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    Versatile Commercial Building on 19 Acres Title is generated by Realmo AI

    7581 Hwy. 2 W, Devils Lake, ND 58301

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    For Sale
    $1,300,000

    Commercial Building - Devils Lake, ND

    Property size:
    9,600 SF
    Lot size:
    19.39 Acres
    Price / SF:
    $135/SF
    Added:
    Mar 5, 2026
    Days on Market:
    91
    Last Refresh:
    Jun 4 at 10:06 pm

    Property Features for 7581 Hwy. 2 W

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Bathrooms
    3
    Rooms
    Bathroom 1, Bathroom 2, Bathroom 3
    Parking features
    Garage
    Standard status
    Active
    Size
    9,600 SF
    Lot size
    19.39 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    6010

    Utilities

    Heating system
    Propane (Heating), Radiant

    Building Details

    Floors in Building
    2
    Flooring type
    Carpet, Vinyl
    Roof type
    Metal
    Architectural style
    Other

    We can help!

    Listing Contact
    Allan M. Freidig

    Listing agent Allan M. Freidig

    Listing office Real Estate 7 702 5th Ave. SE, Devils Lake, ND

    Listing date Mar 5, 2026

    MLS# 11667449 Listing URL

    Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Approximately 9,600 sq ft of fully finished commercial space in a steel building.
    • Two rental units (approx. 1,000 sq ft each) with beds, bathrooms, boat storage, and cooking areas.
    • Located on approximately 19.39 acres in a peaceful country setting.
    • Versatile interior with private offices, conference room, and large production area.
    • Potential for short‑term lodging, workforce housing, or hunting/fishing accommodations.
    • Loft storage for extra space and functionality.

    Overview

    This commercial property offers approximately 9,600 square feet of finished space within a steel building that includes a thermal package. The interior is designed with several private office spaces, a conference room, and a large production area. The property also features two rental units, each approximately 1,000 square feet. Each rental unit includes five beds, bathroom facilities, boat storage, and a cooking area. Loft storage provides additional space and functionality. The property is situated on approximately 19.39 acres in a country setting. The layout is designed to support multiple uses. This property is suitable for business operations, rental income, lodging, or specialty commercial uses.

    Local Financial Insights For Office B

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $149.8k $15.60
    − Vacancy −$27.9k −$2.90
    EGI $121.9k $12.70
    − OpEx −$30.5k −$3.17
    NOI $91.4k $9.52
    9,600 SF · lease $15.60/SF/yr · vacancy 18.60% · expense 25.00%

    Alternative Uses

    Best Use
    Office B
    $1.31M
    $1.14M – $1.52M (±1% cap)
    NOI $91,428 @ 7.0% cap · market cap 7.03%
    Second Best
    Mixed Use
    $1.03M
    $900.9K – $1.20M (±1% cap)
    NOI $72,072 @ 7.0% cap · market cap 5.54%
    Theoretical Best
    Specialty Retail
    $1.90M
    $1.66M – $2.22M (±1% cap)
    NOI $132,963 @ 7.0% cap · market cap 10.23%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Office Units

    Map

    City
    Devils Lake
    County
    Ramsey
    State
    North Dakota
    Longitude
    -98.990073
    Latitude
    48.169829

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    FAQs

    What type of property is this?
    Mixed-use property - 9,600 sqft commercial space with rental units on 19.39 acres.
    Where is this mixed-use property located?
    The property is located at 7581 Hwy. 2 W Devils Lake, ND.
    What is the asking price?
    The asking price for this property is $1,300,000.
    What are key features of this property?
    This property features: Approximately 9,600 sq ft of fully finished commercial space in a steel building.; Two rental units (approx. 1,000 sq ft each) with beds, bathrooms, boat storage, and cooking areas.; Located on approximately 19.39 acres in a peaceful country setting.
    (701) 662-7171
    We can help!
    Listing Contact
    Allan M. Freidig
    Learn More
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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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