Shop Condo with Mezzanine
For Sale
Contact for pricing
2629 12th St North, Fargo, ND 58102
Flexible 900 SF shop condo with overhead door access, mezzanine office, and private bath with shower.
Property Size900 SF
Price / SF$183.33
Days on Market55
Property Features for 2629 12th St North
General Information
Standard status
Active
Size
900 SF
Class
B
Property subtype
Industrial, Self Storage
Zoning
Commercial
Investment Type
Owner/User
Building Details
Year Built
2017
Buildings
1
Units
1
Listing Agency:
Horizon Real Estate Group
(701) 793-0653
Listed By:
Brian Tulibaski · License #ND: 9607
Source:
Crexi
Added: Jun 18
Changed: Aug 8
Last Checked: Aug 10 at 10:33AM
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 offering is a 900 SF shop condo designed to combine a working area with a functional office setup. The unit includes overhead door access, a floor drain, and an epoxy floor, with a mezzanine office for additional workspace. A private bathroom with shower supports hands-on use, while the building also provides owner access to a shared restroom and shared wash bay. The property is set up for utilities and security needs, including high-speed internet, DirecTV, and security cameras.
The condo is part of a gated property with fire sprinklers and a security fence, supporting controlled access for contractors, trades, and equipment-focused users. Additional on-site features include the shared wash bay, which can be convenient for maintaining tools and vehicles used in everyday operations.
This space can work well for businesses that need a shop environment plus dedicated workspace, as well as for storage and personal use that benefits from overhead door entry and an office area. With the combination of shop amenities, a private bath, and access to shared restrooms and wash facilities, the layout supports a range of small operators and hobbyist needs without sacrificing practicality.
The condo is part of a gated property with fire sprinklers and a security fence, supporting controlled access for contractors, trades, and equipment-focused users. Additional on-site features include the shared wash bay, which can be convenient for maintaining tools and vehicles used in everyday operations.
This space can work well for businesses that need a shop environment plus dedicated workspace, as well as for storage and personal use that benefits from overhead door entry and an office area. With the combination of shop amenities, a private bath, and access to shared restrooms and wash facilities, the layout supports a range of small operators and hobbyist needs without sacrificing practicality.
Key Highlights
- 2017‑built 900 SF north Fargo shop condo with flexible space for business, storage, or personal use
- Overhead door access plus a floor drain and epoxy floor for shop‑ready functionality
- Mezzanine office area and private bathroom with shower
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
$7,932
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
4.81%
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%
$158,640
$158.6K
Cap Rate 7%
$113,314
$113.3K
Cap Rate 9%
$88,133
$88.1K
Market Conditions
NOI Build-Up for 900 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
$9.7K $10.80/SF
− Vacancy
−$389 −$0.43/SF
EGI
$9.3K $10.37/SF
− OpEx
−$1.4K −$1.56/SF
NOI
$7.9K $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%
$158,640
Cap Rate 7%
$113,314
Cap Rate 9%
$88,133
Alternative Uses
Best Use
Warehouse
$113.3K
$99.2K – $132.2K
NOI $7,932 @ 7.0% cap · market cap 4.81%
Second Best
Self Storage
$104.3K
$91.3K – $121.7K
NOI $7,303 @ 7.0% cap · market cap 4.43%
Theoretical Best
Office A
$195.2K
$170.8K – $227.8K
NOI $13,666 @ 7.0% cap · market cap 8.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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 - Flexible 900 SF shop condo with overhead door access, mezzanine office, and private bath with shower.
Where is this flex space located?
The property is located at 2629 12th St North Fargo, ND.
What is the asking price?
The asking price for this property is $165,000.
What are key features of this property?
This property features: 2017‑built 900 SF north Fargo shop condo with flexible space for business, storage, or personal use; Overhead door access plus a floor drain and epoxy floor for shop‑ready functionality; Mezzanine office area and private bathroom with shower
