Flex Retail and Office
612 23rd Street S, Fargo, ND 58103
For Sale
Contact for pricing
Own a turnkey prep kitchen with retail, office, and customer/storage space plus on-site parking.
Property Size2,228 SF
Price / SF$152.56
Days on Market153
Property Features for 612 23rd Street S
General Information
Standard status
Size
Property subtype
Zoning
Investment Type
Site & Location
Neighborhood
Building Details
Year Built
Listing Agency:
Goldmark Commercial Real Estate Inc
Listed By:
Brett Saladin, CCIM · License ND #10761
(701) 566-1052
Source:
Crexi
Added: Jun 11
Changed: Oct 26
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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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This property is configured to support a prep kitchen while remaining flexible for retail or office use. The space includes a dedicated kitchen area with stainless steel sinks, a dishwasher, and a large walk-in cooler included with the sale. In addition to the kitchen, there is a retail area, an office, and a room designed for guests or customers. Two restrooms are available, along with ample storage space to support day-to-day operations.
The property includes on-site parking for both customers and employees, supporting convenient access for business operations that require regular customer traffic.
For buyers looking for an operating kitchen setup, the included equipment and prep layout can reduce initial buildout requirements. The same footprint also supports conversion to retail or office use, giving users flexibility if their concept changes. With built-in restroom capacity and practical storage, the space can accommodate teams and inventory without requiring major structural additions based on the listed improvements.
The property includes on-site parking for both customers and employees, supporting convenient access for business operations that require regular customer traffic.
For buyers looking for an operating kitchen setup, the included equipment and prep layout can reduce initial buildout requirements. The same footprint also supports conversion to retail or office use, giving users flexibility if their concept changes. With built-in restroom capacity and practical storage, the space can accommodate teams and inventory without requiring major structural additions based on the listed improvements.
Key Highlights
- Year built 1971
- Includes prep kitchen space with stainless steel sinks, dishwasher, and a large walk‑in cooler (included in sale)
- Layout features retail area, office space, and room for guests/customers
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$26,108
Cap Rate
7.68%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$522,160
$522.2K
Cap Rate 7%
$372,971
$373.0K
Cap Rate 9%
$290,089
$290.1K
Market Conditions
NOI Build-Up for 2,228 SF
Gross rent
$41.4K $18.60/SF
− Vacancy
−$6.6K −$2.98/SF
EGI
$34.8K $15.62/SF
− OpEx
−$8.7K −$3.91/SF
NOI
$26.1K $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 Rate 5%
$522,160
Cap Rate 7%
$372,971
Cap Rate 9%
$290,089
Alternative Uses
Best Use
Office B
$373.0K
$326.4K – $435.1K
NOI $26,108 @ 7.0% cap · market cap 7.68%
Second Best
Specialty Retail
$365.4K
$319.8K – $426.4K
NOI $25,581 @ 7.0% cap · market cap 7.53%
Theoretical Best
Office A
$483.3K
$422.9K – $563.9K
NOI $33,832 @ 7.0% cap · market cap 9.95%
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
1,448
Businesses Nearby
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Business Placement
Demographics for 58103, ND
46,754
Population
25,241
Households
1.9
Avg Household Size
36
Median Age
37%
College-Educated
93%
High-School Grad
11.5 sq mi
ZIP Area
4,066
Density / Sq Mi
$57,699
Median Household Income
$38,241
Median Earnings
$831
Median Rent
$239,200
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Retail space - Own a turnkey prep kitchen with retail, office, and customer/storage space plus on-site parking.
Where is this retail space located?
The property is located at 612 23rd Street S Fargo, ND.
What is the asking price?
The asking price for this property is $339,900.
What are key features of this property?
This property features: Year built 1971; Includes prep kitchen space with stainless steel sinks, dishwasher, and a large walk‑in cooler (included in sale); Layout features retail area, office space, and room for guests/customers
