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    Spirit Lake Duplex with Pond Title is generated by Realmo AI

    1940 35th Street, Spirit Lake, IA 51360

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    For Sale
    $425,000

    DUPLEX - Ranch - Spirit Lake, IA

    Type:Single Family Residence
    Property size:
    2,439 SF
    Lot size:
    0.24 Acres
    Price / SF:
    $174/SF
    Added:
    Nov 7, 2025
    Days on Market:
    201
    Last Refresh:
    May 27 at 3:06 pm

    Property Features for 1940 35th Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Single Family Residence
    Bedrooms
    4
    Bathrooms
    3
    Rooms
    Bedroom 2, Bathroom 3, Bedroom 4, Bathroom 1, Bedroom 1, Basement, Bathroom 2, Bedroom 3
    Patio and Porch features
    Patio
    Interior features
    Main Floor Bedrooms, Main Floor Laundry
    Exterior features
    Driveway-Concrete, Patio
    Fireplace
    1
    Basement
    Full, Concrete
    Appliances
    Cooktop, Refrigerator, Wall Oven
    Standard status
    Active
    APN
    07-08-200-092
    Size
    2,439 SF
    Lot size
    0.24 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    W'LY PT LOT 8 AKA PAR "B" HAWTHORN PARK NORTH, SPIRIT LAKE, DCI. (Exact legal per Abstract.)
    Tax Annual Amount
    4154

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Forced Air
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    2022
    Floors in Building
    1
    Building materials
    Smart Board
    Roof type
    Asphalt
    Architectural style
    Ranch

    We can help!

    Listing Contact
    Kirk Stauss
    Kirk Stauss

    Listing agent Kirk Stauss License #B38506

    Listing office Stauss Realty 1003 Hwy. 71 S PO Box 521, Okoboji, IA

    Listing date Nov 7, 2025

    MLS# 251435 Listing URL

    Copyright © 2026 Iowa Great Lakes Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Near‑new construction, built in 2022.
    • Conveniently located near shops, restaurants, and amenities off Sunner Avenue.
    • Two bedrooms and living area on the main level, plus two bedrooms and living area in the lower level.
    • Enjoy the patio overlooking a pond.
    • Fireplace.
    • Main floor laundry.

    Overview

    This near-new duplex is located in Spirit Lake, Iowa, right off Sunner Avenue, providing convenient access to shops, restaurants, and other area amenities. The property features well-appointed finishes throughout. The main level includes two bedrooms and a kitchen/living area. The lower level offers additional living space, two more bedrooms, and ample storage. The property includes a fireplace and a patio overlooking a pond. The lot size is 0.2424 acres, and the property size is 2439 square feet.

    Financial Insights

    Value Estimation Calculated for Multifamily LT 5

    Conservative
    $237.7K
    NOI $21,392 @ 9.00% cap · cautious / downside scenario
    Moderate
    $305.6K
    NOI $21,392 @ 7.00% cap · market / base-case scenario
    Aggressive
    $427.8K
    NOI $21,392 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Multifamily LT 5

    Component $ $/SF
    Gross rent $33.1k $13.56
    − Vacancy −$2.5k −$1.03
    EGI $30.6k $12.53
    − OpEx −$9.2k −$3.76
    NOI $21.4k $8.77
    2,439 SF · lease $13.56/SF/yr · vacancy 7.60% · expense 30.00%

    Alternative Use Scenarios

    Best Use
    Multifamily LT 5
    $305.6K
    $267.4K – $356.5K (±1% cap)
    NOI $21,392 @ 7.0% cap · market cap 5.03%
    Second Best
    Apartment 5plus
    $281.4K
    $246.2K – $328.3K (±1% cap)
    NOI $19,697 @ 7.0% cap · market cap 4.63%
    Theoretical Best
    Office A
    $533.5K
    $466.8K – $622.4K (±1% cap)
    NOI $37,346 @ 7.0% cap · market cap 8.79%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Spirit Lake
    County
    Dickinson
    State
    Iowa
    Longitude
    -95.1177709
    Latitude
    43.4089868

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    FAQs

    What type of property is this?
    Duplex - Near-new duplex with pond view, close to amenities.
    Where is this duplex located?
    The property is located at 1940 35th Street Spirit Lake, IA.
    What is the asking price?
    The asking price for this property is $425,000.
    What are key features of this property?
    This property features: Near‑new construction, built in 2022.; Conveniently located near shops, restaurants, and amenities off Sunner Avenue.; Two bedrooms and living area on the main level, plus two bedrooms and living area in the lower level.
    (712) 320-0123
    We can help!
    Listing Contact
    Kirk Stauss
    Kirk Stauss
    Real Estate License ID: B38506
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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