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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    3221 32Nd Ave Grand Forks, ND 58201

    • Commercial real estate
    • 24,186 SF
    • 2.42 lot acres
    For Lease
    View listing
    $22 SF/Yr
    Last Sale
    Jan 03, 2020
    $6,500,000
    Value Estimations
    $7,185,000
    Cap Rate Potential
    2%
    Commercial real estate
    Location Intelligence
    Property ID
    US56-0664278
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Grand Forks VA Clinic / Medical Clinic
    • Complete Nutrition / (Bike/Boat/Book/etc) Store / Pharmacy
    • Moore Patrick F MD / Physician
    • Chicago Burritos / Restaurant
    • Verizon / Mobile Phone Store / Electronics & Wireless Store

    Property Details for 3221 32Nd Ave

    Year built
    2006
    Lot size
    2.42 lot acres
    Property size
    24,186 SF
    Property type
    Commercial real estate
    APN
    44261000002010
    APU
    44261000002010

    Description

    This exceptional Grand Forks property offers 24,678 square feet of versatile commercial space, ideally suited for medical offices, retail, or a combination thereof. Built in 2006, the single-story building features three suites, with a minimum divisible space of 1,475 square feet and a maximum of 8,493 square feet. The open concept design allows for flexible configurations to meet diverse business needs. The high 14-foot ceilings create a spacious and airy atmosphere. The property boasts 150 parking spaces, ensuring ample convenience for patients and clients. Located at 3221 32nd Ave S, Grand Forks, ND 58201, this prime location benefits from excellent visibility and accessibility. The building is zoned for commercial use and equipped with three-phase power. While elevators are not present, the single-story design ensures easy navigation. Annual property taxes are estimated at $4.50 per square foot. Currently, there are three available spaces. One space offers 1,475 square feet of open concept retail area, immediately available for lease at $22.00 per square foot, with estimated 2024 CAM charges of $6.25 per square foot. This presents a unique opportunity for businesses seeking a well-maintained, strategically located space in a thriving community.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $7,655,000
      ML approach
      $8,090,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Grand Forks
    County
    Grand Forks
    State
    North Dakota
    Longitude
    -97.0748
    Latitude
    47.8887
    CBSA code
    24220
    CBSA name
    GRAND FORKS, ND-MN METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $63,201
    $625,000
    $1,145,000
    $1,770,000
    -
    $1,250,000
    $2,290,000
    $3,540,000

    Comparable in this City

    • Value Estimation by Request

      4575 32nd S Ave

      COMMERCIAL (GENERAL)
      4575 32nd S Ave, Grand Forks, ND 58201-3305
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    • Value Estimation by Request

      2251 32nd S Ave

      COMMERCIAL (GENERAL)
      2251 32nd S Ave, Grand Forks, ND 58201-3602
      View Details
    • Value Estimation
      $505,000
      2.31 Acres

      3451 32nd S Ave

      COMMERCIAL (GENERAL) • 2.31 Acres
      3451 32nd S Ave, Grand Forks, ND 58201-5915
      View Details
    • Value Estimation by Request

      2373 32nd S Ave

      COMMERCIAL (GENERAL)
      2373 32nd S Ave, Grand Forks, ND 58201-6546
      View Details
    • Value Estimation
      $590,000
      6.00 Acres

      2306 32nd S Ave

      COMMERCIAL (GENERAL) • 6.00 Acres
      2306 32nd S Ave, Grand Forks, ND 58201-6547
      View Details
    • Value Estimation by Request
      26.68 Acres

      5500 32nd S Ave

      COMMERCIAL (GENERAL) • 26.68 Acres
      5500 32nd S Ave, Grand Forks, ND 58201
      View Details

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    Similar Nearby for Lease

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      Retail Space on 32nd Avenue

      Retail space for lease; landlord can assist with build-out.
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    • $21 SF/Yr
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      Grand Forks Retail Space For Lease

      Prime retail space, high traffic location.
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    • $22 SF/Yr
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      Grand Forks Restaurant Spaces Available

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      Class-A Industrial Space Available
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      View Details
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    Grand Forks, ND 58201
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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
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