income stream. The building sits on a 14,000 square foot lot and is a two-story structure. The asking price is $1,400,000, representing a price per square foot of $103.55 and a pro-forma cap rate of 6.59%. The property's strong performance is reflected in its current pro-forma NOI of $92,217. This fee simple ownership opportunity offers a compelling combination of stable income, historical significance, and prime downtown location adjacent to a vibrant urban park. The property's Class B designation and modified lease type contribute to its overall appeal. The building's iconic presence within the local commercial landscape ensures strong tenant demand and long-term value. The property's APN is 44000100255000.

• Alternative Use

  Use

  Valuation

  Residential

  $2,845,196

  Hospitality

  $2,606,184

  Educational

  $2,168,314

  Medical

  $2,242,886

  Retail

  $3,372,934

Location Insight

City

Grand Forks

County

Grand Forks

State

North Dakota

Latitude

47.9245

Longitude

-97.0299

CBSA code

24220

CBSA name

GRAND FORKS, ND-MN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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