1221 S 15th Street, Grand Forks, ND 58201

New Listing
$300,000
Property Type: Multi-Family Bedrooms: 8 Baths: 4 Square Footage: 3,264 Lot Size (sq. ft.): 6,970 Status: Pending
Current Price: $300,000 List Date: 5/01/2026 Last Modified: 5/08/2026

Overview

Description

Turnkey 4-plex investment opportunity in the heart of Grand Forks with strong rental history and significant upside potential. This well-maintained property features four 2-bedroom, 1-bath units, offering a solid foundation for both seasoned and entry-level investors. The property is fully leased with a diverse tenant base, including long-term occupancy—one tenant in place since 2001—providing immediate and reliable income stability. Current gross monthly rents total $2,905, with additional income from on-site laundry bringing total annual income higher. Investors will appreciate the clear value-add opportunity: comparable 2-bedroom units in the Grand Forks market are renting between $800-$1,000 per month, leaving substantial room to increase cash flow over time. Whether through strategic rent adjustments or future unit updates, this property offers a path to significantly improved returns. Situated in a highly desirable rental location near the University of North Dakota, the property benefits from consistent rental demand. Tenants enjoy convenient access to grocery stores, daycare facilities, and multiple schools within a one-mile radius, along with nearby public transportation options—making it an attractive and practical place to live. Additional features include two single-stall garages, driveway parking, and ample street parking, enhancing tenant convenience and overall property appeal. This is a rare opportunity to acquire a stabilized, income-producing asset with built-in upside in a strong rental market. Ideal for investors seeking immediate cash flow with long-term growth potential.

Listing Details MLS# 7064793

General Property Information

Lot Measurement
Acres
Multiple PIDs?
No
Waterfront Present
No
Year Built
1968
Yearly/Seasonal
Yearly
Zoning
Residential-Multi-Family, Residential-Single Famil
Main Floor Total SqFt
1632
Above Ground SqFt
1632
Below Grd Total SqFt
1632
Total SqFt
3264
Foundation Size
1632
Style
(MF) Four Plex
Total Finished Sqft
3264.00
Garage Stalls
2
Lot Dimensions
irregular
Acres
0.16
Assessment Pending
Unknown

Property Features

Accessible: None Amenities Shared: Coin-op Laundry Owned Basement: Concrete Block Construction Status: Previously Owned Exterior: Vinyl Foundation: Concrete Block Fuel: Natural Gas Heating: Boiler Laundry: Lower Level Lot Description: Corner Lot Owner Pays: Heat; Water Parking Characteristics: Uncovered/Open Rental License Type: Standard Sewer: City Sewer/Connected Tenant Pays: Electricity Unit 1 Appliances: Microwave; Range; Refrigerator Unit 1 Bath Description: Main Floor Full Bath Unit 1 Cooling: Window Unit 2 Appliances: Microwave; Range; Refrigerator Unit 2 Bath Description: Main Floor Full Bath Unit 2 Cooling: Window Unit 3 Appliances: Microwave; Range; Refrigerator Unit 3 Bath Description: Main Floor Full Bath Unit 3 Cooling: Window Unit 4 Appliances: Microwave; Range; Refrigerator Unit 4 Bath Description: Main Floor Full Bath Unit 4 Cooling: Window Water: City Water/Connected

Contract Information

Off Market Date
2026-05-08
Contingency
None
Original List Price
300000
ListPrice
300000
Owner is an Agent?
No
Auction?
No

Location Tax and Other Information

House Number
1221
Street Direction Prefix
S
Street Name
15th
Street Suffix
Street
Postal City
Grand Forks
County
Grand Forks
State
ND
Zip Code
58201
Complex/Dev/Subdivision
Villards Add

Assessments

Assessment Balance
613.28
Tax With Assessments
4117.32
Assessment Installment
0

Building Information

Finished SqFt Above Ground
1632
Finished SqFt Below Ground
1632

More Information

Income and Expenses

Annual Electric Expense
1752
Annual Gross Expenses
16060.85
Annual Gross Income
32594
Annual Net Income
14010.65
Annual Water/Sewer Expense
2052
Misc. Annual Income
561.5
Annual Caretaker Expense
0
Annual Fuel Expense
0
Annual Insurance Expense
0
Annual Maintenance Expense
0
Annual Repair Expense
0
Annual Trash Expense
0
Total Annual Expenses
0

Lease Details

Land Leased
Not Applicable

Lock Box Type

Lock Box Source
FMR

Miscellaneous Information

DP Resource
Yes
Homestead
No

Ownership

Fractional Ownership
No

Unit 1

Furnished?
No
Lease Expiration Date
2036-01-01
Leased?
Yes
Level
2nd Level
Unit Number
Yes
Annual Rent
8700
Finished SqFt
750
Full Baths
Yes
Monthly Rent
725
No. of Units Like This
Yes
Total Baths
Yes
Total Bedrooms
2
Total Rooms
5

