Open-Layout Retail
For Sale
Contact for pricing
2925 32nd Ave S, Grand Forks, ND 58201
Former department-store space offers high ceilings, an open interior, and substantial on-site parking.
Property Size28,152 SF
Lot Size3.10 Acres
Price / SF$150.97
Days on Market20
Property Features for 2925 32nd Ave S
General Information
Standard status
Active
Size
28,152 SF
Total Parking Spaces
125
Lot size
3.10 Acres
Property subtype
Retail
Additional Details
Traffic Count
40,000 vehicles/day
Building Details
Buildings
1
Listing Agency:
Goldmark Commercial Real Estate Inc
Listed By:
Beck Erholtz · License #11929
Source:
Crexi
Added: Aug 11
Changed: Aug 29
Last Checked: Aug 29 at 2:27PM
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 Goldmark Commercial Real Estate Inc
Investment Insights
Based on property information with market context.
The former TJ Maxx property includes a 28,152 SF retail building on 3.1 acres. Its open interior and 20' ceiling heights provide a flexible configuration for retail, fitness, entertainment, or adaptive reuse. Approximately 125 parking stalls support customer access and daily operations.
The property is at 2925 32nd Ave S in Grand Forks, along a primary retail corridor and directly adjacent to Columbia Mall. The surrounding retail concentration includes Target, Walmart, Lowe's, Menards, Aldi, and Hobby Lobby. The area records approximately 40,000 VPD, placing the building within an established retail node with substantial surrounding commercial activity.
The property is at 2925 32nd Ave S in Grand Forks, along a primary retail corridor and directly adjacent to Columbia Mall. The surrounding retail concentration includes Target, Walmart, Lowe's, Menards, Aldi, and Hobby Lobby. The area records approximately 40,000 VPD, placing the building within an established retail node with substantial surrounding commercial activity.
Key Highlights
- 28,152 SF former TJ Maxx retail building
- 3.1‑acre parcel with approximately 125 parking stalls
- 20' ceiling heights and an efficient open interior layout
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
$212,829
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
5.01%
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%
$4,256,580
$4.3M
Cap Rate 7%
$3,040,414
$3.0M
Cap Rate 9%
$2,364,767
$2.4M
Market Conditions
NOI Build-Up for 28,152 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
$337.8K $12.00/SF
− Vacancy
−$33.8K −$1.20/SF
EGI
$304.0K $10.80/SF
− OpEx
−$91.2K −$3.24/SF
NOI
$212.8K $7.56/SF
Area
Grand Forks County, ND
Vacancy
10.00%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
30.00%
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%
$4,256,580
Cap Rate 7%
$3,040,414
Cap Rate 9%
$2,364,767
Alternative Uses
Best Use
Retail
$3.04M
$2.66M – $3.55M
NOI $212,829 @ 7.0% cap · market cap 5.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.21M
$4.56M – $6.08M
NOI $364,850 @ 7.0% cap · market cap 8.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
40,000 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
753
Businesses Nearby
779k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 35%
Dining 25%
Apparel 21%
Shops & Services 11%
Target
Superstores
101,672 visits/mo
0.4 miles
Walmart
Superstores
93,626 visits/mo
0.3 miles
Scheels
Apparel
83,229 visits/mo
0.5 miles
Sam's Club
Superstores
77,091 visits/mo
0.4 miles
Sierra
Apparel
34,452 visits/mo
0.3 miles
Demographics for 58201, ND
42,598
Population
20,277
Households
2.1
Avg Household Size
34
Median Age
40%
College-Educated
96%
High-School Grad
69.0 sq mi
ZIP Area
617
Density / Sq Mi
$69,120
Median Household Income
$43,503
Median Earnings
$966
Median Rent
$274,000
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Former department-store space offers high ceilings, an open interior, and substantial on-site parking.
Where is this retail space located?
The property is located at 2925 32nd Ave S Grand Forks, ND.
What is the asking price?
The asking price for this property is $4,250,000.
What are key features of this property?
This property features: 28,152 SF former TJ Maxx retail building; 3.1‑acre parcel with approximately 125 parking stalls; 20' ceiling heights and an efficient open interior layout
