Office Condominium
For Sale
$524,900
3917 51 Street, Fargo, ND 58104
Brookview Office Condos offer office condo ownership with a layout designed for five offices, a conference room, and two bathrooms.
Property Size1,800 SF
Price / SF$291.61
Days on Market328
Property Features for 3917 51 Street
General Information
Standard status
Active
Size
1,800 SF
Property subtype
General Commercial
Additional Details
Office Units
1
Amenities
Central Air
3
Parking.
Lot.
Building Details
Year Built
2025
Stories
2
Tenancy
Multi
Listing Agency:
Trilogy Real Estate
(701) 361-5948
Listed By:
Trilogy Real Estate
(701) 361-5948
Source:
Xome
Added: Sep 19, 2025
Changed: Aug 12
Last Checked: Aug 12 at 4:28AM
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 Trilogy Real Estate
Investment Insights
Based on property information with market context.
Brookview Office Condos presents a modern, flexible office condo opportunity within a development of 18 office units. One described interior layout includes five offices, a conference room, and two bathrooms, with a floorplan that can be modified to fit the user’s needs.
The property is located at 3917 S 51 Street in Fargo, ND, on the south side of Fargo along 40th Ave S, with local county involvement noted in the remarks. Buyers should plan to verify taxes, as stated in the provided information.
This offering is positioned for professional use with condo ownership rather than rental occupancy, supporting businesses looking for ownership of office space.
The property is located at 3917 S 51 Street in Fargo, ND, on the south side of Fargo along 40th Ave S, with local county involvement noted in the remarks. Buyers should plan to verify taxes, as stated in the provided information.
This offering is positioned for professional use with condo ownership rather than rental occupancy, supporting businesses looking for ownership of office space.
Key Highlights
- Brookview Office Condos in Fargo with a five‑office layout plus a conference room
- Includes 2 bathrooms and office‑ready interior plan for tenant/professional use
- Central air cooling and heating system listed
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
$21,092
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
4.02%
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%
$421,840
$421.8K
Cap Rate 7%
$301,314
$301.3K
Cap Rate 9%
$234,356
$234.4K
Market Conditions
NOI Build-Up for 1,800 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
$33.5K $18.60/SF
− Vacancy
−$5.4K −$2.98/SF
EGI
$28.1K $15.62/SF
− OpEx
−$7.0K −$3.91/SF
NOI
$21.1K $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%
$421,840
Cap Rate 7%
$301,314
Cap Rate 9%
$234,356
Alternative Uses
Best Use
Office B
$301.3K
$263.7K – $351.5K
NOI $21,092 @ 7.0% cap · market cap 4.02%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$390.5K
$341.7K – $455.6K
NOI $27,333 @ 7.0% cap · market cap 5.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
650
Businesses Nearby
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?
Office units - Brookview Office Condos offer office condo ownership with a layout designed for five offices, a conference room, and two bathrooms.
Where is this office units located?
The property is located at 3917 51 Street Fargo, ND.
What is the asking price?
The asking price for this property is $524,900.
What are key features of this property?
This property features: Brookview Office Condos in Fargo with a five‑office layout plus a conference room; Includes 2 bathrooms and office‑ready interior plan for tenant/professional use; Central air cooling and heating system listed
