Flex Building with Shop
For Sale
$299,000
8313 Highway 2, Devils Lake, ND 58301
Commercial Sale, Devils Lake, ND
Property Size3,738 SF
Lot Size0.83 Acres
Price / SF$79.99
Days on Market137
Property Features for 8313 Highway 2
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Bathrooms
2
Full bathrooms
1
Half bathrooms
1
Rooms
Bathroom 2, Bathroom 1
View
City
Standard status
Active
APN
05-0000-01037-002
Size
3,738 SF
Lot size
0.83 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
1783
Utilities
Sewer type
Septic Tank
Heating system
Propane (Heating), Electric (Heating), Baseboard
Water source
Public
Building Details
Year built
1985
Floors in Building
1
Flooring type
Laminate, Vinyl
Roof type
Metal
Listing Agency:
High Valley Real Estate
(701) 662-6788
Listed By:
James Andrews
Added: Apr 22
Changed: Sep 4
Last Checked: Sep 5 at 4:06PM
MLS# 11746898
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 steel flex building, constructed in 1985, combines finished office space with an attached shop. The office component measures approximately 1,250 square feet and includes a showroom and reception area, private office, two bathrooms, laundry area, storage, and a small workshop. The attached shop adds approximately 2,500 square feet with concrete floors, a propane-supplied suspended furnace serving part of the area, and an unfinished section available for customization.
Located along the US Highway 2 corridor on the east side of Devils Lake, the property provides highway access and commercial exposure. Office heating includes electric baseboard service, while the building also has forced-air heat; the central air system is currently non-operational. The property occupies 0.83 acres and includes a metal roof, public water, and a septic tank.
Located along the US Highway 2 corridor on the east side of Devils Lake, the property provides highway access and commercial exposure. Office heating includes electric baseboard service, while the building also has forced-air heat; the central air system is currently non-operational. The property occupies 0.83 acres and includes a metal roof, public water, and a septic tank.
Key Highlights
- Approximately 3,738 square feet of commercial building area on 0.83 acres
- Approximately 1,250‑square‑foot finished office area with showroom, private office, two bathrooms, laundry, and storage
- Approximately 2,500‑square‑foot attached shop with concrete flooring
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
$22,506
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
7.53%
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%
$450,120
$450.1K
Cap Rate 7%
$321,514
$321.5K
Cap Rate 9%
$250,067
$250.1K
Market Conditions
NOI Build-Up for 3,738 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
$37.2K $9.96/SF
− Vacancy
−$2.6K −$0.70/SF
EGI
$34.6K $9.26/SF
− OpEx
−$12.1K −$3.24/SF
NOI
$22.5K $6.02/SF
Area
Ramsey County, ND
Vacancy
7.00%
Lease Rate
$9.96 /SF/Yr
Expense Ratio
35.00%
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%
$450,120
Cap Rate 7%
$321,514
Cap Rate 9%
$250,067
Alternative Uses
Best Use
Office B
$508.6K
$445.0K – $593.3K
NOI $35,600 @ 7.0% cap · market cap 11.91%
Second Best
Flex RnD
$321.5K
$281.3K – $375.1K
NOI $22,506 @ 7.0% cap · market cap 7.53%
Theoretical Best
Specialty Retail
$739.6K
$647.2K – $862.9K
NOI $51,772 @ 7.0% cap · market cap 17.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
36
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Steel commercial building combining finished office, showroom, and attached shop areas along a US Highway 2 commercial corridor.
Where is this flex space located?
The property is located at 8313 Highway 2 Devils Lake, ND.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Approximately 3,738 square feet of commercial building area on 0.83 acres; Approximately 1,250‑square‑foot finished office area with showroom, private office, two bathrooms, laundry, and storage; Approximately 2,500‑square‑foot attached shop with concrete flooring
