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    118 Broadway N Fargo, ND 58102

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    For Lease
    Contact for pricing

    Downtown Fargo office and retail spaces with skyway access.

    Type:Office
    Added:
    Aug 22, 2024
    Days on Market:
    608
    Last Refresh:
    Mar 17 at 1:22 pm

    Property Features for 118 Broadway N

    General Information

    Standard status
    Active
    Property subtype
    Office

    Spaces For Lease

    at 118 Broadway N Contact us

    Main Floor (Subdividable) $18 /Mo

    Size
    7,103 SF
    Type
    Office
    Contact us

    Suite 208 $16 /Mo

    Size
    8,107 SF
    Type
    Office
    Contact us

    Suite 507 $76 /Mo

    Size
    154 SF
    Type
    Office
    Contact us

    5th Floor $18 /Mo

    Size
    818 SF
    Type
    Office
    Suite 505 is 154 SF and $975/mo.
    Contact us

    3rd Floor $18 /Mo

    Size
    4,345 SF
    Type
    Office
    Contact us

    Suite 504 $76 /Mo

    Size
    154 SF
    Type
    Office
    Contact us

    Space B $12 /Mo

    Size
    2,854 SF
    Type
    Office
    Contact us
    Show more

    We can help!

    Listing Contact
    Justin Gustofson, CCIM, SIOR

    Listing agent Justin Gustofson, CCIM, SIOR License #ND 9860

    Listing office Property Resources Group

    Listing date Aug 22, 2024

    Source Crexi

    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

    Overview

    Historic Black Building Office Suites

    Located in downtown Fargo, the historic Black Building offers a variety of suites for rent, including main floor retail spaces and office spaces on the third and fifth floors. The building provides direct access to the skyway. Individual office suites on the fifth floor are available as turn-key spaces, featuring sit/stand desks, chairs, and cabinets. Flexible lease durations are offered, with utilities included in one monthly bill. Shared amenities for the fifth-floor suites include a rooftop patio, kitchenette, conference room, and wellness room. Parking spaces are available in the adjacent Kesler building for $175 per month per spot.
    Location Intelligence

    Current Use by Public Records

    Thiken (Bike/Boat/Book/etc) Store Dorsher Dentistry Dental Office North Dakota Horse ... Racecourse Ankers Law Law Firm Gregory Clark, MSW Foster Care Service

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Fargo
    County
    Cass
    State
    North Dakota
    Longitude
    -96.7881138
    Latitude
    46.8776194

    Nearby Similar for Lease

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      Downtown Fargo Retail Space Available

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      Remodeled Office Space For Lease

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      Industrial Building with Large Yard

      5,768 SF industrial space with 1.32-acre yard for lease.
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      Fargo Office Space For Rent

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      South Fargo Office Space Available

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      Prime Retail or Office Space

      Expansive property ideal for retail or professional offices with storage.
      2600 52nd Ave S, Fargo, ND
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    • Contact for pricing

      Fargo Warehouse Space Available

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      View Details

    FAQs

    What type of property is this?
    Office units - Downtown Fargo office and retail spaces with skyway access.
    Where is this office units located?
    The property is located at 118 Broadway N Fargo, ND.
    What are key features of this property?
    This property features: Direct skyway access to downtown Fargo.; Fully furnished, turn‑key office suites available.; Flexible lease durations.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Justin Gustofson, CCIM, SIOR
    Real Estate License ID: ND 9860
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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