Garage Condominiums Under
For Sale
$679,900
3800 98TH Avenue S Unit C, Fargo, ND 58104
High-end garage condominiums customizable for hobbies and passions.
Property Size4,800 SF
Price / SF$141.65
Days on Market2227
Property Features for 3800 98TH Avenue S Unit C
General Information
Standard status
Active
Size
4,800 SF
Property subtype
General Commercial
Taxes and HOA fees
Annual Taxes
$10,063
Amenities
3
Building Details
Year Built
2022
Listing Agency:
Property Resources Group
(701) 356-8888
Listed By:
Justin Gustofson
(701) 238-7370
Source:
Xome
Added: Jul 25, 2020
Changed: Aug 12
Last Checked: Aug 29 at 7:01AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Property Resources Group
Investment Insights
Based on property information with market context.
Luxstor is a community of high-end garage condominiums that can be customized. These units offer amenities and are under construction. The units, with a property size of 4800 square feet, are designed as spaces to showcase cars, RVs, boats, motorcycles, or hobby workspaces, while also providing a place to relax. These units are not intended for business use.
Key Highlights
- High‑end garage condominiums customizable for hobbies and passions.
- Suitable for showcasing cars, RVs, boats, motorcycles, or hobby workspaces.
- Amenities create a comfortable 'home away from home' atmosphere.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$47,376
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.97%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$947,520
$947.5K
Cap Rate 7%
$676,800
$676.8K
Cap Rate 9%
$526,400
$526.4K
Market Conditions
NOI Build-Up for 4,800 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$72.0K $15.00/SF
− Vacancy
−$4.3K −$0.90/SF
EGI
$67.7K $14.10/SF
− OpEx
−$20.3K −$4.23/SF
NOI
$47.4K $9.87/SF
Area
Fargo, ND
Vacancy
6.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$947,520
Cap Rate 7%
$676,800
Cap Rate 9%
$526,400
Alternative Uses
Best Use
Retail
$676.8K
$592.2K – $789.6K
NOI $47,376 @ 7.0% cap · market cap 6.97%
Second Best
Self Storage
$556.4K
$486.9K – $649.2K
NOI $38,949 @ 7.0% cap · market cap 5.73%
Theoretical Best
Office A
$1.04M
$911.1K – $1.21M
NOI $72,887 @ 7.0% cap · market cap 10.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
225
Businesses Nearby
Explore this area
Business Placement
Demographics for 58104, ND
48,150
Population
21,847
Households
2.2
Avg Household Size
32
Median Age
49%
College-Educated
98%
High-School Grad
28.0 sq mi
ZIP Area
1,720
Density / Sq Mi
$85,014
Median Household Income
$51,148
Median Earnings
$1,087
Median Rent
$346,100
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Self storage facility - High-end garage condominiums customizable for hobbies and passions.
Where is this self storage facility located?
The property is located at 3800 98TH Avenue S Unit C Fargo, ND.
What is the asking price?
The asking price for this property is $679,900.
What are key features of this property?
This property features: High‑end garage condominiums customizable for hobbies and passions.; Suitable for showcasing cars, RVs, boats, motorcycles, or hobby workspaces.; Amenities create a comfortable 'home away from home' atmosphere.
