Shop Condo with Mezzanine
For Sale
Contact for pricing
2629 12th Street North, Fargo, ND 58102
Flex shop condo with overhead door access, a climate-controlled mezzanine office, and wash bay/restroom access for day-to-day operations.
Property Size1,016 SF
Price / SF$184.06
Days on Market64
Property Features for 2629 12th Street North
General Information
Standard status
Active
Size
1,016 SF
Class
B
Property subtype
Industrial
Zoning
Commercial
Investment Type
Owner/User
Warehouse & Industrial
Drive-In Doors
1
Sprinkler System
Yes
Additional Details
Fenced Yard
Yes
Building Details
Year Built
2017
Year Renovated
2022
Buildings
1
Units
1
Listing Agency:
Horizon Real Estate Group
(701) 793-0653
Listed By:
Brian Tulibaski · License #ND: 9607
Source:
Crexi
Added: Jun 9
Changed: Aug 8
Last Checked: Jun 20 at 3:22AM
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 1,016 SF shop condo is designed for flexible use, combining shop space with a climate-controlled mezzanine office. The unit provides overhead door access for loading and equipment movement, plus a floor drain to support practical work needs. Additional interior convenience includes a functional layout suited to both storage and workspace. The property is equipped with security features including security cameras, and the unit is separately protected with fire sprinklers in each unit.
Owners also have access to shared amenities that support trades and contractors, including a public restroom and a shared wash bay. The facility is fenced and gated, helping provide controlled access for tenants and owners. Included utilities and services list high-speed internet and DirecTV, which can help reduce setup time for operating businesses.
For buyers seeking a compact, multi-purpose workspace, this condo setup supports a range of uses such as business operations with on-site office space, contractor storage, or equipment-focused personal use. The combination of shop access, drainage, and an office area offers a workable balance for users who need to move materials while maintaining a comfortable space for administration.
Owners also have access to shared amenities that support trades and contractors, including a public restroom and a shared wash bay. The facility is fenced and gated, helping provide controlled access for tenants and owners. Included utilities and services list high-speed internet and DirecTV, which can help reduce setup time for operating businesses.
For buyers seeking a compact, multi-purpose workspace, this condo setup supports a range of uses such as business operations with on-site office space, contractor storage, or equipment-focused personal use. The combination of shop access, drainage, and an office area offers a workable balance for users who need to move materials while maintaining a comfortable space for administration.
Key Highlights
- 1016 SF north Fargo shop condo in a building built in 2017
- Overhead door access with a floor drain for shop/contractor operations
- Climate‑controlled mezzanine office for workspace inside the condo
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
$8,954
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
4.79%
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%
$179,080
$179.1K
Cap Rate 7%
$127,914
$127.9K
Cap Rate 9%
$99,489
$99.5K
Market Conditions
NOI Build-Up for 1,016 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
$11.0K $10.80/SF
− Vacancy
−$439 −$0.43/SF
EGI
$10.5K $10.37/SF
− OpEx
−$1.6K −$1.56/SF
NOI
$9.0K $8.81/SF
Area
Fargo, ND
Vacancy
4.00%
Lease Rate
$10.80 /SF/Yr
Expense Ratio
15.00%
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%
$179,080
Cap Rate 7%
$127,914
Cap Rate 9%
$99,489
Alternative Uses
Best Use
Warehouse
$127.9K
$111.9K – $149.2K
NOI $8,954 @ 7.0% cap · market cap 4.79%
Second Best
Flex RnD
$117.1K
$102.4K – $136.6K
NOI $8,194 @ 7.0% cap · market cap 4.38%
Theoretical Best
Office A
$220.4K
$192.9K – $257.1K
NOI $15,428 @ 7.0% cap · market cap 8.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Yes
Sprinkler system
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
1,986
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 Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Flex shop condo with overhead door access, a climate-controlled mezzanine office, and wash bay/restroom access for day-to-day operations.
Where is this flex space located?
The property is located at 2629 12th Street North Fargo, ND.
What is the asking price?
The asking price for this property is $187,000.
What are key features of this property?
This property features: 1016 SF north Fargo shop condo in a building built in 2017; Overhead door access with a floor drain for shop/contractor operations; Climate‑controlled mezzanine office for workspace inside the condo
