Listing Agency: Real Estate Unlimited s***@hellingahomes.com Show Phone

Listed By: Shelby Eddy Show Phone

Source: Exprealty

Added: Apr 9 Changed: Oct 10 Last Checked: Oct 19 at 11:57AM

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Investment Insights

Based on property information with market context.

This flex space building features an expansive main level with versatile room for a business, office setup, or a combination of uses. Upstairs provides additional space suited for flex use and includes an efficiency apartment.

The property is located near the lake and Arnold’s Park, with visibility and convenient access in a highly desirable area. The layout supports multiple ways to organize day-to-day operations and upstairs space within the same building.

Key Highlights

• Main level offers over 8,000 sq ft of versatile space for business, office, or other uses
• Upstairs provides additional square footage for entertaining or flex space
• Includes an upstairs efficiency apartment for added convenience or income

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$36,248

Cap Rate

6.60%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$724,960 $725.0K

Cap Rate 7%

$517,829 $517.8K

Cap Rate 9%

$402,756 $402.8K

Is this asking price fair?

Market Conditions

NOI Build-Up for 8,000 SF

Gross rent

$55.7K $6.96/SF

− Vacancy

−$3.9K −$0.49/SF

EGI

$51.8K $6.47/SF

− OpEx

−$15.5K −$1.94/SF

NOI

$36.2K $4.53/SF

Area

Dickinson County, IA

Vacancy

7.00%

Lease Rate

$6.96 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$724,960

Cap Rate 7%

$517,829

Cap Rate 9%

$402,756

Alternative Uses

Best Use

Flex RnD

$970.0K

$848.7K – $1.13M (±1% cap)

NOI $67,897 @ 7.0% cap · market cap 12.37%

Second Best

Industrial

$517.8K

$453.1K – $604.1K (±1% cap)

NOI $36,248 @ 7.0% cap · market cap 6.60%

Theoretical Best

Office A

$1.75M

$1.53M – $2.04M (±1% cap)

NOI $122,496 @ 7.0% cap · market cap 22.31%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Flex space

Suggested Use

Top Pick Big Box & Wholesale Store Auto Repair Shop Plumbing Service Hair Salon (Bike/Boat/Book/etc) Store Cafe & Coffee Shop

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

55

Businesses Nearby

Well-served

Demand for This Use

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 Industrial in Midwest region

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

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Frequently Asked Questions

What type of property is this?

Flex space - Large flex building with expansive main-level space and an upstairs efficiency apartment for added convenience.

Where is this flex space located?

The property is located at 1204 Terrace Park Blvd Milford, IA.

What is the asking price?

The asking price for this property is $549,000.

What are key features of this property?

This property features: Main level offers over 8,000 sq ft of versatile space for business, office, or other uses; Upstairs provides additional square footage for entertaining or flex space; Includes an upstairs efficiency apartment for added convenience or income