A device-to-device (D2D) ultra reliable low latency communications (URLLC) network is investigated in this paper. Specifically, a D2D transmitter opportunistically accesses the radio resource provided by a cellular network and directly transmits short packets to its destination. A novel performance metric is adopted for finite block-length code. We quantify the maximum achievable rate for the D2D network, subject to a probabilistic interference power constraint based on imperfect channel state information (CSI). First, we perform a convexity analysis which reveals that the finite block-length rate for the D2D pair in short-packet transmission is not always concave. To address this issue, we propose two effective resource allocation schemes using the successive convex approximation (SCA)-based iterative algorithm. To gain more insights, we exploit the monotonicity of the average finite block-length rate. By capitalizing on this property, an optimal power control policy is proposed, followed by closed-form expressions and approximations for the optimal average power and the maximum achievable average rate in the finite block-length regime. Numerical results are provided to confirm the effectiveness of the proposed resource allocation schemes and validate the accuracy of the derived theoretical results.Index Terms-Finite block-length codes, URLLC, average achievable rate, performance analysis, optimal power allocation.