Single-Tenant Office
4445 23RD AVE S, Fargo, ND 58104
For Sale
Contact for pricing
Built in 2021 and leased to Northwestern Mutual under a true NNN structure.
Property Size14,318 SF
Price / SF$342.23
Days on Market107
Property Features for 4445 23RD AVE S
General Information
Standard status
Size
Class
Total Parking Spaces
Property subtype
Zoning
Occupancy
Lease Type
Net Operating Income
Site & Location
Neighborhood
Building Details
Year Built
Buildings
Units
Tenancy
Listing Agency:
Herd Realty
Listed By:
Tony Paul · License ND #8624
(701) 446-7731
Source:
Crexi
Added: Jul 27
Changed: Nov 1
Last Checked: Nov 10 at 8:54AM
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 Herd Realty
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Investment Insights
Based on property information with market context.
Located at 4445 23RD AVE S in Fargo, ND, this 14,318-square-foot office building was completed in 2021. The property is configured for a single occupant and leased to Northwestern Mutual under a true NNN lease, with 10 years remaining on the term. Commercial zoning is in place for the property.
Key Highlights
- 14,318‑square‑foot office building completed in 2021
- Single‑tenant occupancy by Northwestern Mutual
- True NNN lease structure
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$167,778
Cap Rate
3.42%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,355,560
$3.4M
Cap Rate 7%
$2,396,829
$2.4M
Cap Rate 9%
$1,864,200
$1.9M
Market Conditions
NOI Build-Up for 14,318 SF
Gross rent
$266.3K $18.60/SF
− Vacancy
−$42.6K −$2.98/SF
EGI
$223.7K $15.62/SF
− OpEx
−$55.9K −$3.91/SF
NOI
$167.8K $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 Rate 5%
$3,355,560
Cap Rate 7%
$2,396,829
Cap Rate 9%
$1,864,200
Alternative Uses
Best Use
Office B
$2.40M
$2.10M – $2.80M
NOI $167,778 @ 7.0% cap · market cap 3.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.11M
$2.72M – $3.62M
NOI $217,416 @ 7.0% cap · market cap 4.44%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
749
Businesses Nearby
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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 Office buildings in Fargo
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Office building - Built in 2021 and leased to Northwestern Mutual under a true NNN structure.
Where is this office building located?
The property is located at 4445 23RD AVE S Fargo, ND.
What is the asking price?
The asking price for this property is $4,900,000.
What are key features of this property?
This property features: 14,318‑square‑foot office building completed in 2021; Single‑tenant occupancy by Northwestern Mutual; True NNN lease structure
