Building Details

Floors in Building 2

Flooring type Vinyl, Carpet

Roof type Metal

Listing Agency: Real Estate 7

Listed By: Allan M. Freidig Show Phone

Added: Mar 5 Changed: Sep 4 Last Checked: Sep 5 at 3:06AM

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MLS# 11667449

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.

Investment Insights

Based on property information with market context.

This flex property includes approximately 9,600 square feet in a steel building with a thermal package. The layout combines several private offices, a conference room, and a substantial production area. Loft storage adds additional utility, while vinyl and carpet flooring, radiant heat, propane heating, a metal roof, public water, and a septic tank are part of the existing improvements.

The property encompasses approximately 19.39 acres at 7581 Hwy. 2 W in Devils Lake, North Dakota. Two rental units of approximately 1,000 square feet each provide five beds, bathroom facilities, boat storage, and cooking areas. The combination of business space, storage, and equipped lodging units supports a flexible commercial configuration.

Key Highlights

• Approximately 9,600 square feet of commercial space
• Approximately 19.39 acres at 7581 Hwy. 2 W, Devils Lake, ND 58301
• Private offices, conference room, and large production area

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

$91,428

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

7.03%

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%

$1,828,560 $1.8M

Cap Rate 7%

$1,306,114 $1.3M

Cap Rate 9%

$1,015,867 $1.0M

Market Conditions

NOI Build-Up for 9,600 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

$149.8K $15.60/SF

− Vacancy

−$27.9K −$2.90/SF

EGI

$121.9K $12.70/SF

− OpEx

−$30.5K −$3.17/SF

NOI

$91.4K $9.52/SF

Area

Ramsey County, ND

Vacancy

18.60%

Lease Rate

$15.60 /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%

$1,828,560

Cap Rate 7%

$1,306,114

Cap Rate 9%

$1,015,867

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

Warehouse

$975.7K

$853.7K – $1.14M (±1% cap)

NOI $68,299 @ 7.0% cap · market cap 5.25%

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 authorities.

Property Analytics

Current Use

Flex space

Location Intelligence

Trade Area within ½ mile

3

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 58301, ND

10,105

Population

5,040

Households

2

Avg Household Size

40

Median Age

27%

College-Educated

93%

High-School Grad

274.2 sq mi

ZIP Area

37

Density / Sq Mi

$58,688

Median Household Income

$37,611

Median Earnings

$682

Median Rent

$205,200

Median Home Value

Market

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this flex space located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Flex space - Steel commercial building with offices, a conference room, production space, and two equipped lodging units.

Where is this flex space 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 square feet of commercial space; Approximately 19.39 acres at 7581 Hwy. 2 W, Devils Lake, ND 58301; Private offices, conference room, and large production area