Flex Property with Shop
For Sale
Contact for pricing
421 29TH CT NW, West Fargo, ND
Two-building commercial property combines office, warehouse, and separately configured shop space with on-site parking.
Property Size24,122 SF
Price / SF$142.31
Days on Market111
Property Features for 421 29TH CT NW
General Information
Standard status
Active
Size
24,122 SF
Class
B
Property subtype
Industrial
Zoning
Commercial
Warehouse & Industrial
Warehouse Space
10,100 SF
Office Build-Out
1,782 SF
Building Details
Year Built
2021
Buildings
2
Units
1
Listing Agency:
Uptown Real Estate
(701) 388-6015
Listed By:
Samantha Johnston · License #40928898
Source:
Crexi
Added: May 12
Changed: Aug 29
Last Checked: Aug 29 at 9:41PM
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 Uptown Real Estate
Investment Insights
Based on property information with market context.
Built in 2021, this 24,122-square-foot flex property includes two separate buildings. The first contains 11,882 square feet, with 1,782 square feet of office area and 10,100 square feet of warehouse space supported by a loading dock. The second building measures 12,240 square feet and is divided into seven shop units.
Each shop unit includes a private bathroom, floor drain, and forced-air natural gas heat. Six of the seven units are under lease contract, providing an existing leased component within the property. The site is zoned Commercial and includes parking. Located at 421 29th CT NW in West Fargo, North Dakota.
Each shop unit includes a private bathroom, floor drain, and forced-air natural gas heat. Six of the seven units are under lease contract, providing an existing leased component within the property. The site is zoned Commercial and includes parking. Located at 421 29th CT NW in West Fargo, North Dakota.
Key Highlights
- 24,122‑square‑foot flex property with 2 buildings
- Building 1: 11,882 SF with 1,782 SF of office and 10,100 SF of warehouse space
- Building 1 includes a loading dock
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
$207,719
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
6.05%
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%
$4,154,380
$4.2M
Cap Rate 7%
$2,967,414
$3.0M
Cap Rate 9%
$2,307,989
$2.3M
Market Conditions
NOI Build-Up for 24,122 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
$347.4K $14.40/SF
− Vacancy
−$27.8K −$1.15/SF
EGI
$319.6K $13.25/SF
− OpEx
−$111.8K −$4.64/SF
NOI
$207.7K $8.61/SF
Area
Cass County, ND
Vacancy
8.00%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
35.00%
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%
$4,154,380
Cap Rate 7%
$2,967,414
Cap Rate 9%
$2,307,989
Alternative Uses
Best Use
Flex RnD
$2.97M
$2.60M – $3.46M
NOI $207,719 @ 7.0% cap · market cap 6.05%
Second Best
Warehouse
$2.45M
$2.15M – $2.86M
NOI $171,616 @ 7.0% cap · market cap 5.00%
Theoretical Best
Specialty Retail
$4.46M
$3.90M – $5.20M
NOI $311,970 @ 7.0% cap · market cap 9.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
516
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Two-building commercial property combines office, warehouse, and separately configured shop space with on-site parking.
Where is this flex space located?
The property is located at 421 29TH CT NW West Fargo, ND.
What is the asking price?
The asking price for this property is $3,432,910.
What are key features of this property?
This property features: 24,122‑square‑foot flex property with 2 buildings; Building 1: 11,882 SF with 1,782 SF of office and 10,100 SF of warehouse space; Building 1 includes a loading dock
