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    Contemporary Duplex on Spirit Lake Title is generated by Realmo AI

    16822 255th Street, Spirit Lake, IA 51360

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    For Sale
    $1,990,000

    DUPLEX - Contemporary - Spirit Lake, IA

    Property size:
    3,834 SF
    Price / SF:
    $519/SF
    Added:
    May 15, 2026
    Days on Market:
    13
    Last Refresh:
    May 27 at 12:06 pm

    Property Features for 16822 255th Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Property condition
    Under Construction
    Bedrooms
    5
    Bathrooms
    5
    Rooms
    Bathroom 5, Bathroom 4, Bedroom 4, Bathroom 1, Bedroom 1, Bathroom 2, Bedroom 2, Bedroom 5, Basement, Bedroom 3, Bathroom 3
    Patio and Porch features
    Deck
    Interior features
    Kitchen Center Island
    Exterior features
    Deck, Dock
    Basement
    Concrete, Full
    Appliances
    Dishwasher, Disposal, Dryer, Microwave, Range/Stove, Refrigerator, Washer
    Standard status
    Active
    APN
    TBD (South 1/2 of 07-15-202-035)
    Size
    3,834 SF

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    (South Unit on) LOT 13, 4' VACATED WALKWAY BETWEEN LOTS 13 & 15 AND LOT 15 EXC. 20' X 20' TRT AND COMMON GROUND HAFERS POINT, PLAT OF FRANCIS SITES, DCI. (Exact legal per Abstract.)

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Forced Air
    Cooling system
    Central Air
    Water source
    Public
    Water front
    1

    Building Details

    Year built
    2026
    Floors in Building
    2
    Building materials
    Wood Siding
    Roof type
    Asphalt
    Architectural style
    Contemporary

    We can help!

    Listing Contact
    Kirk Stauss
    Kirk Stauss

    Listing agent Kirk Stauss License #B38506

    Listing office Stauss Realty 1003 Hwy. 71 S PO Box 521, Okoboji, IA

    Listing date May 15, 2026

    MLS# 260475 Listing URL

    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.

    HighLights

    • 57' of lakeshore offers stunning waterfront access
    • New construction (built in 2026) provides modern living
    • Walk‑out lower level with additional living area and kitchen
    • Open floor plan on the main floor is perfect for entertaining
    • Large bunk room
    • Dock for easy lake access

    Overview

    This new construction duplex is designed for carefree, comfortable, and contemporary lake life. The property features an open floor plan on the main level. The upper level includes additional bedrooms and a large bunk room. A walk-out lower level provides an additional living area and kitchen with direct access to the water. The property includes 57 feet of lakeshore. Interior features include on-demand hot water and two laundry stations. Located in Spirit Lake, Iowa, the property offers 3,834 square feet of living space.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Map

    City
    Spirit Lake
    County
    Dickinson
    State
    Iowa
    Longitude
    -95.0819512
    Latitude
    43.3968577

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    FAQs

    What type of property is this?
    Duplex - New construction duplex designed for comfortable lake living.
    Where is this duplex located?
    The property is located at 16822 255th Street Spirit Lake, IA.
    What is the asking price?
    The asking price for this property is $1,990,000.
    What are key features of this property?
    This property features: 57' of lakeshore offers stunning waterfront access; New construction (built in 2026) provides modern living; Walk‑out lower level with additional living area and kitchen
    (712) 320-0123
    We can help!
    Listing Contact
    Kirk Stauss
    Kirk Stauss
    Real Estate License ID: B38506
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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