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4445 23rd Ave S 14,318 SF Office Building Fargo, ND 58104 $4,900,000 ($342.23/SF) 6.05% Cap Rate
Executive Summary
Herd Realty is pleased to present a rare opportunity to acquire a Class A, single-tenant office building in Fargo, ND. The property is 100% occupied by Northwestern Mutual on a true NNN lease with over 10 years remaining and contractual 2% annual rent escalators.
Investment Highlights
Fortune 500 tenant (Northwestern Mutual – #110 on the 2024 Fortune 500)
Corporate guarantee
True triple-net lease – tenant responsible for taxes, insurance, maintenance, HVAC, and utilities
10-year primary term remaining (expires May 31, 2036)
Two (2) 5-year renewal options
2% annual rent increases
Modern 2021 construction with high-end finishes
Strong visibility and access near 45th St S and I-94
Location
Strategically located just off 23rd Ave S, approximately 1/10 mile from the high-traffic 45th St S corridor. The property benefits from strong local traffic counts and visibility from I-94.
This is a passive, credit-tenant investment with predictable income growth and long-term residual value in one of North Dakota’s strongest markets.
Investment Highlights
Fortune 500 tenant (Northwestern Mutual – #110 on the 2024 Fortune 500)
Corporate guarantee
True triple-net lease – tenant responsible for taxes, insurance, maintenance, HVAC, and utilities
10-year primary term remaining (expires May 31, 2036)
Two (2) 5-year renewal options
2% annual rent increases
Modern 2021 construction with high-end finishes
Strong visibility and access near 45th St S and I-94
Location
Strategically located just off 23rd Ave S, approximately 1/10 mile from the high-traffic 45th St S corridor. The property benefits from strong local traffic counts and visibility from I-94.
This is a passive, credit-tenant investment with predictable income growth and long-term residual value in one of North Dakota’s strongest markets.
Property Facts
Sale Type
Investment NNN
Property Type
Office
Building Size
14,318 SF
Building Class
A
Year Built
2022
Price
$4,900,000
Price Per SF
$342.23
Cap Rate
6.05%
NOI
$296,383
Tenancy
Single
Building Height
2 Stories
Typical Floor Size
7,159 SF
Building FAR
0.24
Lot Size
1.38 AC
Major Tenants Click Here to Access
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
- Northwestern Mutual
- Finance and Insurance
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99,999 SF
-
$9.99
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Lorem Ipsum
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Jan 0000
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
| Northwestern Mutual | Finance and Insurance | 99,999 SF | $9.99 | Lorem Ipsum | Jan 0000 |
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Moderately walkable
60/100
Exceptionally drivable
100/100
Limited public transit
30/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 01-8731-00100-000 | Improvements Assessment | $1,484,200 |
| Land Assessment | $269,500 | Total Assessment | $1,753,700 |
Property Taxes
Parcel Number
01-8731-00100-000
Land Assessment
$269,500
Improvements Assessment
$1,484,200
Total Assessment
$1,753,700
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