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    1621 University Dr Fargo, ND 58103

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    For Lease
    Contact for pricing

    High-traffic retail space, Fargo, ND.

    Lot size:
    15,951 SF

    Property Features for 1621 University Dr

    General Information

    Property type
    Retail properties & Spaces
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    15,951 SF

    Spaces For Lease

    at 1621 University Dr, Fargo, ND 58103 Contact us
    Unit Suite 107

    $26 /Mo

    Size
    2,400 SF
    Contact us
    Unit Suite 102

    $22 /Mo

    Size
    3,783 SF
    Contact us
    Unit Suite 104

    $24 /Mo

    Size
    2,622 SF
    Contact us
    Unit Suite 103

    $24 /Mo

    Size
    2,015 SF
    Contact us
    Unit Suite 100

    $26 /Mo

    Size
    2,500 SF
    Contact us
    Unit Suite 105

    $22 /Mo

    Size
    2,631 SF
    Contact us
    Show more

    We can help!

    Listing Contact
    Justin Gustofson
    Justin Gustofson

    Listing Agency: Property Resources Group Listing Agent: Justin Gustofson

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    This exceptional retail opportunity is part of the vibrant BLOC mixed-use development in Fargo, North Dakota, located on University Drive South, just north of I-94. Boasting over 34,000 vehicles per day, this prime location offers unparalleled visibility and accessibility. The property features nearly 16,000 square feet of commercial space across six suites, with options for single units or combinations, ranging from a minimum of 2,015 square feet to a maximum contiguous space of 15,951 square feet. Situated directly across from Sanford Health and Essentia Health, this development benefits from high foot and vehicle traffic. Suite 100 offers an outdoor patio, while Suites 103, 104, and 107 are equipped for drive-thru capabilities. The building offers a vanilla shell delivery with attractive features including a 12'8" ceiling height to the bottom of the beam and a 14'4" ceiling height to the bottom of the floor deck, concrete floors, a 5-ton HVAC unit, a sprinkler system, and 200-amp electric service. Construction is slated for completion in the fall of 2024. This is an ideal location for a variety of retail or restaurant uses, capitalizing on the high traffic counts and proximity to major healthcare facilities. The address is 1621 S University Dr, Fargo, ND 58103, within Cass County.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    South Plaza Shopping ... Shopping Center & Mall Elite Insurance Insurance Agency Jeanie Ark Barber Barber Shop Coinflip Bitcoin ATM Financial Advisor Retzer Industrial General Contractor

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Fargo
    County
    Cass
    State
    North Dakota
    Longitude
    -96.7990223
    Latitude
    46.8549497

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    FAQs

    What type of property is this?
    Retail property - High-traffic retail space, Fargo, ND.
    Where is this retail property located?
    The property is located at 1621 University Dr Fargo, ND.
    What is the lease rate?
    The lease rate is $22-$26 SF/Yr.
    What are key features of this property?
    This property features: 16,000 SF of retail space available in six suites, ranging from 2,015 SF to 15,951 SF contiguous.; Located in Fargo, ND's BLOC mixed-use development on University Dr S, with over 34,000 VPD.; High visibility and accessibility, directly across from Sanford Health and Essentia Health.
    (701) 238-7370 Call to check price and availability
    Request Owner's contact information
    1621 University Dr Fargo, ND 58103
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    Fargo, ND 58103
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1621 University Dr Fargo, ND 58103
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    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Justin Gustofson
    Justin Gustofson
    Real Estate License ID: 9860
    (701) 238-7370 (701) 499-3875
    Learn more
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