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    2209 Circle Drive W Spirit Lake, IA 51360

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    For Lease
    $5,500/Mo $18 SF/Yr (calc)

    Commercial - Spirit Lake, IA

    Property size:
    3,569 SF
    Lot size:
    1.40 Acres
    Added:
    Jan 15, 2026
    Days on Market:
    112
    Last Refresh:
    May 7 at 8:06 pm

    Property Features for 2209 Circle Drive W

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Parking features
    Driveway
    Standard status
    Active
    APN
    07-05-326-059
    Size
    3,569 SF
    Lot size
    1.40 Acres

    Taxes and HOA fees

    Tax Year
    2023
    Tax Annual Amount
    13022

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    1979
    Building materials
    Other, Wood 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 15, 2026

    MLS# 251628 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

    • High‑visibility location at the corner of Highways 71 and 9 with over 5,000 vehicles passing daily.
    • Move‑in ready building formerly a national chain restaurant.
    • Includes a drive‑thru, commercial hood, walk‑in cooler and freezer.
    • Large paved parking lot.
    • Recent improvements include a new roof and furnace.
    • Available for sale or lease, with existing equipment included if desired.

    Overview

    Spirit Lake Commercial Opportunity

    This 3,569 square foot commercial property is available for lease or sale in Spirit Lake, Iowa. Situated on 1.4 acres at the corner of Highways 71 and 9, the location benefits from high visibility and traffic, with over 5,000 vehicles passing by daily. The property, formerly a national chain restaurant, is move-in ready and includes a drive-thru, commercial hood, walk-in cooler and freezer, and a large paved parking lot. Recent improvements include a new roof and furnace. The property sits on level ground between Subway and Super 8. Existing equipment can be included. The property is suitable for drive-through restaurants, conventional restaurants, and retail properties.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Drive through restaurants

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Hair Salon Auto Repair Shop 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
    -95.1242812
    Latitude
    43.422197

    FAQs

    What type of property is this?
    Drive through restaurant - High-visibility location with drive-thru, ready for immediate occupancy.
    Where is this drive through restaurant located?
    The property is located at 2209 Circle Drive W Spirit Lake, IA.
    What is the lease rate?
    The lease rate is $5,500 /Mo.
    What are key features of this property?
    This property features: High‑visibility location at the corner of Highways 71 and 9 with over 5,000 vehicles passing daily.; Move‑in ready building formerly a national chain restaurant.; Includes a drive‑thru, commercial hood, walk‑in cooler and freezer.
    (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.

    More about this property
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