Contemporary Duplex with Zero-Entry
For Sale
$419,900
3102 Spruce Court, Spirit Lake, IA 51360
DUPLEX - Contemporary - Spirit Lake, IA
Property Size1,425 SF
Lot Size0.14 Acres
Price / SF$294.67
Days on Market94
Property Features for 3102 Spruce Court
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Bedrooms
2
Bathrooms
2
Full bathrooms
1
Rooms
Bathroom 1, Bedroom 2, Bedroom 1, Bathroom 2
Patio and Porch features
Patio
Interior features
Ceiling Fan(s), Eat-in Kitchen, Garage Door Opener, Main Floor Bedrooms, Main Floor Laundry, Smoke Alarms, Walk-in Closet, Washer/Dryer Hkups
Exterior features
Driveway-Concrete, In-Grnd Sprklr Sys, Patio
Fireplace
1
Appliances
Dishwasher, Disposal, Microwave, Range/Stove, Refrigerator
Lot features
Level
Elementary school district
Spirit Lake
Middle school district
Spirit Lake
High school district
Spirit Lake
Subdivision
Dickinson
Standard status
Active
APN
0709156025
Size
1,425 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
SPIRIT LAKE PINES TOWNHOMES UNIT 9A SPRUCE CT
Tax Annual Amount
76
Legal Description
SPIRIT LAKE PINES TOWNHOMES UNIT 9A SPRUCE CT
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Amenities
zero entry
electric fireplace
shiplap accents
luxury vinyl plank flooring
quartz countertops
covered patio
access to Dickinson County bike trail
Building Details
Year built
2026
Floors in Building
1
Building materials
Stone, Smart Board
Roof type
Asphalt
Architectural style
Contemporary
Listing Agency:
RE/MAX Lakes Realty · RE/MAX International
(712) 336-4967
Listed By:
Janie Eick · License #S66795
(712) 339-0574
Added: May 7
Changed: Aug 2
Last Checked: Aug 8 at 6:06PM
MLS# 260418
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.
New construction contemporary duplex designed for easy living with zero-entry access and a bright, open layout. The home includes two bedrooms and two bathrooms, with a great room featuring an electric fireplace. Interior finishes include luxury vinyl plank flooring, shiplap accents, and quartz countertops in the kitchen and both bathrooms. The primary bathroom features a tiled shower, and the plan includes main floor laundry and a walk-in closet.
Outside, enjoy a covered patio and in-ground sprinkler system, with concrete driveway access. Public utilities include public water and public sewer. Heating is forced air with central air cooling, and the home is set up for modern convenience with washer/dryer hookups, along with an included appliance package.
Located in Spirit Lake within Dickinson County, the property provides direct access to the Dickinson County bike trail just steps from the backyard.
Outside, enjoy a covered patio and in-ground sprinkler system, with concrete driveway access. Public utilities include public water and public sewer. Heating is forced air with central air cooling, and the home is set up for modern convenience with washer/dryer hookups, along with an included appliance package.
Located in Spirit Lake within Dickinson County, the property provides direct access to the Dickinson County bike trail just steps from the backyard.
Key Highlights
- 0.1415‑acre lot with a 1,425 SF duplex under construction
- Two‑bedroom, two‑bath contemporary design with zero‑entry, no‑steps access
- Electric fireplace in the great room plus shiplap accents and luxury vinyl plank flooring
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$12,498
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
2.98%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$249,960
$250.0K
Cap Rate 7%
$178,543
$178.5K
Cap Rate 9%
$138,867
$138.9K
Market Conditions
NOI Build-Up for 1,425 SF
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.
Gross rent
$19.3K $13.56/SF
− Vacancy
−$1.5K −$1.03/SF
EGI
$17.9K $12.53/SF
− OpEx
−$5.4K −$3.76/SF
NOI
$12.5K $8.77/SF
Area
Dickinson County, IA
Vacancy
7.60%
Lease Rate
$13.56 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$249,960
Cap Rate 7%
$178,543
Cap Rate 9%
$138,867
Alternative Uses
Best Use
Multifamily LT 5
$178.5K
$156.2K – $208.3K
NOI $12,498 @ 7.0% cap · market cap 2.98%
Second Best
Apartment 5plus
$164.4K
$143.9K – $191.8K
NOI $11,508 @ 7.0% cap · market cap 2.74%
Theoretical Best
Office A
$311.7K
$272.8K – $363.7K
NOI $21,820 @ 7.0% cap · market cap 5.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
72
Businesses Nearby
Explore this area
Business Placement
Demographics for 51360, IA
8,553
Population
6,638
Households
1.3
Avg Household Size
49
Median Age
35%
College-Educated
97%
High-School Grad
105.2 sq mi
ZIP Area
81
Density / Sq Mi
$77,464
Median Household Income
$41,043
Median Earnings
$1,005
Median Rent
$256,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - New construction two-bedroom, two-bath duplex featuring zero-entry access and a covered patio for low-maintenance living.
Where is this duplex located?
The property is located at 3102 Spruce Court Spirit Lake, IA.
What is the asking price?
The asking price for this property is $419,900.
What are key features of this property?
This property features: 0.1415‑acre lot with a 1,425 SF duplex under construction; Two‑bedroom, two‑bath contemporary design with zero‑entry, no‑steps access; Electric fireplace in the great room plus shiplap accents and luxury vinyl plank flooring
