Building Details

Year built 1985

Floors in Building 1

Flooring type Laminate, Vinyl

Roof type Metal

Listing Agency: High Valley Real Estate Show Phone

Listed By: James Andrews

Added: Apr 22 Changed: Oct 1 Last Checked: Oct 5 at 9:06PM

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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.

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 / Yr

$22,506

Cap Rate

7.53%

Suggested Prices Based on Cap Rates

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

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 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 (±1% cap)

NOI $35,600 @ 7.0% cap · market cap 11.91%

Second Best

Flex RnD

$321.5K

$281.3K – $375.1K (±1% cap)

NOI $22,506 @ 7.0% cap · market cap 7.53%

Theoretical Best

Specialty Retail

$739.6K

$647.2K – $862.9K (±1% cap)

NOI $51,772 @ 7.0% cap · market cap 17.32%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Flex space

Suggested Use

Top Pick Electrical Service HVAC Service Locksmith Building Supply Bakery Home Appliance Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

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?

Similar For Sale Nearby

Flex Space with Production Area

7581 Hwy. 2 W, Devils Lake, ND 58301

$1,300,000

9,600 SF

View details

Office Building with Full Lower Level

509 5th St. NE, Devils Lake, ND 58301

$650,000

6,720 SF

View details

Specialty Land Parcel

55th St NE, Devils Lake, ND 58301

$97,000

13.78 Acres

View details

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