Flex Space with Shop
2971 Thunder Road S, Fargo, ND 58104
For Sale
$586,900
Pending
Commercial Sale, Fargo, ND
Property Size2,400 SF
Lot Size0.15 Acres
Days on Market253
Property Features for 2971 Thunder Road S
General Information
Property type
Property subtype
Zoning description
Parking features
Patio and Porch features
Accessibility
Subdivision
Lot features
Directions
Standard status
APN
Lot size
Taxes and HOA fees
Tax Year
Tax Annual Amount
Utilities
Cooling system
Amenities
security system
Building Details
Year built
Listing Agency:
REALTY XPERTS
(701) 356-5300
Listed By:
Sarah Claeys
(701) 552-1410
Added: Mar 5
Changed: Oct 22
Last Checked: Nov 12 at 8:06AM
MLS# 7029674
Copyright © 2026 Northstar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This flex space combines a finished office area with a 1,200-square-foot shop and storage area. The office includes two private offices, a waiting room, a bathroom, and a kitchen; separate heating and air conditioning serve this portion of the property. The shop features epoxy flooring, a floor drain, a utility sink, a mechanical room, and a 12-by-14-foot overhead door. A stamped-concrete patio is enclosed by hurricane fencing.
The 2023-built property sits on a 0.15-acre corner lot near I-29 and 32nd Avenue. Dedicated parking is located in front, with access to community parking along the building’s side. Exterior features include landscaping, concrete curbing, irrigation, and drip lines. A security system and ramp-accessible approach are also included.
The 2023-built property sits on a 0.15-acre corner lot near I-29 and 32nd Avenue. Dedicated parking is located in front, with access to community parking along the building’s side. Exterior features include landscaping, concrete curbing, irrigation, and drip lines. A security system and ramp-accessible approach are also included.
Key Highlights
- 1,200‑square‑foot shop and storage area
- Shop includes a 12 x 14 ft overhead garage door, floor drain, utility sink, and mechanical room
- Office area has two private offices, a waiting room, bathroom, and kitchen
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$21,151
Cap Rate
3.60%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$423,020
$423.0K
Cap Rate 7%
$302,157
$302.2K
Cap Rate 9%
$235,011
$235.0K
Market Conditions
NOI Build-Up for 2,400 SF
Gross rent
$25.9K $10.80/SF
− Vacancy
−$1.0K −$0.43/SF
EGI
$24.9K $10.37/SF
− OpEx
−$3.7K −$1.56/SF
NOI
$21.2K $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 Rate 5%
$423,020
Cap Rate 7%
$302,157
Cap Rate 9%
$235,011
Alternative Uses
Best Use
Warehouse
$302.2K
$264.4K – $352.5K
NOI $21,151 @ 7.0% cap · market cap 3.60%
Second Best
Flex RnD
$276.5K
$242.0K – $322.6K
NOI $19,356 @ 7.0% cap · market cap 3.30%
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.
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Current Use
Lease Details
1
Drive-in doors
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
473
Businesses Nearby
Under-served
Demand for This Use
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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
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Market
Properties on Market for Flex space in Fargo
Vacancy Rate% for Industrial in Midwest region
Frequently Asked Questions
What type of property is this?
Flex space - Separate office and work areas pair with a private patio and dedicated parking.
Where is this flex space located?
The property is located at 2971 Thunder Road S 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: 1,200‑square‑foot shop and storage area; Shop includes a 12 x 14 ft overhead garage door, floor drain, utility sink, and mechanical room; Office area has two private offices, a waiting room, bathroom, and kitchen
