Building Details

Year built 2017

Building materials Metal Siding

Roof type Metal

Listing Agency: Keller Williams Okoboji · Keller Williams Realty m**@kwsiouxland.com Show Phone

Listed By: George Carlson · License #S70587 Show Phone

Added: Jun 2 Changed: Aug 4 Last Checked: Aug 8 at 3:06PM

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MLS# 260550

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 1,680-square-foot storage condominium was built in 2017 within the Sunrise Condominium Storage Units development. The unit measures 28 feet by 60 feet and provides an adaptable interior for boats, RVs, campers, vehicles, recreational equipment, or workshop activities. A 12-foot by 14-foot overhead door accommodates larger vehicles and equipment, while the metal siding and metal roof provide durable exterior construction. Driveway parking is included with the unit.

The property is located in Orleans, Iowa, near East Lake and Big Spirit Lake. Its setting provides access to the Iowa Great Lakes area and nearby recreational destinations. The unit offers enclosed storage space for seasonal or year-round equipment without requiring a larger standalone facility.

Key Highlights

• 1,680‑square‑foot storage condominium in the Sunrise Condominium Storage Units development
• 28' x 60' unit dimensions provide flexible enclosed storage space
• Oversized 12' x 14' overhead door for larger vehicles and equipment

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

$9,243

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

7.12%

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%

$184,860 $184.9K

Cap Rate 7%

$132,043 $132.0K

Cap Rate 9%

$102,700 $102.7K

Market Conditions

NOI Build-Up for 1,680 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

$11.7K $6.96/SF

− Vacancy

−$818 −$0.49/SF

EGI

$10.9K $6.47/SF

− OpEx

−$1.6K −$0.97/SF

NOI

$9.2K $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%

$184,860

Cap Rate 7%

$132,043

Cap Rate 9%

$102,700

Alternative Uses

Best Use

Warehouse

$132.0K

$115.5K – $154.1K (±1% cap)

NOI $9,243 @ 7.0% cap · market cap 7.12%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$367.5K

$321.6K – $428.7K (±1% cap)

NOI $25,724 @ 7.0% cap · market cap 19.80%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Warehouses

Suggested Use

Top Pick Storage Facility Real Estate Agency Restaurant Hotel & Motel

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

Lease Details

1

Drive-in doors

Location Intelligence

Trade Area within ½ mile

24

Businesses Nearby

Well-served

Demand for This Use

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 Industrial in Midwest region

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Warehouse - Metal-sided storage unit with oversized overhead access and flexible interior space for equipment, vehicles, or workshop use.

Where is this warehouse located?

The property is located at 13840 Sunrise Drive Orleans, IA.

What is the asking price?

The asking price for this property is $129,900.

What are key features of this property?

This property features: 1,680‑square‑foot storage condominium in the Sunrise Condominium Storage Units development; 28' x 60' unit dimensions provide flexible enclosed storage space; Oversized 12' x 14' overhead door for larger vehicles and equipment