Flex Space with Living
For Sale
$399,000
1901 32nd Street #59, Spirit Lake, IA 51331
Newer construction combines business, storage, and residential functions under one roof.
Property Size2,400 SF
Price / SF$166.25
Days on Market27
Property Features for 1901 32nd Street #59
General Information
Standard status
Active
Size
2,400 SF
Property subtype
Commercial
Building Details
Year Built
2022
Listing Agency:
Stauss Realty
(320) 733-2399
Listed By:
Jj Newman · License #8330
Source:
Integrityiowa
Added: Aug 3
Changed: Aug 28
Last Checked: Aug 29 at 6:22AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Stauss Realty
Investment Insights
Based on property information with market context.
This flex property in Spirit Lake brings together a stage and storage component with renovated living quarters on the same site. Built in 2022, the building supports a combination of workspace, storage, and residential use within one integrated setting.
The property is located at 1901 32nd Street #59, near Spirit Lake shopping, dining, entertainment, and everyday amenities. Its configuration may accommodate business operations, personal projects, recreational equipment, and on-site living without separating those functions across multiple locations.
The property is located at 1901 32nd Street #59, near Spirit Lake shopping, dining, entertainment, and everyday amenities. Its configuration may accommodate business operations, personal projects, recreational equipment, and on-site living without separating those functions across multiple locations.
Key Highlights
- Flex property with stage and storage space
- Renovated living quarters located on site
- Built in 2022
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
$20,369
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
5.11%
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%
$407,380
$407.4K
Cap Rate 7%
$290,986
$291.0K
Cap Rate 9%
$226,322
$226.3K
Market Conditions
NOI Build-Up for 2,400 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
$33.7K $14.04/SF
− Vacancy
−$2.4K −$0.98/SF
EGI
$31.3K $13.06/SF
− OpEx
−$11.0K −$4.57/SF
NOI
$20.4K $8.49/SF
Area
Dickinson County, IA
Vacancy
7.00%
Lease Rate
$14.04 /SF/Yr
Expense Ratio
35.00%
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%
$407,380
Cap Rate 7%
$290,986
Cap Rate 9%
$226,322
Alternative Uses
Best Use
Flex RnD
$291.0K
$254.6K – $339.5K
NOI $20,369 @ 7.0% cap · market cap 5.11%
Second Best
Mixed Use
$271.5K
$237.6K – $316.8K
NOI $19,008 @ 7.0% cap · market cap 4.76%
Theoretical Best
Office A
$525.0K
$459.4K – $612.5K
NOI $36,749 @ 7.0% cap · market cap 9.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
299
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 51331, IA
1,102
Population
1,622
Households
0.7
Avg Household Size
61
Median Age
42%
College-Educated
98%
High-School Grad
1.6 sq mi
ZIP Area
689
Density / Sq Mi
$84,615
Median Household Income
$41,765
Median Earnings
$718
Median Rent
$415,800
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Newer construction combines business, storage, and residential functions under one roof.
Where is this flex space located?
The property is located at 1901 32nd Street #59 Spirit Lake, IA.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Flex property with stage and storage space; Renovated living quarters located on site; Built in 2022
