Steel Flex Space with Office and
For Sale
$299,000
8313 Highway 2, Devils Lake, ND 58301
COMMERCIAL - Devils Lake, ND
Property Size3,738 SF
Lot Size0.83 Acres
Price / SF$79.99
Days on Market121
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 1, Bathroom 2
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), Baseboard, Electric (Heating)
Water source
Public
Building Details
Year built
1985
Floors in Building
1
Flooring type
Vinyl, Laminate
Roof type
Metal
Listing Agency:
High Valley Real Estate
(701) 662-6788
Listed By:
James Andrews
Added: Apr 22
Changed: Aug 4
Last Checked: Aug 20 at 11:06AM
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 was originally constructed in 1985 and combines finished office, showroom/reception, and shop space. The finished office area is approximately 1,250 square feet and includes a showroom/reception area, a private office, two bathrooms, a laundry area, storage space, and a small workshop. Forced air heat is provided, though the central air system is currently non-operational; electric baseboard heat serves as the primary heat source for the office area. Flooring in the office area includes laminate and vinyl.
Attached to the office is a shop area of approximately 2,500 square feet with concrete flooring and functional workspace. A portion of the shop is heated by a suspended propane furnace, while the remaining shop area is unfinished and ready for customization or expanded use.
The property sits on approximately 0.83 acres along the high-visibility US Hwy 2 corridor on the east side of Devils Lake, ND, with public water and a septic tank sewer system. The roof is metal.
Attached to the office is a shop area of approximately 2,500 square feet with concrete flooring and functional workspace. A portion of the shop is heated by a suspended propane furnace, while the remaining shop area is unfinished and ready for customization or expanded use.
The property sits on approximately 0.83 acres along the high-visibility US Hwy 2 corridor on the east side of Devils Lake, ND, with public water and a septic tank sewer system. The roof is metal.
Key Highlights
- 0.83‑acre steel flex property along the US Hwy 2 corridor on the east side of Devils Lake, ND
- Finished office area approx. 1,250 SF with showroom/reception, private office, 2 bathrooms, laundry, and storage
- Attached shop approx. 2,500 SF with concrete flooring; portion heated by suspended propane furnace, remaining area unfinished
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
Retail
$690.3K
$604.0K – $805.4K
NOI $48,321 @ 7.0% cap · market cap 16.16%
Second Best
Office B
$508.6K
$445.0K – $593.3K
NOI $35,600 @ 7.0% cap · market cap 11.91%
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 flex building with showroom/reception office and an attached shop space along the US Hwy 2 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: 0.83‑acre steel flex property along the US Hwy 2 corridor on the east side of Devils Lake, ND; Finished office area approx. 1,250 SF with showroom/reception, private office, 2 bathrooms, laundry, and storage; Attached shop approx. 2,500 SF with concrete flooring; portion heated by suspended propane furnace, remaining area unfinished
