Building Details

Year Built 2023

Listing Agency: Jensen Real Estate

Listed By: Michael Jensen · License #7586 Show Phone

Source: Integrityiowa

Added: Oct 16 Last Checked: Oct 16 at 2:06PM

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Investment Insights

Based on property information with market context.

This 1,152-square-foot warehouse condo was built in 2023. Its 14' x 14' overhead door is fitted with a power opener, and a separate 3' x 6'8" walk-in door provides pedestrian entry. Interior sidewalls measure 16'4".

Each unit has 20-amp electrical service. HOA coverage includes personal-use electricity, building insurance, lawn care, and snow removal. The unit is available for immediate delivery.

Key Highlights

• 1,152‑square‑foot warehouse condo built in 2023
• 14' x 14' overhead door with power opener
• Separate 3' x 6'8" walk‑in door

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$6,338

Cap Rate

9.07%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$126,760 $126.8K

Cap Rate 7%

$90,543 $90.5K

Cap Rate 9%

$70,422 $70.4K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,152 SF

Gross rent

$8.0K $6.96/SF

− Vacancy

−$561 −$0.49/SF

EGI

$7.5K $6.47/SF

− OpEx

−$1.1K −$0.97/SF

NOI

$6.3K $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 Rate 5%

$126,760

Cap Rate 7%

$90,543

Cap Rate 9%

$70,422

Alternative Uses

Best Use

Warehouse

$90.5K

$79.2K – $105.6K (±1% cap)

NOI $6,338 @ 7.0% cap · market cap 9.07%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$252.0K

$220.5K – $294.0K (±1% cap)

NOI $17,639 @ 7.0% cap · market cap 25.23%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Warehouses

Suggested Use

Top Pick Dental Office Real Estate Agency Restaurant Auto Parts Store Auto Repair Shop Big Box & Wholesale Store

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

16 ft

Clear height

Location Intelligence

Trade Area within ½ mile

194

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 51351, IA

4,844

Population

3,104

Households

1.6

Avg Household Size

45

Median Age

31%

College-Educated

97%

High-School Grad

108.0 sq mi

ZIP Area

45

Density / Sq Mi

$67,628

Median Household Income

$39,913

Median Earnings

$904

Median Rent

$256,100

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

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Frequently Asked Questions

What type of property is this?

Warehouse - The unit has dedicated electrical service, with building insurance and exterior upkeep covered through the HOA.

Where is this warehouse located?

The property is located at 1802 P Avenue #57 Milford, IA.

What is the asking price?

The asking price for this property is $69,900.

What are key features of this property?

This property features: 1,152‑square‑foot warehouse condo built in 2023; 14' x 14' overhead door with power opener; Separate 3' x 6'8" walk‑in door