Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1551 28Th Ave S Grand Forks, ND 58201

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    $34 SF/Yr

    Move-in ready office suites available for lease.

    Property size:
    131 SF
    Lot size:
    131 SF

    Property Features for 1551 28Th Ave S

    General Information

    Standard status
    Active
    Size
    131 SF

    We can help!

    Listing Contact
    Jeremy Horst
    Jeremy Horst
    Source: Exitrealty

    Listing Agency: CORE Property Group Listing Agent: Jeremy Horst

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Office Suites in Grand Forks

    Located in south Grand Forks, the Oakmont Business Center offers multiple single office suites available for lease. The property has been updated throughout and features front door parking. The suites are move-in ready. The property has a size of 131 square feet.
    Location Intelligence

    Current Use by Public Records

    Center For Self Growth Crisis Center Insurance Brokers of MN ... Insurance Agency Farmers Union Insurance ... Insurance Agency Billie's Soap and Spa ... Cosmetic Store Kayla Norton Psychotherapist

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Grand Forks
    County
    Grand Forks
    State
    North Dakota
    Longitude
    -97.049078
    Latitude
    47.8926134

    Nearby Similar for Lease

    • $22 SF/Yr
      11,967 SF

      Medical Clinic Suite For Lease

      Turnkey Class A medical clinic suite in Grand Forks.
      3221 32Nd Ave S, Grand Forks, ND 58201
      View Details
    • $16 SF/Yr
      726 SF

      Professional Office Space For Rent

      Two offices with reception area in downtown Grand Forks.
      600 Demers Ave, Grand Forks, ND 58201
      View Details
    • $7 SF/Yr
      6,750 SF

      Gateway Drive Office/Warehouse Space

      Office/warehouse space on Gateway Drive with high traffic counts.
      5118 Gateway Dr, Grand Forks, ND 58203
      View Details
    • $23 SF/Yr
      6,088 SF

      Retail Space in Southtowne Square

      Retail suites available in high-traffic Southtowne Square.
      3001 S Columbia Rd, Grand Forks, ND 58201
      View Details
    • $20 SF/Yr
      2,475 SF

      Remodeled Office Suites in Grand Forks

      Professional office suites available for rent in Grand Forks.
      2850 24Th Ave S, Grand Forks, ND 58201
      View Details
    • $1,650 /Mo
      1,240 SF

      Grand Forks Office Suite For Rent

      Single office suite in growing south Grand Forks available immediately.
      2300 47Th Ave S, Grand Forks, ND 58201
      View Details
    • $23 SF/Yr
      1,320 SF

      Retail, Medical, Office Space

      Retail, medical, and office spaces available at a busy corner.
      2650 32Nd Ave S, Grand Forks, ND 58201
      View Details
    • $16 SF/Yr

      Downtown Commercial Space For Lease

      Urban setting with high visibility, suitable for restaurant or office.
      323 Demers Ave, Grand Forks, ND 58201
      View Details
    • $18 SF/Yr

      Historic Building in Grand Forks

      Prime location suitable for retail or restaurant use.
      116 S 3Rd St, Grand Forks, ND 58201
      View Details
    • $20 SF/Yr
      1,638 SF

      Retail/Office Space in Grand Forks

      Retail or office space available in high-traffic Grand Forks.
      3610 Washington St S, Grand Forks, ND 58201
      View Details
    • $13 SF/Yr
      9,336 SF

      WestChase Office Park Suites

      Office suites available in a convenient Grand Forks location.
      3535 31St St S, Grand Forks, ND 58201
      View Details
    • $16 SF/Yr

      High Visibility Retail Space

      2200+ sq ft commercial space on busy S Washington corridor.
      1020 S Washington St, Grand Forks, ND 58201
      View Details

    FAQs

    What type of property is this?
    Office units - Move-in ready office suites available for lease.
    Where is this office units located?
    The property is located at 1551 28Th Ave S Grand Forks, ND.
    What is the lease rate?
    The lease rate is $34 SF/Yr.
    What are key features of this property?
    This property features: - Move-in ready suites offer immediate occupancy.; - Updated throughout with modern finishes.; - Convenient south Grand Forks location.
    (701) 235-2920
    Request Owner's contact information
    1551 28Th Ave S Grand Forks, ND 58201
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1551 28Th Ave S
    Grand Forks, ND 58201
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    1551 28Th Ave S Grand Forks, ND 58201
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Jeremy Horst
    Jeremy Horst
    Real Estate License ID: 40199898
    (701) 235-2920 (701) 212-4144
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!