High-Visibility Office Building Near
For Sale
Contact for pricing
1749 38th St S, Fargo, ND 58103
16,000+ SF office building with high traffic exposure.
Property Size16,937 SF
Price / SF$147.55
Days on Market744
Property Features for 1749 38th St S
General Information
Standard status
Active
Size
16,937 SF
Total Parking Spaces
65
Property subtype
Retail, Office
Building Details
Year Built
1979
Buildings
1
Stories
2
Listing Agency:
Goldmark Commercial Real Estate Inc
(701) 893-2826
Listed By:
Paul Campbell · License #ND 10554
Source:
Crexi
Added: Aug 17, 2024
Changed: Aug 23
Last Checked: Aug 28 at 10:12PM
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
Investment Insights
Based on property information with market context.
Available for sale or lease, this office building offers over 16,000 square feet of space with high visibility along I-29. The brick building features ceilings as high as 19 feet and ample parking. It is conveniently located near amenities such as West Acres Mall, restaurants, and hotels. The property includes multiple open working areas, large offices, conference and training rooms, and a kitchen and break room. The finished garden level features a large training room, two offices, bathrooms, and storage. Recent improvements include a new roof, restriped parking lot, security cameras, and updated HVAC controls. On-building and boulevard pylon signage facing I-29 are available. The location sees over 75,000 vehicles passing by daily.
Key Highlights
- High visibility location with over 75,000 vehicles passing daily on I‑29.
- Large office space: 16,000+ SF.
- Ample parking.
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
$198,468
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
7.94%
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%
$3,969,360
$4.0M
Cap Rate 7%
$2,835,257
$2.8M
Cap Rate 9%
$2,205,200
$2.2M
Market Conditions
NOI Build-Up for 16,937 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
$315.0K $18.60/SF
− Vacancy
−$50.4K −$2.98/SF
EGI
$264.6K $15.62/SF
− OpEx
−$66.2K −$3.91/SF
NOI
$198.5K $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%
$3,969,360
Cap Rate 7%
$2,835,257
Cap Rate 9%
$2,205,200
Alternative Uses
Best Use
Office B
$2.84M
$2.48M – $3.31M
NOI $198,468 @ 7.0% cap · market cap 7.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.67M
$3.21M – $4.29M
NOI $257,185 @ 7.0% cap · market cap 10.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
790
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - 16,000+ SF office building with high traffic exposure.
Where is this office building located?
The property is located at 1749 38th St S Fargo, ND.
What is the asking price?
The asking price for this property is $2,499,000.
What are key features of this property?
This property features: High visibility location with over 75,000 vehicles passing daily on I‑29.; Large office space: 16,000+ SF.; Ample parking.
