Near-New Duplex with Patio
1940 35th Street Spirit Lake, IA 51360
1940 35th Street, Spirit Lake, IA, 51360
$399,000
For Sale
$399,000
DUPLEX - Ranch - Spirit Lake, IA
Property Size2,439 SF
Lot Size0.24 Acres
Price / SF$163.59
Days on Market258
Property Features for 1940 35th Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Single Family Residence
- Bedrooms
- 4
- Bathrooms
- 3
- Rooms
- Bedroom 3, Bedroom 2, Bathroom 1, Bedroom 1, Bathroom 3, Bedroom 4, Basement, Bathroom 2
- Patio and Porch features
- Patio
- Interior features
- Main Floor Bedrooms, Main Floor Laundry
- Exterior features
- Driveway-Concrete, Patio
- Fireplace
- 1
- Basement
- Concrete, Full
- 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
Listing agency
Stauss Realty
(712) 332-2470
Listed by
Kirk Stauss · License #B38506
(712) 320-0123
Added: Nov 7, 2025 Updated: Jul 11 at 2:34AM Checked: Jul 23 at 9:06AM
MLS# 251435
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.
Investment Insights
Based on property information with market context.
This near-new duplex offers flexible two-level living. The main level includes two bedrooms along with a kitchen and living area, designed for everyday use. The lower level also provides a living area and two additional bedrooms, along with lots of storage space. A fireplace adds warmth during cooler months, and a patio overlooking the pond extends the living space outdoors.
Located in Spirit Lake, Iowa at 1940 35th Street, the property is positioned for convenient access. Public remarks note it sits right off Sunner Avenue, placing everyday destinations within reach of local shops, restaurants, and other area amenities.
As an owner-occupant or income-focused option, the layout supports multiple living and sleeping configurations across both levels, while the lower level’s added living area and storage can help accommodate different household needs. The outdoor patio view and indoor fireplace provide practical comfort features, and the overall near-new finish level can reduce near-term maintenance concerns for a new tenancy or next move-in.
Located in Spirit Lake, Iowa at 1940 35th Street, the property is positioned for convenient access. Public remarks note it sits right off Sunner Avenue, placing everyday destinations within reach of local shops, restaurants, and other area amenities.
As an owner-occupant or income-focused option, the layout supports multiple living and sleeping configurations across both levels, while the lower level’s added living area and storage can help accommodate different household needs. The outdoor patio view and indoor fireplace provide practical comfort features, and the overall near-new finish level can reduce near-term maintenance concerns for a new tenancy or next move-in.
Key Highlights
- Near‑new ranch‑style duplex built in 2022
- Open main‑level layout with kitchen/living area and main‑floor bedrooms plus main‑floor laundry
- Lower level adds a second living area, additional bedrooms, and lots of storage (basement included)
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
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.
| 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 Uses
Best Use
Multifamily LT 5
$305.6K
$267.4K – $356.5K
NOI $21,392 @ 7.0% cap · market cap 5.36%
Second Best
Apartment 5plus
$281.4K
$246.2K – $328.3K
NOI $19,697 @ 7.0% cap · market cap 4.94%
Theoretical Best
Office A
$533.5K
$466.8K – $622.4K
NOI $37,346 @ 7.0% cap · market cap 9.36%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Duplex - Near-new duplex offers two-bedroom living on the main level and additional lower-level space with a patio overlooking a pond.
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 $399,000.
What are key features of this property?
This property features: Near‑new ranch‑style duplex built in 2022; Open main‑level layout with kitchen/living area and main‑floor bedrooms plus main‑floor laundry; Lower level adds a second living area, additional bedrooms, and lots of storage (basement included)
