New 4-Unit Flex
For Sale
$160,000
3156 18th Street, Spirit Lake, IA 51360
COMMERCIAL, Spirit Lake, IA
Property Size5,600 SF
Price / SF$114.29
Days on Market410
Property Features for 3156 18th Street
General Information
Property type
Commercial Sale
Property subtype
Other
Property condition
Under Construction
Parking features
Secured, Open, Garage
Directions
GPS
Subdivision
Dickinson
Standard status
Active
APN
0706251004
Taxes and HOA fees
Tax Year
2023
Tax Description
spirit lake Bridgewater park lot 3
Tax Annual Amount
642
Legal Description
spirit lake Bridgewater park lot 3
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
2025
Building materials
Steel Siding
Roof type
Metal
Listing Agency:
EXIT Realty Midwest
(712) 336-3405
Listed By:
Jeff Ronsiek · License #B59884
(712) 331-4002
Added: Jul 22, 2025
Changed: Sep 4
Last Checked: Sep 4 at 5:06PM
MLS# 250941
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 under-construction flex property comprises a 112' x 50' steel-sided building divided into four individual units, each measuring 28' x 50'. The units are designed for adaptable storage, shop, and recreational applications, with concrete floors, 16' side walls, and 14' x 14' overhead doors. Each space also includes a walk-through entry door, insulation, electrical service, and steel-lined interior and exterior finishes.
Plumbing rough-ins are provided for future bathrooms and floor drains, while an in-floor heat rough-in supports future interior completion. Interior customization is available, allowing owners to configure the units for their intended use. Public water and public sewer serve the property, which is located at 3156 18th Street in Spirit Lake, Iowa.
Plumbing rough-ins are provided for future bathrooms and floor drains, while an in-floor heat rough-in supports future interior completion. Interior customization is available, allowing owners to configure the units for their intended use. Public water and public sewer serve the property, which is located at 3156 18th Street in Spirit Lake, Iowa.
Key Highlights
- Four individual flex units within a 112' x 50' building
- Each unit measures 28' x 50' with 16' side walls
- 14' x 14' overhead door and walk‑through entry door per unit
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
$11,882
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
7.43%
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%
$237,640
$237.6K
Cap Rate 7%
$169,743
$169.7K
Cap Rate 9%
$132,022
$132.0K
Market Conditions
NOI Build-Up for 1,400 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
$19.7K $14.04/SF
− Vacancy
−$1.4K −$0.98/SF
EGI
$18.3K $13.06/SF
− OpEx
−$6.4K −$4.57/SF
NOI
$11.9K $8.49/SF
Area
Dickinson County, IA
Vacancy
7.00%
Lease Rate
$14.04 /SF/Yr
Expense Ratio
35.00%
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%
$237,640
Cap Rate 7%
$169,743
Cap Rate 9%
$132,022
Alternative Uses
Best Use
Flex RnD
$169.7K
$148.5K – $198.0K
NOI $11,882 @ 7.0% cap · market cap 7.43%
Second Best
Warehouse
$110.0K
$96.3K – $128.4K
NOI $7,703 @ 7.0% cap · market cap 4.81%
Theoretical Best
Office A
$306.2K
$268.0K – $357.3K
NOI $21,437 @ 7.0% cap · market cap 13.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
118
Businesses Nearby
Well-served
Demand for This Use
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 Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Under-construction units offer customizable interiors, public utilities, and adaptable space for storage, shop, or recreational uses.
Where is this flex space located?
The property is located at 3156 18th Street Spirit Lake, IA.
What is the asking price?
The asking price for this property is $160,000.
What are key features of this property?
This property features: Four individual flex units within a 112' x 50' building; Each unit measures 28' x 50' with 16' side walls; 14' x 14' overhead door and walk‑through entry door per unit
