Charming Office Building For
502 1st Ave N, Fargo, ND 58102
For Sale
Contact for pricing
Historic office building with modern security features, ideal for businesses.
Property Size18,568 SF
Price / SF$145.14
Days on Market242
Property Features for 502 1st Ave N
General Information
Standard status
Size
Property subtype
Investment Type
Site & Location
Neighborhood
Building Details
Year Built
Year Renovated
Listing Agency:
Goldmark Commercial Real Estate Inc
Listed By:
Aaron Hill · License ND #11183
(701) 235-2900
Source:
Crexi
Added: Mar 14
Changed: Nov 1
Last Checked: Nov 8 at 6:38AM
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 Goldmark Commercial Real Estate Inc
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Investment Insights
Based on property information with market context.
This office building offers a blend of historical charm and modern functionality, suitable for businesses seeking to establish a strong presence. The interior features exposed brickwork and original beams, complemented by natural light. The property is equipped with keyless card reader access on all doors, along with recently installed security cameras and door access systems to protect common areas. Parking spaces are available upon request for an additional monthly fee. The building, with a size of 18568 square feet, is available for sale as an investment opportunity or for owner-occupancy.
Key Highlights
- Suitable for owner‑occupier or investment opportunity
- Keyless card reader access on all doors
- Recently installed security cameras and door access systems
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$217,580
Cap Rate
8.07%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,351,600
$4.4M
Cap Rate 7%
$3,108,286
$3.1M
Cap Rate 9%
$2,417,556
$2.4M
Market Conditions
NOI Build-Up for 18,568 SF
Gross rent
$345.4K $18.60/SF
− Vacancy
−$55.3K −$2.98/SF
EGI
$290.1K $15.62/SF
− OpEx
−$72.5K −$3.91/SF
NOI
$217.6K $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%
$4,351,600
Cap Rate 7%
$3,108,286
Cap Rate 9%
$2,417,556
Alternative Uses
Best Use
Office B
$3.11M
$2.72M – $3.63M
NOI $217,580 @ 7.0% cap · market cap 8.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.03M
$3.52M – $4.70M
NOI $281,951 @ 7.0% cap · market cap 10.46%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
3,241
Businesses Nearby
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Business Placement
Demographics for 58102, ND
30,767
Population
16,757
Households
1.8
Avg Household Size
32
Median Age
45%
College-Educated
95%
High-School Grad
31.6 sq mi
ZIP Area
974
Density / Sq Mi
$56,028
Median Household Income
$31,939
Median Earnings
$829
Median Rent
$235,600
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 - Historic office building with modern security features, ideal for businesses.
Where is this office building located?
The property is located at 502 1st Ave N Fargo, ND.
What is the asking price?
The asking price for this property is $2,695,000.
What are key features of this property?
This property features: Suitable for owner‑occupier or investment opportunity; Keyless card reader access on all doors; Recently installed security cameras and door access systems
