Modern Stand-Alone Office
For Sale
$590,000
5165 44th Street S, Fargo, ND 58104
Business/Commercial-zoned office property with bright workspaces, a conference room, wet bar, and two bathrooms.
Property Size1,600 SF
Price / SF$368.75
Days on Market107
Property Features for 5165 44th Street S
General Information
Standard status
Active
Size
1,600 SF
Property subtype
Commercial
Zoning
Business/Commercial
Taxes and HOA fees
Annual Taxes
$10,325
Amenities
conference room
wet bar
lobby
Building Details
Building Size
1,600 SF
Year Built
2022
Buildings
1
Stories
1
Units
1
Construction
modern
Listing Agency:
eXp Realty (3240 WF)
(701) 361-5768
Listed By:
Rachel Rogen
(701) 361-5768
Source:
Ivyrealestategroup
Added: Apr 24
Changed: Aug 7
Last Checked: Aug 8 at 11:23AM
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 eXp Realty (3240 WF)
Investment Insights
Based on property information with market context.
Completed in 2022, this 1,600-square-foot stand-alone office building provides a contemporary layout with four offices, a conference room, two bathrooms, and a lobby incorporating a wet bar. Expansive windows bring natural light into the interior and define the building’s modern character.
The property occupies a corner at 5165 44th Street S in Fargo, North Dakota, at a busy intersection. Business/Commercial zoning supports its identified office use.
The property occupies a corner at 5165 44th Street S in Fargo, North Dakota, at a busy intersection. Business/Commercial zoning supports its identified office use.
Key Highlights
- 1,600‑square‑foot stand‑alone office building completed in 2022
- Four offices plus a dedicated conference room
- Expansive windows provide abundant natural light
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
$18,749
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
3.18%
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%
$374,980
$375.0K
Cap Rate 7%
$267,843
$267.8K
Cap Rate 9%
$208,322
$208.3K
Market Conditions
NOI Build-Up for 1,600 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
$29.8K $18.60/SF
− Vacancy
−$4.8K −$2.98/SF
EGI
$25.0K $15.62/SF
− OpEx
−$6.2K −$3.91/SF
NOI
$18.7K $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%
$374,980
Cap Rate 7%
$267,843
Cap Rate 9%
$208,322
Alternative Uses
Best Use
Office B
$267.8K
$234.4K – $312.5K
NOI $18,749 @ 7.0% cap · market cap 3.18%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$347.1K
$303.7K – $404.9K
NOI $24,296 @ 7.0% cap · market cap 4.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
209
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Business/Commercial-zoned office property with bright workspaces, a conference room, wet bar, and two bathrooms.
Where is this office building located?
The property is located at 5165 44th Street S Fargo, ND.
What is the asking price?
The asking price for this property is $590,000.
What are key features of this property?
This property features: 1,600‑square‑foot stand‑alone office building completed in 2022; Four offices plus a dedicated conference room; Expansive windows provide abundant natural light
