835 23Rd Ave Fargo, ND 58103

Property Details for 835 23Rd Ave

Year built

2016

Lot size

3.03 lot acres

Property size

21,026 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

Veterans Commons, a Class A, 21,026 square foot shopping center in Fargo, North Dakota, presents a compelling investment opportunity. This stabilized, 100% occupied property boasts a diverse tenant mix of ten credit-rated businesses, including Verizon Wireless, hotworx, and a US Government tenant. Located at 835 23rd Ave E, Fargo, ND 58103, the center benefits from a prime location on a high-traffic corridor, with daily traffic counts exceeding 43,865 vehicles. The property features two single-story buildings constructed in 2016 and renovated between 2016 and 2022, situated on a 3.03-acre lot. The NNN lease structure provides a stable income stream, with a pro-forma NOI of $475,511 and a pro-forma cap rate of 6.25%. The asking price is $8,800,000, translating to $361.46 per square foot. Key anchors nearby include Costco, which reported $1.2 million in credit card swipes in 2021 and averaged approximately 6,100 daily visitors in August 2022, and Sanford Hospital's new regional hospital. The property is part of The Preserve development, a mixed-use area including retail, housing, and office space. A Chase ATM on the property further enhances traffic and revenue. The landlord prioritized strong tenant financials and a balanced mix, ensuring no single tenant occupies more than 20% of the gross leasable area. The property's APN is 02-4602-00050-000, and ownership is fee simple. The pad site represents the only developable land remaining in West Fargo between Interstate 94 and 32nd Ave.

Location Insight

City

Fargo

County

Cass

State

North Dakota

Longitude

-96.8851

Latitude

46.843