Steel Flex Space With Loft
For Sale
$1,300,000
7581 Hwy. 2 W, Devils Lake, ND 58301
COMMERCIAL - Devils Lake, ND
Property Size9,600 SF
Lot Size19.39 Acres
Price / SF$135.42
Days on Market168
Property Features for 7581 Hwy. 2 W
General Information
Property type
Commercial Sale
Property subtype
Other
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bathroom 1, Bathroom 3
Standard status
Active
Size
9,600 SF
Lot size
19.39 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
6010
Utilities
Sewer type
Septic Tank
Heating system
Radiant, Propane (Heating)
Water source
Public
Amenities
conference room
Building Details
Floors in Building
2
Flooring type
Carpet, Vinyl
Roof type
Metal
Listing Agency:
Real Estate 7
(701) 662-7171
Listed By:
Allan M. Freidig
(701) 662-7171
Added: Mar 5
Changed: Aug 17
Last Checked: Aug 20 at 12:06PM
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 within a steel building equipped with a thermal package. The finished interior provides several private offices, a conference room, and a substantial production area. Loft storage adds usable space, while carpet and vinyl flooring, radiant heat, propane heating, a metal roof, public water, and a septic tank are in place.
The property also contains two rental units of approximately 1,000 square feet each. Both units include five beds, bathroom facilities, boat storage, and cooking areas. The building and supporting improvements occupy approximately 19.39 acres in a country setting, providing a combination of business, storage, lodging, and rental spaces within one property.
The property also contains two rental units of approximately 1,000 square feet each. Both units include five beds, bathroom facilities, boat storage, and cooking areas. The building and supporting improvements occupy approximately 19.39 acres in a country setting, providing a combination of business, storage, lodging, and rental spaces within one property.
Key Highlights
- Approximately 9,600 square feet of finished flex space in a steel building with a thermal package
- Two rental units of approximately 1,000 square feet each
- Each rental unit includes five beds, bathroom facilities, boat storage, and a cooking 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
$57,800
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
4.45%
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%
$1,156,000
$1.2M
Cap Rate 7%
$825,714
$825.7K
Cap Rate 9%
$642,222
$642.2K
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
$95.6K $9.96/SF
− Vacancy
−$6.7K −$0.70/SF
EGI
$88.9K $9.26/SF
− OpEx
−$31.1K −$3.24/SF
NOI
$57.8K $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%
$1,156,000
Cap Rate 7%
$825,714
Cap Rate 9%
$642,222
Alternative Uses
Best Use
Flex RnD
$825.7K
$722.5K – $963.3K
NOI $57,800 @ 7.0% cap · market cap 4.45%
Second Best
Industrial
$803.5K
$703.1K – $937.4K
NOI $56,246 @ 7.0% cap · market cap 4.33%
Theoretical Best
Specialty Retail
$1.90M
$1.66M – $2.22M
NOI $132,963 @ 7.0% cap · market cap 10.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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 Industrial 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 - Finished commercial building combining office, conference, production, and rental lodging areas.
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 finished flex space in a steel building with a thermal package; Two rental units of approximately 1,000 square feet each; Each rental unit includes five beds, bathroom facilities, boat storage, and a cooking area
