Sioux Falls Commercial Real Estate

Income

Class A Apartment Complex For Sale

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4425 31st Avenue South
Fargo, ND

Space Available: 168 Units - 4 Buildings

For Sale: $3,575,000/Building

Property Description

  • Four buildings with 42 units per building.
  • Single garage included with each one bedroom unit; double garage included with each two and three bedroom unit.
  • Lease up complete on first building. 90% complete on second building.
  • Rents were set below market for lease up period.
  • As leases are beginning to roll, rents being increased approximately $30/month/unit.
  • Current actual vacancy on leased up building approximately 3%.
  • Market vacancy for all classes in this area of Fargo 5.2%.
  • Seller willing to close on new buildings after target occupancy level of 85% is achieved.
  • Washer/Dryer in each unit.
  • Located in fast growing area of Fargo, near major intersection of 32nd Ave. & 45th Street.

Brokers

Clint Dreyer

Clint Dreyer has been hired as Director of Brokerage Services and an Investment Sales Specialist for NAI North Central. Clint was formerly a commercial real estate broker with NAI Sioux Falls Commercial and has extensive experience representing landlords, tenants, buyers and sellers.

Learn more about Clint