Historic Mixed-Use Building Near
For Sale
Contact for pricing
Pending
117-119 Broadway N, Fargo, ND
Mixed-use building with retail and residential units near Broadway.
Property Size5,736 SF
Lot Size0.24 Acres
Days on Market794
Property Features for 117-119 Broadway N
General Information
Standard status
Pending
Size
5,736 SF
Lot size
0.24 Acres
Property subtype
RETAIL
Listing Agency:
Property Resources Group
(701) 499-3875
Listed By:
Justin Gustofson
(701) 238-7370
Source:
Moodyscre
Added: Jul 1, 2024
Changed: Aug 12
Last Checked: Sep 1 at 11:44PM
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.
The historic Bostad building is located less than a block from Broadway Square. The property benefits from steady foot traffic due to its location in downtown Fargo, which has 5,000 residents and 20,000 employees. The building includes residential condos above a windowed storefront. The property is currently 100% occupied. The property size is 5,736 square feet. Opportunity Zone tax benefits may apply.
Key Highlights
- High‑impact exposure from steady foot traffic.
- Located less than a block from Broadway Square.
- Investment property in downtown Fargo.
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
$56,614
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
5.10%
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%
$1,132,280
$1.1M
Cap Rate 7%
$808,771
$808.8K
Cap Rate 9%
$629,044
$629.0K
Market Conditions
NOI Build-Up for 5,736 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
$86.0K $15.00/SF
− Vacancy
−$5.2K −$0.90/SF
EGI
$80.9K $14.10/SF
− OpEx
−$24.3K −$4.23/SF
NOI
$56.6K $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%
$1,132,280
Cap Rate 7%
$808,771
Cap Rate 9%
$629,044
Alternative Uses
Best Use
Retail
$808.8K
$707.7K – $943.6K
NOI $56,614 @ 7.0% cap · market cap 5.10%
Second Best
Apartment 5plus
$677.5K
$592.9K – $790.5K
NOI $47,428 @ 7.0% cap · market cap 4.27%
Theoretical Best
Office A
$1.24M
$1.09M – $1.45M
NOI $87,100 @ 7.0% cap · market cap 7.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,475
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Market
Vacancy Rate% for Multifamily 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?
Storefront property - Mixed-use building with retail and residential units near Broadway.
Where is this storefront property located?
The property is located at 117-119 Broadway N Fargo, ND.
What is the asking price?
The asking price for this property is $1,110,000.
What are key features of this property?
This property features: High‑impact exposure from steady foot traffic.; Located less than a block from Broadway Square.; Investment property in downtown Fargo.
