Warehouse With Overhead
For Sale
$379,000
16390 252nd Avenue, Spirit Lake, IA 51360
COMMERCIAL, Spirit Lake, IA
Property Size4,000 SF
Price / SF$94.75
Days on Market48
Property Features for 16390 252nd Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Parking features
Driveway
Directions
Take 165th St (Hawn Road) go North on 252nd Avenue (gravel by other storage units) and follow it back into the North.
Subdivision
Dickinson
Standard status
Active
APN
10152004 & 10152005
Taxes and HOA fees
Tax Year
2024
Tax Description
Lots 14 and 15, Hawn Storage Park, Dickinson County, IA EXACT LEGAL AS PER ABSTRACT
Tax Annual Amount
1180
Legal Description
Lots 14 and 15, Hawn Storage Park, Dickinson County, IA EXACT LEGAL AS PER ABSTRACT
Building Details
Year built
2017
Building materials
Steel Siding
Listing Agency:
RE/MAX Lakes Realty · RE/MAX International
(712) 336-4967
Listed By:
Deb Goetzinger · License #B27135
(712) 330-1232
Added: Jul 7
Changed: Aug 19
Last Checked: Aug 23 at 5:06PM
MLS# 260776
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.
Built in 2017, this 4,000-square-foot warehouse in Spirit Lake provides a straightforward storage configuration with concrete floors throughout and steel siding. The building measures 50 by 80 feet and includes three large overhead doors, supporting vehicle and equipment access.
Each overhead door is 16 feet wide by 14 feet high. An additional lot accompanies the property and may provide space for parking or a future structure. Driveway parking is also included, with the property located at 16390 252nd Avenue in Spirit Lake, Iowa.
Each overhead door is 16 feet wide by 14 feet high. An additional lot accompanies the property and may provide space for parking or a future structure. Driveway parking is also included, with the property located at 16390 252nd Avenue in Spirit Lake, Iowa.
Key Highlights
- 4,000‑square‑foot warehouse built in 2017
- 50‑by‑80‑foot building with concrete floors throughout
- Three overhead doors measuring 16 feet wide by 14 feet high
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
$22,008
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
5.81%
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%
$440,160
$440.2K
Cap Rate 7%
$314,400
$314.4K
Cap Rate 9%
$244,533
$244.5K
Market Conditions
NOI Build-Up for 4,000 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
$27.8K $6.96/SF
− Vacancy
−$1.9K −$0.49/SF
EGI
$25.9K $6.47/SF
− OpEx
−$3.9K −$0.97/SF
NOI
$22.0K $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%
$440,160
Cap Rate 7%
$314,400
Cap Rate 9%
$244,533
Alternative Uses
Best Use
Warehouse
$314.4K
$275.1K – $366.8K
NOI $22,008 @ 7.0% cap · market cap 5.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$875.0K
$765.6K – $1.02M
NOI $61,248 @ 7.0% cap · market cap 16.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
262
Businesses Nearby
Balanced
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Warehouse - Steel-sided storage warehouse with concrete flooring, multiple overhead doors, and an additional lot for parking or future construction.
Where is this warehouse located?
The property is located at 16390 252nd Avenue Spirit Lake, IA.
What is the asking price?
The asking price for this property is $379,000.
What are key features of this property?
This property features: 4,000‑square‑foot warehouse built in 2017; 50‑by‑80‑foot building with concrete floors throughout; Three overhead doors measuring 16 feet wide by 14 feet high
