Flex Space with Shop
New
For Sale
$409,000
2233 Sheyenne Street, West Fargo, ND 58078
Commercial Sale, West Fargo, ND
Property Size2,288 SF
Lot Size0.19 Acres
Price / SF$178.76
Days on Market2
Property Features for 2233 Sheyenne Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Business/Commercial
Parking features
Parking Lot
Subdivision
Dolls Seventh Add
High school district
West Fargo
Directions
South of I94 and East of Sheyenne St
Standard status
Active
APN
02423100060000
Lot size
0.19 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5721
Utilities
Heating system
Baseboard
Building Details
Year built
2016
Listing Agency:
eXp Realty (3240 WF)
(701) 361-5768
Listed By:
Michelle Larson-Hoppe
(612) 751-9303
Added: Sep 25
Last Checked: Sep 26 at 5:06AM
MLS# 7150813
Copyright © 2026 Northstar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 2016, this 2,288-square-foot flex property includes shop space with concrete floors and a floor drain. Baseboard heating serves the building, and a parking lot is among its site features.
The property occupies a 0.19-acre parcel at 2233 Sheyenne Street in West Fargo, North Dakota.
The property occupies a 0.19-acre parcel at 2233 Sheyenne Street in West Fargo, North Dakota.
Key Highlights
- 2,288 square feet of shop space
- Concrete floors and a floor drain
- Built in 2016
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
$19,702
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
4.82%
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%
$394,040
$394.0K
Cap Rate 7%
$281,457
$281.5K
Cap Rate 9%
$218,911
$218.9K
Market Conditions
NOI Build-Up for 2,288 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
$32.9K $14.40/SF
− Vacancy
−$2.6K −$1.15/SF
EGI
$30.3K $13.25/SF
− OpEx
−$10.6K −$4.64/SF
NOI
$19.7K $8.61/SF
Area
Cass County, ND
Vacancy
8.00%
Lease Rate
$14.40 /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%
$394,040
Cap Rate 7%
$281,457
Cap Rate 9%
$218,911
Alternative Uses
Best Use
Flex RnD
$281.5K
$246.3K – $328.4K
NOI $19,702 @ 7.0% cap · market cap 4.82%
Second Best
Industrial
$191.5K
$167.6K – $223.4K
NOI $13,405 @ 7.0% cap · market cap 3.28%
Theoretical Best
Specialty Retail
$422.7K
$369.9K – $493.2K
NOI $29,591 @ 7.0% cap · market cap 7.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
185
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 58078, ND
39,161
Population
16,416
Households
2.4
Avg Household Size
34
Median Age
45%
College-Educated
97%
High-School Grad
39.8 sq mi
ZIP Area
984
Density / Sq Mi
$97,206
Median Household Income
$51,208
Median Earnings
$1,073
Median Rent
$303,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Concrete flooring and a floor drain support hands-on shop activities.
Where is this flex space located?
The property is located at 2233 Sheyenne Street West Fargo, ND.
What is the asking price?
The asking price for this property is $409,000.
What are key features of this property?
This property features: 2,288 square feet of shop space; Concrete floors and a floor drain; Built in 2016