Unit 2

Furnished?
No
Lease Expiration Date
2026-07-31
Leased?
Yes
Level
2nd Level
Unit Number
2
Annual Rent
7680
Finished SqFt
750
Full Baths
Yes
Monthly Rent
640
No. of Units Like This
Yes
Total Baths
Yes
Total Bedrooms
2
Total Rooms
5

Unit 3

Furnished?
No
Lease Expiration Date
2026-09-30
Leased?
Yes
Level
Below Ground
Unit Number
3
Annual Rent
9540
Finished SqFt
750
Full Baths
Yes
Monthly Rent
795
No. of Units Like This
Yes
Total Baths
Yes
Total Bedrooms
2
Total Rooms
5

Unit 4

Furnished?
No
Lease Expiration Date
2026-07-31
Leased?
Yes
Level
Below Ground
Unit Number
4
Annual Rent
8940
Finished SqFt
750
Full Baths
Yes
Monthly Rent
745
No. of Units Like This
Yes
Total Baths
Yes
Total Bedrooms
2
Total Rooms
5

Unit Details

Total Units
4

Office/Member Info

Association
FMR

Location, Tax and Other Information

Legal Description
1221 S. 15TH ST. LOTS 22 & 24 B23
Listing City
Grand Forks
Map Page
999
Municipality
Grand Forks
School District
Grand Forks
Zip Plus 4
2502
Property ID Number
44320300273000
Tax Year
2025
Tax Amount
4117
In Foreclosure?
No
Potential Short Sale?
No
Lender Owned?
No

Directions & Remarks

Public Remarks
Turnkey 4-plex investment opportunity in the heart of Grand Forks with strong rental history and significant upside potential. This well-maintained property features four 2-bedroom, 1-bath units, offering a solid foundation for both seasoned and entry-level investors. The property is fully leased with a diverse tenant base, including long-term occupancy—one tenant in place since 2001—providing immediate and reliable income stability. Current gross monthly rents total $2,905, with additional income from on-site laundry bringing total annual income higher. Investors will appreciate the clear value-add opportunity: comparable 2-bedroom units in the Grand Forks market are renting between $800-$1,000 per month, leaving substantial room to increase cash flow over time. Whether through strategic rent adjustments or future unit updates, this property offers a path to significantly improved returns. Situated in a highly desirable rental location near the University of North Dakota, the property benefits from consistent rental demand. Tenants enjoy convenient access to grocery stores, daycare facilities, and multiple schools within a one-mile radius, along with nearby public transportation options—making it an attractive and practical place to live. Additional features include two single-stall garages, driveway parking, and ample street parking, enhancing tenant convenience and overall property appeal. This is a rare opportunity to acquire a stabilized, income-producing asset with built-in upside in a strong rental market. Ideal for investors seeking immediate cash flow with long-term growth potential.
Directions
1221 South 15th St, Grand Forks, ND, 58201

Accessible

None
Yes

Amenities Shared

Coin-op Laundry Owned
Yes

Basement

Concrete Block
Yes

Construction Status

Previously Owned
Yes

Exterior

Vinyl
Yes

Foundation

Concrete Block
Yes

Fuel

Natural Gas
Yes

Heating

Boiler
Yes

Laundry

Lower Level
Yes

Lot Description

Corner Lot
Yes

Owner Pays

Heat
Yes
Water
Yes

Parking Characteristics

Uncovered/Open
Yes

Rental License Type

Standard
Yes

Sewer

City Sewer/Connected
Yes

Water

City Water/Connected
Yes

No. of Ranges

Four
Yes

No. of Refrigerators

Four
Yes

Tenant Pays

Electricity
Yes

Unit 1 Appliances

Microwave
Yes
Range
Yes
Refrigerator
Yes

Unit 1 Bath Description

Main Floor Full Bath
Yes

Unit 1 Cooling

Window
Yes

Unit 2 Appliances

Microwave
Yes
Range
Yes
Refrigerator
Yes

Unit 2 Bath Description

Main Floor Full Bath
Yes

Unit 2 Cooling

Window
Yes

Unit 3 Appliances

Microwave
Yes
Range
Yes
Refrigerator
Yes

Unit 3 Bath Description

Main Floor Full Bath
Yes

Unit 3 Cooling

Window
Yes

Unit 4 Appliances

Microwave
Yes
Range
Yes
Refrigerator
Yes

Unit 4 Bath Description

Main Floor Full Bath
Yes

Unit 4 Cooling

Window
Yes
Listing Office: REAL (3961 WF)
IDX
Last Updated: May - 08 - 2026
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