8-Unit Apartment Building with
For Sale
$900,000
1501 Hill Ave, Spirit Lake, IA 51360
Eight two-bedroom residences include garage parking, shared laundry, and tenant storage.
Property Size8,064 SF
Price / SF$111.61
Days on Market244
Property Features for 1501 Hill Ave
General Information
Standard status
Active
Size
8,064 SF
Total Parking Spaces
8
Property subtype
Commercial
Units
Unit Mix
8 x 2BR/1BA
Multifamily Units
8
Amenities
clean, spacious basement
on-site washers and dryers
ample tenant storage space
Pvt Resident Bldg
Building Details
Building Size
8,064 SF
Year Built
1969
Buildings
1
Units
8
Listing Agency:
Hinn Real Estate
(712) 336-1240
Listed By:
Gretchen Lolis · License #S70594
(201) 838-4965
Source:
Lakelandrealtyofiowa
Added: Feb 23
Changed: Oct 24
Last Checked: Oct 24 at 2:34PM
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 Hinn Real Estate
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 8,064-square-foot apartment building contains eight apartments, each configured with two bedrooms and one bathroom. Garage parking accompanies every unit, and residents have access to on-site washers and dryers, basement space, and tenant storage. The building dates to 1969.
At 1501 Hill Ave in Spirit Lake, the property is a short walk from downtown shops, restaurants, and entertainment.
At 1501 Hill Ave in Spirit Lake, the property is a short walk from downtown shops, restaurants, and entertainment.
Key Highlights
- Eight apartments, each with 2 bedrooms and 1 bathroom
- 8,064 square feet; built in 1969
- Garage parking provided for each apartment
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$65,123
Cap Rate
7.24%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,302,460
$1.3M
Cap Rate 7%
$930,329
$930.3K
Cap Rate 9%
$723,589
$723.6K
Market Conditions
NOI Build-Up for 8,064 SF
Gross rent
$128.7K $15.96/SF
− Vacancy
−$10.3K −$1.28/SF
EGI
$118.4K $14.68/SF
− OpEx
−$53.3K −$6.61/SF
NOI
$65.1K $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 Rate 5%
$1,302,460
Cap Rate 7%
$930,329
Cap Rate 9%
$723,589
Alternative Uses
Best Use
Apartment 5plus
$930.3K
$814.0K – $1.09M
NOI $65,123 @ 7.0% cap · market cap 7.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.76M
$1.54M – $2.06M
NOI $123,476 @ 7.0% cap · market cap 13.72%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
470
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Eight two-bedroom residences include garage parking, shared laundry, and tenant storage.
Where is this apartment building located?
The property is located at 1501 Hill Ave Spirit Lake, IA.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: Eight apartments, each with 2 bedrooms and 1 bathroom; 8,064 square feet; built in 1969; Garage parking provided for each apartment
