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    3rd Addition WEST Le Mars, IA 51031

    Sponsored
    For Sale
    $69,900

    Residential - LeMars, IA

    Type:Single Family Residence
    Lot size:
    0.35 Acres
    Days on Market:
    11
    Last Refresh:
    Jan 19 at 7:06 pm

    Property Features for 3rd Addition WEST

    General Information

    Property type
    Land
    Property subtype
    Single Family Residence
    Standard status
    Active
    Zoning
    Ag
    APN
    1221477039
    Lot size
    0.35 Acres

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Shane Sitzmann

    Lance Sitzmann Real Estate (712) 546-7881

    Listing agent Shane Sitzmann (712) 546-7881 License #S31066

    Listing date Jan 9, 2026

    MLS# 831406 Listing URL

    Copyright © 2026 Northwest Iowa Regional 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.

    Learn more

    Property Insight Report

    Overview

    Residential Lots in Scenic LeMars

    Residential building lots are available for sale in Dogwood 3rd (West) Addition, situated on the southeast edge of Le Mars, Iowa. The development features 18 residential lots suitable for constructing custom homes. Lot sizes range from 0.32 to 0.55 acres. Each lot is designed to accommodate a walk-out basement and is located within low-traffic cul-de-sacs. The sites are served by City of Le Mars utilities and offer elevated views. Buyers can select their preferred builder and floor plan. New home construction may qualify for a property tax exemption on the first $75,000 of assessed value for up to five years, subject to application and approval. The property is zoned Ag. Note: Information provided is based on Lot #39; lot sizes, features, and pricing will vary by parcel. Dogwood 3rd (West) Addition includes Lots 22 through 39...
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    Le Mars
    County
    Plymouth
    State
    Iowa
    Longitude
    -96.1854
    Latitude
    42.8179

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    FAQs

    What type of property is this?
    Residential land & home lot - Residential lots available in Dogwood 3rd Addition, LeMars, Iowa.
    Where is this residential land & home lot located?
    The property is located at 3rd Addition WEST Le Mars, IA.
    What is the asking price?
    The asking price for this property is $69,900.
    What are key features of this property?
    This property features: - Premium residential lots in the sought-after Dogwood 3rd West Addition are ready for immediate construction.; - Located on the scenic southeast edge of Le Mars, Iowa, with outstanding views from an elevated setting.; - All lots designed to accommodate a walk-out basement.
    (712) 546-7881
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    3rd Addition WEST Le Mars, IA 51031
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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
    3rd Addition WEST Le Mars, IA 51031
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    We can help!
    Listing Contact
    Shane Sitzmann
    Real Estate License ID: S31066
    (712) 546-7881
    Learn more
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