Townhome-Style Apartment
For Sale
$1,395,000
3300 Sunner Ave Bldg A & B, Spirit Lake, IA 51360
Twelve-unit multifamily property with attached garages, in-unit laundry, and walk-out patios.
Property Size14,784 SF
Price / SF$94.36
Days on Market14
Property Features for 3300 Sunner Ave Bldg A & B
General Information
Standard status
Active
Size
14,784 SF
Property subtype
Multi-Family
Building Details
Year Built
2016
Listing Agency:
Real Estate Unlimited
Listed By:
Suzanne Kern · License #8080
Source:
Integrityiowa
Added: Aug 17
Changed: Aug 30
Last Checked: Aug 30 at 4:27AM
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 2016 multifamily property includes two apartment buildings with six townhome-style units in each building. The 12-unit composition includes three two-bedroom residences and three three-bedroom residences per building, with two bathrooms in every unit. Each residence measures nearly 1,300 square feet and includes an open floor plan, full appliances, a main-floor washer and dryer, a walk-out patio, and an attached garage.
The buildings are located at 3300 Sunner Ave in Spirit Lake, within Iowa’s Great Lakes area. Hawthorne Townhomes adjoins open space, a park, and a playground, providing outdoor amenities immediately beside the property. The residences are configured for both full-time occupancy and vacation-area living, with pets permitted subject to a deposit and furnished apartments available at an additional premium.
The buildings are located at 3300 Sunner Ave in Spirit Lake, within Iowa’s Great Lakes area. Hawthorne Townhomes adjoins open space, a park, and a playground, providing outdoor amenities immediately beside the property. The residences are configured for both full-time occupancy and vacation-area living, with pets permitted subject to a deposit and furnished apartments available at an additional premium.
Key Highlights
- 12 total townhome‑style apartment units across two buildings
- Each building contains 3 two‑bedroom and 3 three‑bedroom units
- 14,784 square feet of total property size
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
$119,392
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
8.56%
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%
$2,387,840
$2.4M
Cap Rate 7%
$1,705,600
$1.7M
Cap Rate 9%
$1,326,578
$1.3M
Market Conditions
NOI Build-Up for 14,784 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
$236.0K $15.96/SF
− Vacancy
−$18.9K −$1.28/SF
EGI
$217.1K $14.68/SF
− OpEx
−$97.7K −$6.61/SF
NOI
$119.4K $8.08/SF
Area
Dickinson County, IA
Vacancy
8.00%
Lease Rate
$15.96 /SF/Yr
Expense Ratio
45.00%
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%
$2,387,840
Cap Rate 7%
$1,705,600
Cap Rate 9%
$1,326,578
Alternative Uses
Best Use
Apartment 5plus
$1.71M
$1.49M – $1.99M
NOI $119,392 @ 7.0% cap · market cap 8.56%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.23M
$2.83M – $3.77M
NOI $226,373 @ 7.0% cap · market cap 16.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
304
Businesses Nearby
Explore this area
Business Placement
Demographics for 51360, IA
8,553
Population
6,638
Households
1.3
Avg Household Size
49
Median Age
35%
College-Educated
97%
High-School Grad
105.2 sq mi
ZIP Area
81
Density / Sq Mi
$77,464
Median Household Income
$41,043
Median Earnings
$1,005
Median Rent
$256,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Twelve-unit multifamily property with attached garages, in-unit laundry, and walk-out patios.
Where is this apartment building located?
The property is located at 3300 Sunner Ave Bldg A & B Spirit Lake, IA.
What is the asking price?
The asking price for this property is $1,395,000.
What are key features of this property?
This property features: 12 total townhome‑style apartment units across two buildings; Each building contains 3 two‑bedroom and 3 three‑bedroom units; 14,784 square feet of total property size
