Current Use by Public Records
- Office Spaces
Property Details for 503 Us Hwy
- Year built
- 1994
- Property type
- Office Spaces
Description
This exceptional 15,732 square foot Class B office building presents a compelling investment opportunity in Devils Lake, North Dakota. Strategically located on US Highway 2, boasting 5,335 vehicles per day (2022 data), this multi-tenant property offers unparalleled visibility and accessibility. The building, constructed in 1994, sits on an expansive 88,170 square foot lot and features 70 parking spaces and mature landscaping. Currently at 50% occupancy, the asking price is $2,295,000, representing a $145.88 per square foot cost and a 9.33% cap rate. A robust security system is in place, including seven cameras (four interior, three exterior) connected to the local police department via Electro Watchman keypads at each of the four entrances. The current owner is offering a potential five-year leaseback option on up to half the property, providing a smooth transition for the new owner. This NNN-leased property is ideal for investors seeking strong returns and a prime location with high traffic exposure. The property's features include excellent highway frontage, ample parking, and a well-maintained exterior. This is a rare opportunity to acquire a substantial commercial property in a thriving North Dakota market.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Devils Lake
- County
- Ramsey
- State
- North Dakota
- Longitude
- -98.8709
- Latitude
- 48.1102
