Flex Space Building with
For Sale
$549,000
1204 Terrace Park Blvd, Milford, IA 51351
Large flex building with expansive main-level space and an upstairs efficiency apartment for added convenience.
Property Size8,000 SF
Price / SF$68.63
Days on Market149
Property Features for 1204 Terrace Park Blvd
General Information
Standard status
Active
Size
8,000 SF
Taxes and HOA fees
Annual Taxes
$5,228
Listing Agency:
Real Estate Unlimited
(712) 336-0336
Listed By:
Shelby Eddy
(712) 461-0815
Source:
Exprealty
Added: Apr 9
Changed: Aug 21
Last Checked: Sep 4 at 7:46AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Real Estate Unlimited
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.
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 = 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
$36,248
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
6.60%
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%
$724,960
$725.0K
Cap Rate 7%
$517,829
$517.8K
Cap Rate 9%
$402,756
$402.8K
Market Conditions
NOI Build-Up for 8,000 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
$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 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%
$724,960
Cap Rate 7%
$517,829
Cap Rate 9%
$402,756
Alternative Uses
Best Use
Flex RnD
$970.0K
$848.7K – $1.13M
NOI $67,897 @ 7.0% cap · market cap 12.37%
Second Best
Industrial
$517.8K
$453.1K – $604.1K
NOI $36,248 @ 7.0% cap · market cap 6.60%
Theoretical Best
Office A
$1.75M
$1.53M – $2.04M
NOI $122,496 @ 7.0% cap · market cap 22.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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
