New Construction Storage Units
For Sale
$69,900
1804 P Avenue 85, Milford, IA 51351
Spacious storage units (1,152 sq. ft.) nearing completion.
Property Size1,152 SF
Price / SF$60.68
Days on Market484
Property Features for 1804 P Avenue 85
General Information
Standard status
Active
Size
1,152 SF
Property subtype
Commercial/Industrial
Building Details
Year Built
2025
Listing Agency:
Jensen Real Estate
(712) 320-7245
Listed By:
Michael Jensen · License #B58673
(712) 320-7245
Source:
Exitrealty
Added: May 7, 2025
Changed: Aug 25
Last Checked: Sep 1 at 6:05PM
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 Jensen Real Estate
Investment Insights
Based on property information with market context.
Construction is nearing completion on these storage units, scheduled for availability in 2025. Each unit provides 1,152 square feet of space, measuring 24' x 48', and features 16'4" side walls. Access is facilitated by a 14' x 14' overhead door and a 3' x 6'8" walk-in door. Each unit includes a 20-amp electrical service, with electricity costs covered by the Homeowners Association (HOA). The annual HOA fee is $300, which covers personal-use electricity, building insurance, lawn care, and snow removal.
Key Highlights
- Spacious 1,152 sq. ft. storage unit (24' x 48').
- Brand new construction for 2025.
- 16'4" side walls and 14' x 14' overhead door.
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
$5,220
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
7.47%
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%
$104,400
$104.4K
Cap Rate 7%
$74,571
$74.6K
Cap Rate 9%
$58,000
$58.0K
Market Conditions
NOI Build-Up for 1,152 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
$8.0K $6.96/SF
− Vacancy
−$561 −$0.49/SF
EGI
$7.5K $6.47/SF
− OpEx
−$2.2K −$1.94/SF
NOI
$5.2K $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%
$104,400
Cap Rate 7%
$74,571
Cap Rate 9%
$58,000
Alternative Uses
Best Use
Self Storage
$139.1K
$121.8K – $162.3K
NOI $9,740 @ 7.0% cap · market cap 13.93%
Second Best
Industrial
$74.6K
$65.3K – $87.0K
NOI $5,220 @ 7.0% cap · market cap 7.47%
Theoretical Best
Office A
$252.0K
$220.5K – $294.0K
NOI $17,639 @ 7.0% cap · market cap 25.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
194
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 Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Self storage facility - Spacious storage units (1,152 sq. ft.) nearing completion.
Where is this self storage facility located?
The property is located at 1804 P Avenue 85 Milford, 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: Spacious 1,152 sq. ft. storage unit (24' x 48').; Brand new construction for 2025.; 16'4" side walls and 14' x 14' overhead door.
