Sportsman's Lodge with Meeting
For Sale
$550,000
Pending
702 Highway 2 W, Devils Lake, ND 58301
COMMERCIAL - Devils Lake, ND
Property Size6,637 SF
Lot Size2.52 Acres
Days on Market59
Property Features for 702 Highway 2 W
General Information
Property type
Commercial Sale
Property subtype
Other
Standard status
Pending
APN
39-0409-00002-000
Size
6,637 SF
Lot size
2.52 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5268
Utilities
Water source
Public
Amenities
large fish cleaning facility
spacious outdoor common areas
expansive gathering/meeting room
on-site office
private living quarters
Building Details
Year built
1950
Floors in Building
1
Flooring type
Carpet, Vinyl, Laminate
Building materials
Vinyl Siding
Roof type
Metal, Asphalt
Listing Agency:
Real Estate 7
(701) 662-7171
Listed By:
Allan M. Freidig
(701) 662-7171
Added: Jun 23
Changed: Aug 17
Last Checked: Aug 20 at 12:06PM
MLS# 11848575
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.
The Devils Lake Sportsman’s Lodge is offered as a turnkey hospitality property featuring a mix of single rooms and fully equipped kitchenettes designed for anglers and extended-stay guests. The lodge includes a large fish cleaning facility, spacious outdoor common areas, and an expansive gathering/meeting room suited for group events, tournaments, or guided trips. An on-site office and private living quarters are also included, supporting convenient management. The property has undergone several recent updates and remodeling improvements intended to provide a modern, comfortable environment for guests.
Located just off US Highway 2 West in Devils Lake, the property benefits from straightforward highway access. Parking is available on-site, supporting arrival and stays for both visiting groups and individual anglers.
This property can fit investors or operators seeking a ready-to-run lodge concept in a recreational, fishing-focused market. With its combination of accommodations, dedicated fish cleaning space, and a large gathering/meeting area, it supports both day-to-day stays and group-oriented programming, while on-site office and private quarters help streamline day-to-day operations.
Located just off US Highway 2 West in Devils Lake, the property benefits from straightforward highway access. Parking is available on-site, supporting arrival and stays for both visiting groups and individual anglers.
This property can fit investors or operators seeking a ready-to-run lodge concept in a recreational, fishing-focused market. With its combination of accommodations, dedicated fish cleaning space, and a large gathering/meeting area, it supports both day-to-day stays and group-oriented programming, while on-site office and private quarters help streamline day-to-day operations.
Key Highlights
- Devils Lake Sportsman's Lodge with turnkey investment framing and mixed lodging options including single rooms and equipped kitchenettes
- Large fish cleaning facility plus spacious outdoor common areas for guest use and operations
- Expansive gathering/meeting room for group events, tournaments, or guided trips
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
$41,614
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
7.57%
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%
$832,280
$832.3K
Cap Rate 7%
$594,486
$594.5K
Cap Rate 9%
$462,378
$462.4K
Market Conditions
NOI Build-Up for 6,637 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
$99.6K $15.00/SF
− Vacancy
−$11.9K −$1.80/SF
EGI
$87.6K $13.20/SF
− OpEx
−$46.0K −$6.93/SF
NOI
$41.6K $6.27/SF
Area
Ramsey County, ND
Vacancy
12.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
52.50%
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%
$832,280
Cap Rate 7%
$594,486
Cap Rate 9%
$462,378
Alternative Uses
Best Use
Hotel Hospitality
$594.5K
$520.2K – $693.6K
NOI $41,614 @ 7.0% cap · market cap 7.57%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.31M
$1.15M – $1.53M
NOI $91,924 @ 7.0% cap · market cap 16.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
280
Businesses Nearby
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Hotel - Turnkey sportsman's lodge with guest rooms, a fish cleaning facility, meeting space, and ample parking for lodge operations.
Where is this hotel located?
The property is located at 702 Highway 2 W Devils Lake, ND.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Devils Lake Sportsman's Lodge with turnkey investment framing and mixed lodging options including single rooms and equipped kitchenettes; Large fish cleaning facility plus spacious outdoor common areas for guest use and operations; Expansive gathering/meeting room for group events, tournaments, or guided trips
