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    3156 18th Street 3, Spirit Lake, IA 51360

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    For Sale
    $160,000

    Commercial - Spirit Lake, IA

    Property size:
    1,400 SF
    Price / SF:
    $114/SF
    Added:
    Jul 22, 2025
    Days on Market:
    305
    Last Refresh:
    May 22 at 7:06 am

    Property Features for 3156 18th Street 3

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Parking features
    Garage, Heated, Secured
    Standard status
    Active
    APN
    0706251004
    Size
    1,400 SF

    Taxes and HOA fees

    Tax Year
    2023
    Tax Annual Amount
    642

    Building Details

    Year built
    2025
    Building materials
    Steel Siding
    Architectural style
    Other

    We can help!

    Listing Contact
    Jeff Ronsiek
    Jeff Ronsiek

    Listing agent Jeff Ronsiek License #B59884

    Listing office EXIT Realty Midwest 1306 18th St. Suite C, Spirit Lake, IA

    Listing date Jul 22, 2025

    MLS# 250942 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

    • Customizable new construction: Design your ideal storage or lifestyle unit.
    • Spacious 28’ x 50’ units: Ample room for boats, workshops, recreation, or storage.
    • Essential utilities included: Benefit from electrical, sewer, and water connections.
    • High overhead doors: Equipped with 14’ x 14’ overhead doors for easy access.
    • Fully insulated with steel lining: Enjoy year‑round comfort and low‑maintenance durability.
    • In‑floor heat rough‑in: Option for energy‑efficient radiant heating.

    Overview

    Under construction in Spirit Lake, Iowa, are four customizable storage and lifestyle units, each measuring 28’ x 50’ within a 112’ x 50’ building. These units are designed for functionality and flexibility, suitable for boat owners, contractors needing heated shop space, or recreational space. Each unit features concrete floors, 16’ side walls, and a 14’ x 14’ overhead door, along with a walk-through entry door. The units are fully insulated and steel-lined, offering a clean, low-maintenance finish. City utilities are available, including electrical, sewer, and water, with plumbing rough-ins for a future bathroom and floor drain, as well as in-floor heat rough-in for energy-efficient comfort. Interior customization is available. The units have potential for various uses, including storage, small business operations, or recreational retreats.

    Financial Insights

    Value Estimation Calculated for Flex RnD

    Conservative
    $132.0K
    NOI $11,882 @ 9.00% cap · cautious / downside scenario
    Moderate
    $169.7K
    NOI $11,882 @ 7.00% cap · market / base-case scenario
    Aggressive
    $237.6K
    NOI $11,882 @ 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 Flex RnD

    Component $ $/SF
    Gross rent $19.7k $14.04
    − Vacancy −$1.4k −$0.98
    EGI $18.3k $13.06
    − OpEx −$6.4k −$4.57
    NOI $11.9k $8.49
    1,400 SF · lease $14.04/SF/yr · vacancy 7.00% · expense 35.00%

    Alternative Use Scenarios

    Best Use
    Flex RnD
    $169.7K
    $148.5K – $198.0K (±1% cap)
    NOI $11,882 @ 7.0% cap · market cap 7.43%
    Second Best
    Self Storage
    $169.1K
    $148.0K – $197.3K (±1% cap)
    NOI $11,836 @ 7.0% cap · market cap 7.40%
    Theoretical Best
    Office A
    $306.2K
    $268.0K – $357.3K (±1% cap)
    NOI $21,437 @ 7.0% cap · market cap 13.40%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Self storage facilities

    Suggested Use

    Restaurant Real Estate Agency Law Firm Dental Office Spa & Massage Center Building Supply 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
    -95.1383105
    Latitude
    43.4233244

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    FAQs

    What type of property is this?
    Self storage facility - New construction storage and lifestyle units for sale in Spirit Lake.
    Where is this self storage facility located?
    The property is located at 3156 18th Street 3 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: Customizable new construction: Design your ideal storage or lifestyle unit.; Spacious 28’ x 50’ units: Ample room for boats, workshops, recreation, or storage.; Essential utilities included: Benefit from electrical, sewer, and water connections.
    (712) 331-4002
    We can help!
    Listing Contact
    Jeff Ronsiek
    Jeff Ronsiek
    Real Estate License ID: B59884
    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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