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    West Okoboji Storage Condo Title is generated by Realmo AI

    2049 HWY 86 5-1/2, Milford, IA 51351

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    Claim this Listing
    For Sale
    $230,000

    Commercial - Milford, IA

    Property size:
    2,304 SF
    Price / SF:
    $99/SF
    Added:
    Jan 21, 2026
    Days on Market:
    122
    Last Refresh:
    May 23 at 8:06 pm

    Property Features for 2049 HWY 86 5-1/2

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Parking features
    Other
    Standard status
    Active
    APN
    06-35-177-056
    Size
    2,304 SF

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    0

    Building Details

    Year built
    2024
    Building materials
    Metal Siding
    Architectural style
    Other

    We can help!

    Listing Contact
    Michael Jensen
    Michael Jensen

    Listing agent Michael Jensen License #B58673

    Listing office Jensen Real Estate PO Box 721, Arnolds Park, IA

    Listing date Jan 21, 2026

    MLS# 251652 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

    • Double storage condo (48' x 48') located on the west side of West Lake Okoboji.
    • High‑quality construction with EPS and engineered ladder frame.
    • Fully insulated: Exterior walls R‑27, interior walls R‑19, ceiling R‑44.
    • Two 14' x 14' Midland overhead doors with LiftMaster opener and remotes.
    • Stubbed in for a half bathroom.
    • Natural gas service and 100‑amp electrical panel with lights and outlets.

    Overview

    This storage condo is located on the west side of West Lake Okoboji. The 48' x 48' unit features high-quality construction. It is fully insulated and stubbed in for a half bathroom. The unit is an EPS with engineered ladder frame construction, and includes 2-14' x 14' Midland overhead doors. Exterior walls are 2x8 with R-27 insulation, while the interior dividing walls are 2x6 with R-19 insulation. The ceiling features R-44 blow-in insulation, and the interior walls are finished with metal paneling. Sidewalls are 16 feet high. Additional features include a LiftMaster overhead door opener with both wall-mounted and wireless remotes, natural gas service to the unit, and a 100-amp electrical panel with four lights and two outlets. The unit also has a floor drain and a curb stop for easy water shutoff.

    Financial Insights

    Value Estimation Calculated for Self Storage

    Conservative
    $216.4K
    NOI $19,479 @ 9.00% cap · cautious / downside scenario
    Moderate
    $278.3K
    NOI $19,479 @ 7.00% cap · market / base-case scenario
    Aggressive
    $389.6K
    NOI $19,479 @ 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 Self Storage

    Component $ $/SF
    Gross rent $30.4k $13.20
    − Vacancy −$2.6k −$1.12
    EGI $27.8k $12.08
    − OpEx −$8.3k −$3.62
    NOI $19.5k $8.45
    2,304 SF · lease $13.20/SF/yr · vacancy 8.50% · expense 30.00%

    Alternative Use Scenarios

    Best Use
    Self Storage
    $278.3K
    $243.5K – $324.7K (±1% cap)
    NOI $19,479 @ 7.0% cap · market cap 8.47%
    Second Best
    Industrial
    $149.1K
    $130.5K – $174.0K (±1% cap)
    NOI $10,439 @ 7.0% cap · market cap 4.54%
    Theoretical Best
    Office A
    $504.0K
    $441.0K – $588.0K (±1% cap)
    NOI $35,279 @ 7.0% cap · market cap 15.34%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Self storage facilities

    Map

    City
    Milford
    County
    Dickinson
    State
    Iowa
    Longitude
    -95.2104
    Latitude
    43.2989

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    FAQs

    What type of property is this?
    Self storage facility - 48' x 48' storage condo near West Lake Okoboji.
    Where is this self storage facility located?
    The property is located at 2049 HWY 86 5-1/2 Milford, IA.
    What is the asking price?
    The asking price for this property is $230,000.
    What are key features of this property?
    This property features: Double storage condo (48' x 48') located on the west side of West Lake Okoboji.; High‑quality construction with EPS and engineered ladder frame.; Fully insulated: Exterior walls R‑27, interior walls R‑19, ceiling R‑44.
    (712) 320-7245
    We can help!
    Listing Contact
    Michael Jensen
    Michael Jensen
    Real Estate License ID: B58673
    Learn More
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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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