Fargo Industrial/Flex Space
For Sale
Contact for pricing
1902 1st Ave S, Fargo, ND
17,810 SF industrial/flex space in central Fargo.
Property Size17,810 SF
Lot Size1.35 Acres
Price / SF$89.84
Days on Market370
Property Features for 1902 1st Ave S
General Information
Standard status
Active
Size
17,810 SF
Lot size
1.35 Acres
Property subtype
INDUSTRIAL
Listing Agency:
Horizon Real Estate Group
(701) 793-0653
Listed By:
Brian Tulibaski, MBA
Source:
Moodyscre
Added: Aug 8, 2025
Changed: Jul 6
Last Checked: Aug 11 at 2:39PM
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 Horizon Real Estate Group
Investment Insights
Based on property information with market context.
This 17,810 square foot industrial/flex space is located in central Fargo. The shops are currently at 100% occupancy. A 610 square foot office space is currently unoccupied, presenting a value-add opportunity. SBA financing is available for owner-users. Partial seller financing is available to qualified buyers.
Key Highlights
- 17,810 SF industrial/flex space available
- Excellent central Fargo location
- Shops currently at 100% occupancy
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
$143,641
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
8.98%
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%
$2,872,820
$2.9M
Cap Rate 7%
$2,052,014
$2.1M
Cap Rate 9%
$1,596,011
$1.6M
Market Conditions
NOI Build-Up for 17,810 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
$235.1K $13.20/SF
− Vacancy
−$14.1K −$0.79/SF
EGI
$221.0K $12.41/SF
− OpEx
−$77.3K −$4.34/SF
NOI
$143.6K $8.07/SF
Area
Fargo, ND
Vacancy
6.00%
Lease Rate
$13.20 /SF/Yr
Expense Ratio
35.00%
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%
$2,872,820
Cap Rate 7%
$2,052,014
Cap Rate 9%
$1,596,011
Alternative Uses
Best Use
Flex RnD
$2.05M
$1.80M – $2.39M
NOI $143,641 @ 7.0% cap · market cap 8.98%
Second Best
Industrial
$1.73M
$1.52M – $2.02M
NOI $121,441 @ 7.0% cap · market cap 7.59%
Theoretical Best
Office A
$3.86M
$3.38M – $4.51M
NOI $270,441 @ 7.0% cap · market cap 16.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,242
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Brew Catering & Events — 1213 Northern Pacific Ave Suite 101, Fargo, ND 58102
- Oven Door Catering Services — 1338 3rd Ave N, Fargo, ND 58102
- Ade's Cuisine — 1407 1st Ave N, Fargo, ND 58102
- Milk Made Catering — 612 23rd St S, Fargo, ND 58102
- Sugar Hill Catering — 1407 1st Ave N, Fargo, ND 58102
Frequently Asked Questions
What type of property is this?
Flex space - 17,810 SF industrial/flex space in central Fargo.
Where is this flex space located?
The property is located at 1902 1st Ave S Fargo, ND.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: 17,810 SF industrial/flex space available; Excellent central Fargo location; Shops currently at 100% occupancy
