Two-Bedroom Duplex with
New
For Sale
$439,500
3337 Prairie Meadow Drive, Milford, IA 51351
RESIDENTIAL, Milford, IA
Property Size1,416 SF
Lot Size0.18 Acres
Price / SF$310.38
Days on Market3
Property Features for 3337 Prairie Meadow Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
2
Bathrooms
2
Full bathrooms
1
Rooms
Bedroom 1, Bedroom 2, Bathroom 1, Bathroom 2
Patio and Porch features
Patio
Interior features
Cable TV, Ceiling Fan(s), Eat-in Kitchen, Garage Door Opener, Kitchen Center Island, Main Floor Bedrooms, Main Floor Laundry, Pantry, Smoke Alarms, Tiled Floors, Walk-in Closet, Washer/Dryer Hkups, Window Coverings
Exterior features
Driveway-Concrete, Driveway-Shared, In-Grnd Sprklr Sys, Patio
Basement
Concrete
Appliances
Dishwasher, Disposal, Dryer, Exhaust Fan/Hood, Microwave, Range/Stove, Refrigerator, Wall Oven, Washer
Lot features
Landscaped, Paved Street(s), Underground Utilities
Elementary school district
Okoboji
Middle school district
Okoboji
High school district
Okoboji
Directions
From 71 turn East on 202nd St. to stop sign then turn South
Subdivision
Dickinson
Standard status
Active
APN
07-31-404-030
Size
1,416 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
S'ly Pt Lot 88 AKA Unit B Nature Trails Phase 2, Dickinson County, Iowa. Exact legal per Abstract and Warranty Deed.
Tax Annual Amount
4452
Legal Description
S'ly Pt Lot 88 AKA Unit B Nature Trails Phase 2, Dickinson County, Iowa. Exact legal per Abstract and Warranty Deed.
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Amenities
four-season sunroom
sprinkler system
patio
private clubhouse
outdoor pool
exercise room
large community room
Building Details
Year built
2018
Floors in Building
1
Building materials
Steel Siding
Roof type
Asphalt
Architectural style
Ranch
Listing Agency:
Hinn Real Estate
(712) 336-1240
Listed By:
Keith Diekevers
(712) 320-5020
Added: Aug 21
Last Checked: Aug 23 at 2:06AM
MLS# 261038
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.
Built in 2018, this 1,416-square-foot ranch duplex provides single-level living with two bedrooms and two bathrooms. The interior includes an open kitchen with island, pantry, glazed cabinetry, main-floor laundry, and a private primary suite with an upgraded bathroom and walk-in closet. A bright four-season sunroom adds flexible space, while French doors allow it to function separately as an office, guest area, or sleeping space. Furnishings, linens, towels, and kitchen supplies are included; garage items are excluded.
The 0.1765-acre lot features a patio, sprinkler system, extensive lawn, wildflowers, and a long concrete driveway with guest parking. A large finished garage provides room for vehicles and storage. The home has forced-air heating, central air, public water, and public sewer.
Residents of the Nature Trails community have access to a private clubhouse, outdoor pool, exercise room, and community room. The property is minutes from Emerald Hills Golf Course, area bike trails, Arnolds Park, shopping, dining, and other Iowa Great Lakes destinations.
The 0.1765-acre lot features a patio, sprinkler system, extensive lawn, wildflowers, and a long concrete driveway with guest parking. A large finished garage provides room for vehicles and storage. The home has forced-air heating, central air, public water, and public sewer.
Residents of the Nature Trails community have access to a private clubhouse, outdoor pool, exercise room, and community room. The property is minutes from Emerald Hills Golf Course, area bike trails, Arnolds Park, shopping, dining, and other Iowa Great Lakes destinations.
Key Highlights
- Two‑bedroom, two‑bath duplex with 1,416 square feet
- Built in 2018 with a ranch‑style, single‑level layout
- Four‑season sunroom with French doors for flexible use
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
$12,419
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
2.83%
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%
$248,380
$248.4K
Cap Rate 7%
$177,414
$177.4K
Cap Rate 9%
$137,989
$138.0K
Market Conditions
NOI Build-Up for 1,416 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
$19.2K $13.56/SF
− Vacancy
−$1.5K −$1.03/SF
EGI
$17.7K $12.53/SF
− OpEx
−$5.3K −$3.76/SF
NOI
$12.4K $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%
$248,380
Cap Rate 7%
$177,414
Cap Rate 9%
$137,989
Alternative Uses
Best Use
Multifamily LT 5
$177.4K
$155.2K – $207.0K
NOI $12,419 @ 7.0% cap · market cap 2.83%
Second Best
Apartment 5plus
$163.4K
$142.9K – $190.6K
NOI $11,435 @ 7.0% cap · market cap 2.60%
Theoretical Best
Office A
$309.7K
$271.0K – $361.4K
NOI $21,682 @ 7.0% cap · market cap 4.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
62
Businesses Nearby
Explore this area
Business Placement
Demographics for 51351, IA
4,844
Population
3,104
Households
1.6
Avg Household Size
45
Median Age
31%
College-Educated
97%
High-School Grad
108.0 sq mi
ZIP Area
45
Density / Sq Mi
$67,628
Median Household Income
$39,913
Median Earnings
$904
Median Rent
$256,100
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 - Single-level duplex residence with an open layout, private primary suite, finished garage, and access to shared community amenities.
Where is this duplex located?
The property is located at 3337 Prairie Meadow Drive Milford, IA.
What is the asking price?
The asking price for this property is $439,500.
What are key features of this property?
This property features: Two‑bedroom, two‑bath duplex with 1,416 square feet; Built in 2018 with a ranch‑style, single‑level layout; Four‑season sunroom with French doors for flexible use
