West Fargo Office and
For Sale
Contact for pricing
2528 Main Ave W, West Fargo, ND 58078
16,015 SF office and shop building in West Fargo.
Property Size16,015 SF
Price / SF$140.49
Days on Market1081
Property Features for 2528 Main Ave W
General Information
Standard status
Active
Size
16,015 SF
Class
A
Property subtype
Industrial
Lease Type
NNN
Building Details
Year Built
2013
Tenancy
Multi
Listing Agency:
Core Property Group
(701) 371-5977
Listed By:
Jeremy Horst · License #ND 8209
Source:
Crexi
Added: Sep 15, 2023
Changed: Aug 17
Last Checked: Aug 28 at 9:32PM
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 Core Property Group
Investment Insights
Based on property information with market context.
This 16,015 square foot building, located along Main Avenue in West Fargo, features office and shop space. The property is positioned just off Interstate 94. The building includes two floors of Class A office space, featuring custom built-in cabinets and desks, high-end bathrooms with a shower, a designer kitchen, and fireplaces. An elevator provides access between floors. The building also offers four demised shop bays, each with a private bathroom. Adequate parking is available, and a monument sign provides visibility to Main Avenue and I-94.
Key Highlights
- Excellent location just off Interstate 94 and along Main Avenue in West Fargo.
- 16,015 square foot office and shop building.
- Class ‘A’ office space with custom built‑in cabinets, desks, high end bathrooms with shower, designer kitchen, and fireplaces.**
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
$137,908
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
6.13%
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%
$2,758,160
$2.8M
Cap Rate 7%
$1,970,114
$2.0M
Cap Rate 9%
$1,532,311
$1.5M
Market Conditions
NOI Build-Up for 16,015 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
$230.6K $14.40/SF
− Vacancy
−$18.4K −$1.15/SF
EGI
$212.2K $13.25/SF
− OpEx
−$74.3K −$4.64/SF
NOI
$137.9K $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%
$2,758,160
Cap Rate 7%
$1,970,114
Cap Rate 9%
$1,532,311
Alternative Uses
Best Use
Flex RnD
$1.97M
$1.72M – $2.30M
NOI $137,908 @ 7.0% cap · market cap 6.13%
Second Best
Industrial
$1.34M
$1.17M – $1.56M
NOI $93,832 @ 7.0% cap · market cap 4.17%
Theoretical Best
Specialty Retail
$2.96M
$2.59M – $3.45M
NOI $207,122 @ 7.0% cap · market cap 9.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
47
Businesses Nearby
Well-served
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
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 - 16,015 SF office and shop building in West Fargo.
Where is this flex space located?
The property is located at 2528 Main Ave W West Fargo, ND.
What is the asking price?
The asking price for this property is $2,250,000.
What are key features of this property?
This property features: Excellent location just off Interstate 94 and along Main Avenue in West Fargo.; 16,015 square foot office and shop building.; Class ‘A’ office space with custom built‑in cabinets, desks, high end bathrooms with shower, designer kitchen, and fireplaces.**
