Heated Warehouse with Drive-Through
For Sale
$350,000
701 240th Avenue, Arnolds Park, IA 51331
COMMERCIAL, Arnolds Park, IA
Property Size3,500 SF
Price / SF$100
Days on Market501
Property Features for 701 240th Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
Dickinson
Standard status
Active
APN
0729478012
Taxes and HOA fees
Tax Year
2023
Tax Description
Contact agent
Legal Description
Contact agent
Utilities
Sewer type
Public Sewer
Heating system
Radiant
Water source
Public
Building Details
Year built
1994
Building materials
Metal Siding
Roof type
Metal
Listing Agency:
Keller Williams Okoboji · Keller Williams Realty
(712) 340-7900
Listed By:
George Carlson · License #S70587
(712) 320-4994
Added: May 2, 2025
Changed: Sep 6
Last Checked: Sep 14 at 4:06AM
MLS# 250485
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 3,500-square-foot warehouse was built in 1994 and features metal siding, a metal roof, and radiant heating. The interior includes two 14-foot overhead doors positioned at different access points, creating a drive-through configuration suited to storage, equipment, and other commercial uses.
The property has electricity, stubbed-in water and plumbing, public water service, and public sewer. Its location at 701 240th Avenue places the building in Arnolds Park, Iowa, near the lake. The combination of enclosed space, overhead-door access, and year-round utilities provides a practical setup for storage or operational needs.
The property has electricity, stubbed-in water and plumbing, public water service, and public sewer. Its location at 701 240th Avenue places the building in Arnolds Park, Iowa, near the lake. The combination of enclosed space, overhead-door access, and year-round utilities provides a practical setup for storage or operational needs.
Key Highlights
- 3,500‑square‑foot warehouse built in 1994
- Two 14‑foot overhead doors with access from different points
- Radiant heating for year‑round 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
$19,257
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
5.50%
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%
$385,140
$385.1K
Cap Rate 7%
$275,100
$275.1K
Cap Rate 9%
$213,967
$214.0K
Market Conditions
NOI Build-Up for 3,500 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
$24.4K $6.96/SF
− Vacancy
−$1.7K −$0.49/SF
EGI
$22.7K $6.47/SF
− OpEx
−$3.4K −$0.97/SF
NOI
$19.3K $5.50/SF
Area
Dickinson County, IA
Vacancy
7.00%
Lease Rate
$6.96 /SF/Yr
Expense Ratio
15.00%
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%
$385,140
Cap Rate 7%
$275,100
Cap Rate 9%
$213,967
Alternative Uses
Best Use
Warehouse
$275.1K
$240.7K – $321.0K
NOI $19,257 @ 7.0% cap · market cap 5.50%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$765.6K
$669.9K – $893.2K
NOI $53,592 @ 7.0% cap · market cap 15.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Drive-in doors
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
12
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 51331, IA
1,102
Population
1,622
Households
0.7
Avg Household Size
61
Median Age
42%
College-Educated
98%
High-School Grad
1.6 sq mi
ZIP Area
689
Density / Sq Mi
$84,615
Median Household Income
$41,765
Median Earnings
$718
Median Rent
$415,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Midwest region
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Frequently Asked Questions
What type of property is this?
Warehouse - Flexible warehouse space with radiant heat, utility connections, and access from both sides.
Where is this warehouse located?
The property is located at 701 240th Avenue Arnolds Park, IA.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: 3,500‑square‑foot warehouse built in 1994; Two 14‑foot overhead doors with access from different points; Radiant heating for year‑round use
