New Self-Storage Facility with Oversized
For Sale
$69,900
1804 P Avenue, Milford, IA 51351
COMMERCIAL, Milford, IA
Property Size1,152 SF
Price / SF$60.68
Days on Market490
Property Features for 1804 P Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Property condition
Under Construction
Parking features
Driveway
Security features
Security Lighting
Exterior features
Security Lighting
Directions
Located on P Ave. in north Milford. Just one block east of HWY 71. Located behind Sunshine Foods
Subdivision
Dickinson
Standard status
Active
Taxes and HOA fees
Tax Year
2023
Tax Description
TBD: UNIT #86 PELICAN BAY STORAGE CONDOMINIUMS. CITY OF MILFORD. DICKINSON COUNTY, IOWA
Legal Description
TBD: UNIT #86 PELICAN BAY STORAGE CONDOMINIUMS. CITY OF MILFORD. DICKINSON COUNTY, IOWA
Building Details
Year built
2025
Building materials
Steel Siding
Roof type
Metal
Listing Agency:
Jensen Real Estate
(712) 332-8081
Listed By:
Michael Jensen · License #B58673
(712) 320-7245
Added: May 1, 2025
Changed: Aug 19
Last Checked: Sep 2 at 2:06AM
MLS# 250521
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 self-storage facility in Milford is under construction with a 2025 completion year. The steel-sided units measure 24 feet by 48 feet, providing 1,152 square feet per space, with 16 feet 4 inches of side-wall height. Each unit includes a 14-foot by 14-foot overhead door, a 3-foot by 6-foot 8-inch walk-in door, and 20-amp electrical service. The metal roof, security lighting, and driveway access add practical features for storage users requiring enclosed, accessible space.
An HOA covers personal-use electricity, building insurance, lawn care, and snow removal. The property is located at 1804 P Avenue in Milford, Iowa, within Dickinson County.
An HOA covers personal-use electricity, building insurance, lawn care, and snow removal. The property is located at 1804 P Avenue in Milford, Iowa, within Dickinson County.
Key Highlights
- 24' x 48' units provide 1,152 sq. ft. of enclosed storage space
- 16'4" side walls accommodate taller storage needs
- Each unit has a 14' x 14' overhead door
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
$6,338
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
9.07%
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%
$126,760
$126.8K
Cap Rate 7%
$90,543
$90.5K
Cap Rate 9%
$70,422
$70.4K
Market Conditions
NOI Build-Up for 1,152 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
$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 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%
$126,760
Cap Rate 7%
$90,543
Cap Rate 9%
$70,422
Alternative Uses
Best Use
Self Storage
$139.1K
$121.8K – $162.3K
NOI $9,740 @ 7.0% cap · market cap 13.93%
Second Best
Warehouse
$90.5K
$79.2K – $105.6K
NOI $6,338 @ 7.0% cap · market cap 9.07%
Theoretical Best
Office A
$252.0K
$220.5K – $294.0K
NOI $17,639 @ 7.0% cap · market cap 25.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16 ft
Clear height
Location Intelligence
Trade Area within ½ mile
191
Businesses Nearby
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Self storage facility - Steel-sided units include electrical service and overhead-door access.
Where is this self storage facility located?
The property is located at 1804 P Avenue 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: 24' x 48' units provide 1,152 sq. ft. of enclosed storage space; 16'4" side walls accommodate taller storage needs; Each unit has a 14' x 14' overhead door
