New Self Storage
For Sale
$69,900
Pending
1804 P Avenue, Milford, IA 51351
COMMERCIAL, Milford, IA
Property Size1,152 SF
Days on Market33
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
Pending
APN
11-06-304-022
Taxes and HOA fees
Tax Year
2023
Tax Description
UNIT 90 PELICAN BAY STORAGE CONDOMINIUMS
Legal Description
UNIT 90 PELICAN BAY STORAGE CONDOMINIUMS
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 #7586
(712) 320-7245
Added: Jul 28
Changed: Aug 19
Last Checked: Aug 29 at 4:06AM
MLS# 260891
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 at 1804 P Avenue in Milford, Iowa, is under construction with a 2025 year built. The steel-sided units measure 24 feet by 48 feet, providing 1,152 square feet per unit, with 16-foot 4-inch side walls. 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.
Electricity for personal use is covered through the HOA, which also provides building insurance, lawn care, and snow removal. The property includes driveway parking, security lighting, and a metal roof. Construction is nearing completion.
Electricity for personal use is covered through the HOA, which also provides building insurance, lawn care, and snow removal. The property includes driveway parking, security lighting, and a metal roof. Construction is nearing completion.
Key Highlights
- 1,152‑square‑foot units measuring 24' x 48'
- 16'4" side walls in each unit
- 14' x 14' overhead door and 3' x 6'8" walk‑in door per unit
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
Location Intelligence
Trade Area within ½ mile
286
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 storage units offer individual electrical service, overhead access, walk-in entry, and security lighting.
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: 1,152‑square‑foot units measuring 24' x 48'; 16'4" side walls in each unit; 14' x 14' overhead door and 3' x 6'8" walk‑in door per unit
