Flex Space with Remodeled
For Sale
Contact for pricing
1720 3rd Ave N, Fargo, ND 58102
General Commercial-zoned facility with warehouse capacity, substantial office improvements, and access to Main Ave. and 7th Ave N.
Property Size43,000 SF
Price / SF$80.23
Days on Market157
Property Features for 1720 3rd Ave N
General Information
Standard status
Active
Size
43,000 SF
Property subtype
Industrial
Zoning
General Commercial
Additional Details
Road Access
Yes
Office Build-Out
7,600 SF
Building Details
Year Built
1978
Stories
2
Listing Agency:
Goldmark Commercial Real Estate Inc
(701) 235-2900
Listed By:
Aaron Hill · License #ND 11183
Source:
Crexi
Added: Mar 27
Changed: Aug 29
Last Checked: Aug 29 at 7:23PM
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 Goldmark Commercial Real Estate Inc
Investment Insights
Based on property information with market context.
This 43,000-square-foot flex facility, built in 1978, combines warehouse capacity with 7,600 square feet of recently remodeled office space. The property is configured for commercial or industrial operations and carries General Commercial zoning.
Access is provided from 3rd Ave N, with convenient connections to Main Ave. and 7th Ave N. The combination of expansive industrial space and updated office improvements supports warehouse, distribution, and organizational uses identified for the property.
Access is provided from 3rd Ave N, with convenient connections to Main Ave. and 7th Ave N. The combination of expansive industrial space and updated office improvements supports warehouse, distribution, and organizational uses identified for the property.
Key Highlights
- 43,000‑square‑foot flex facility
- 7,600 square feet of recently remodeled office space
- General Commercial zoning
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
$293,204
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
8.50%
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%
$5,864,080
$5.9M
Cap Rate 7%
$4,188,629
$4.2M
Cap Rate 9%
$3,257,822
$3.3M
Market Conditions
NOI Build-Up for 43,000 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
$438.6K $10.20/SF
− Vacancy
−$19.7K −$0.46/SF
EGI
$418.9K $9.74/SF
− OpEx
−$125.7K −$2.92/SF
NOI
$293.2K $6.82/SF
Area
Fargo, ND
Vacancy
4.50%
Lease Rate
$10.20 /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%
$5,864,080
Cap Rate 7%
$4,188,629
Cap Rate 9%
$3,257,822
Alternative Uses
Best Use
Office B
$7.20M
$6.30M – $8.40M
NOI $503,874 @ 7.0% cap · market cap 14.61%
Second Best
Warehouse
$5.41M
$4.74M – $6.32M
NOI $378,950 @ 7.0% cap · market cap 10.98%
Theoretical Best
Office A
$9.33M
$8.16M – $10.88M
NOI $652,946 @ 7.0% cap · market cap 18.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
774
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 58102, ND
30,767
Population
16,757
Households
1.8
Avg Household Size
32
Median Age
45%
College-Educated
95%
High-School Grad
31.6 sq mi
ZIP Area
974
Density / Sq Mi
$56,028
Median Household Income
$31,939
Median Earnings
$829
Median Rent
$235,600
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - General Commercial-zoned facility with warehouse capacity, substantial office improvements, and access to Main Ave. and 7th Ave N.
Where is this flex space located?
The property is located at 1720 3rd Ave N Fargo, ND.
What is the asking price?
The asking price for this property is $3,450,000.
What are key features of this property?
This property features: 43,000‑square‑foot flex facility; 7,600 square feet of recently remodeled office space; General Commercial zoning
