Current Use by Public Records
- Retail properties & Spaces
Property Details for 1701 Us-2
- Year built
- 2016
- Lot size
- 1.96 lot acres
- Property type
- Retail properties & Spaces
Description
This exceptional investment opportunity presents a fee-simple, single-tenant Burger King property located at 1701 US-2 in Devils Lake, North Dakota. Built in 2016, this 4,400 square foot restaurant sits on a 1.96-acre lot and enjoys a prominent position directly across from a Walmart Supercenter. The property benefits from a 14.8-year remaining lease term (with four 5-year renewal options) under an absolute NNN lease structure, providing a strong, passive income stream. The current annual net operating income (NOI) is $78,660, representing a 6.56% cap rate and a price per square foot of $272.73. The franchisee, Dakota Restaurant Partners, Inc., operates 14 units, 10 of which are in North Dakota. This Burger King is the only one within an 80-mile radius, offering limited competition and significant market dominance. The property's strategic location along US-2, a high-traffic retail corridor with 5,215 vehicles per day, ensures high visibility and accessibility. Devils Lake's thriving tourism industry, fueled by its renowned lake and proximity to Camp Grafton military bases, further enhances the property's value and potential for future growth. A percentage rent clause, commencing November 1, 2026, provides additional upside potential. The property's strong tenant, favorable lease terms, and prime location make it an attractive investment opportunity with significant long-term growth prospects.
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
- -98.8383
- Latitude
- 48.1002
