Shop Condo with Office
For Sale
$586,900
2971 Thunder Road, Fargo, ND 58104
Move-in ready shop condo with a finished office area, enclosed patio, and a 12x14 overhead garage door.
Property Size2,400 SF
Price / SF$244.54
Days on Market242
Property Features for 2971 Thunder Road
General Information
Standard status
Active
Size
2,400 SF
Property subtype
General Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Drive-In Doors
1
Taxes and HOA fees
Annual Taxes
$8,076
Amenities
security system
full kitchen
stamped concrete patio
private offices
waiting room
bathroom
separate heat and A/C
floor drain
utility sink
irrigation
drip lines
concrete curbing
landscaped
3
Parking. Corner Lot.
Heated Garage, Lot.
Corner.
Building Details
Year Built
2023
Stories
1
Listing Agency:
REALTY XPERTS
(651) 278-7326
Listed By:
Sara Worwa
(651) 278-7326
Source:
Xome
Added: Dec 13, 2025
Changed: Aug 7
Last Checked: Aug 11 at 5:44AM
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 REALTY XPERTS
Investment Insights
Based on property information with market context.
This move-in ready shop condo offers approximately 2,400 square feet of flexible space, with a finished office area and a large shop/storage component. The office includes two private offices, a waiting room, and a bathroom, along with separate heat and A/C. The unit also features a full kitchen with custom cabinetry and backsplash, located just off a spacious stamped concrete patio. The patio is fully enclosed with hurricane fencing for added privacy.
The shop/storage area is designed for practical use with epoxy floors, a 12 x 14 ft overhead garage door, a floor drain, a walk-in mechanical room, and a utility sink. The property sits on a corner lot with direct access to community parking along the side of the building, plus dedicated parking in front.
Additional exterior improvements include fully landscaped grounds with concrete curbing, irrigation, and drip lines, along with an included security system. The property’s layout combines administrative space with a functional, garage-access shop/storage area.
The shop/storage area is designed for practical use with epoxy floors, a 12 x 14 ft overhead garage door, a floor drain, a walk-in mechanical room, and a utility sink. The property sits on a corner lot with direct access to community parking along the side of the building, plus dedicated parking in front.
Additional exterior improvements include fully landscaped grounds with concrete curbing, irrigation, and drip lines, along with an included security system. The property’s layout combines administrative space with a functional, garage-access shop/storage area.
Key Highlights
- 2,400 sq ft shop condo built in 2023, offering an expansive 1,200 sq ft shop/storage area
- Finished office area includes two private offices, a waiting room, a bathroom, and separate heat and A/C
- Kitchen with custom cabinetry and backsplash, located off a stamped concrete patio
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
$28,123
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%
$562,460
$562.5K
Cap Rate 7%
$401,757
$401.8K
Cap Rate 9%
$312,478
$312.5K
Market Conditions
NOI Build-Up for 2,400 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
$44.6K $18.60/SF
− Vacancy
−$7.1K −$2.98/SF
EGI
$37.5K $15.62/SF
− OpEx
−$9.4K −$3.91/SF
NOI
$28.1K $11.72/SF
Area
Fargo, ND
Vacancy
16.00%
Lease Rate
$18.60 /SF/Yr
Expense Ratio
25.00%
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%
$562,460
Cap Rate 7%
$401,757
Cap Rate 9%
$312,478
Alternative Uses
Best Use
Office B
$401.8K
$351.5K – $468.7K
NOI $28,123 @ 7.0% cap · market cap 4.79%
Second Best
Warehouse
$302.2K
$264.4K – $352.5K
NOI $21,151 @ 7.0% cap · market cap 3.60%
Theoretical Best
Office A
$520.6K
$455.6K – $607.4K
NOI $36,444 @ 7.0% cap · market cap 6.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
473
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 58104, ND
48,150
Population
21,847
Households
2.2
Avg Household Size
32
Median Age
49%
College-Educated
98%
High-School Grad
28.0 sq mi
ZIP Area
1,720
Density / Sq Mi
$85,014
Median Household Income
$51,148
Median Earnings
$1,087
Median Rent
$346,100
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Move-in ready shop condo with a finished office area, enclosed patio, and a 12x14 overhead garage door.
Where is this flex space located?
The property is located at 2971 Thunder Road Fargo, ND.
What is the asking price?
The asking price for this property is $586,900.
What are key features of this property?
This property features: 2,400 sq ft shop condo built in 2023, offering an expansive 1,200 sq ft shop/storage area; Finished office area includes two private offices, a waiting room, a bathroom, and separate heat and A/C; Kitchen with custom cabinetry and backsplash, located off a stamped concrete patio
