The 8th Street Apartments in Fargo is a beautiful 30-unit multifamily property built in 1994 by a local family who owned, operated, and cared for it for nearly 30 years. The property sits along historic 8th Street, just blocks from Downtown Fargo. It features high-end layouts, underground parking, and thoughtful design elements that made it one of the more unique apartment buildings in the city.

For the family, the property was more than an investment. It represented their hard work, pride, and commitment to creating quality housing.

Judie, one of the family members who helped oversee the building for decades, shared,
“Our family built the 8th Street Apartments in 1994. We were involved in everything from planning to design to day-to-day management. It was something we took a lot of pride in.”

Although the building had been exceptionally well maintained and offered strong physical appeal, the financials told a different story. The family had intentionally kept rents modest and had not adjusted them to market levels over time. As a result, the property’s income and expenses did not reflect its true potential.

A prior appraisal had valued the property at $3.4 million. Judie recalled,
“We knew the building was worth more, but the financials held the value down on paper. We were worried buyers would only focus on the numbers.”

Traditional listing methods risked attracting buyers who would undervalue the property based on the under-performing financials. The family needed a strategy that would highlight the property’s true strengths and bring qualified buyers to the table.

Goldmark Commercial’s President and Managing Broker, Andy Westby, met with the family and recommended a strategy that would shift attention away from the historical financials and toward the building’s true market potential: a professionally executed auction.

This approach was new to the family and unique for the Fargo-Moorhead multifamily market.

“We had never sold anything by auction before,” Judie said. “It felt unfamiliar, but Andy explained everything clearly. We could tell he cared about helping us get the best result.”

To set the auction up for success, Goldmark Commercial handled every detail, including:

Full third-party inspections of every unit
Professional photography
Detailed floorplans for all layouts
Contractor estimates on deferred maintenance items
Public and private tours for interested buyers
A comprehensive marketing campaign
A structured and transparent auction process

“Goldmark Commercial handled everything from inspections to marketing. They made a complicated process feel simple,” Judie shared.

The auction drew strong and competitive interest.

• Thirteen qualified bidders registered for the auction
•  Bidding was competitive from the start
•  The property sold for $4.08 million, far exceeding the previous appraisal and the family’s expectations

Judie said,
“We were thrilled. The final price was well above what we expected. The auction truly showed the real market value.”

Buyers repeatedly mentioned that the level of preparation helped them feel confident bidding aggressively.

“Several buyers told us they appreciated how thorough everything was. The inspections and detailed information shared made a big difference,” she said.

The auction method allowed the market to determine the true value of the property without being anchored to the financials. By creating competition, Goldmark Commercial positioned the property to perform far above written-income expectations.

“Andy saw the potential that the financials did not show. His strategy brought out the true value,” Judie said.

The family also appreciated how smooth and well-managed the process felt.

“We always knew what was going on. By the time the auction came, we felt confident and prepared,” she shared.

Looking back, Judie described the experience as overwhelmingly positive.

“We went in a little unsure, but Andy and the Goldmark Commercial team made everything easy to understand. We felt supported and informed every step of the way.”

Her advice for others considering selling a unique property?

“Be open to options that are not traditional. A unique property sometimes needs a unique approach. The right team makes all the difference.”