Near-New Ranch
For Sale
$399,000
1940 35th Street, Spirit Lake, IA 51360
DUPLEX - Ranch - Spirit Lake, IA
Property Size2,439 SF
Lot Size0.24 Acres
Price / SF$163.59
Days on Market295
Property Features for 1940 35th Street
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Bedrooms
4
Bathrooms
3
Full bathrooms
1
Rooms
Bedroom 2, Basement, Bedroom 3, Bedroom 1, Bedroom 4, Bathroom 3, Bathroom 1, Bathroom 2
Patio and Porch features
Patio
Interior features
Main Floor Bedrooms, Main Floor Laundry
Exterior features
Driveway-Concrete, Patio
Fireplace
1
Basement
Concrete, Full
Appliances
Cooktop, Refrigerator, Wall Oven
Elementary school district
Spirit Lake
Middle school district
Spirit Lake
High school district
Spirit Lake
Directions
From Sunner Avenue, turn on to 35th Street. Home is on the North side.
Subdivision
Dickinson
Standard status
Active
APN
07-08-200-092
Size
2,439 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
W'LY PT LOT 8 AKA PAR "B" HAWTHORN PARK NORTH, SPIRIT LAKE, DCI. (Exact legal per Abstract.)
Tax Annual Amount
4154
Legal Description
W'LY PT LOT 8 AKA PAR "B" HAWTHORN PARK NORTH, SPIRIT LAKE, DCI. (Exact legal per Abstract.)
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Amenities
fireplace
patio
Building Details
Year built
2022
Floors in Building
1
Building materials
Smart Board
Roof type
Asphalt
Architectural style
Ranch
Listing Agency:
Stauss Realty
(712) 332-2470
Listed By:
Kirk Stauss · License #B38506
(712) 320-0123
Added: Nov 7, 2025
Changed: Aug 2
Last Checked: Aug 29 at 5:06AM
MLS# 251435
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.
Near-new ranch duplex built in 2022 offering main-level bedrooms and a kitchen/living area, plus additional living area, two bedrooms, and lots of storage in the lower level. The interior includes main floor bedrooms and main floor laundry, along with multiple bathrooms. Heating is forced air with central air for comfort year-round.
Outside, enjoy a patio overlooking the pond. The property has a concrete driveway, public water, and public sewer. The roof is asphalt, and construction includes Smart Board.
The unit layout is supported by included appliances such as a cooktop, refrigerator, and wall oven, making the home ready for immediate occupancy.
Outside, enjoy a patio overlooking the pond. The property has a concrete driveway, public water, and public sewer. The roof is asphalt, and construction includes Smart Board.
The unit layout is supported by included appliances such as a cooktop, refrigerator, and wall oven, making the home ready for immediate occupancy.
Key Highlights
- Built in 2022 near‑new ranch duplex
- Main‑level kitchen/living area plus additional lower‑level living space
- Forced air heat with central air
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
$21,392
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
5.36%
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%
$427,840
$427.8K
Cap Rate 7%
$305,600
$305.6K
Cap Rate 9%
$237,689
$237.7K
Market Conditions
NOI Build-Up for 2,439 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
$33.1K $13.56/SF
− Vacancy
−$2.5K −$1.03/SF
EGI
$30.6K $12.53/SF
− OpEx
−$9.2K −$3.76/SF
NOI
$21.4K $8.77/SF
Area
Dickinson County, IA
Vacancy
7.60%
Lease Rate
$13.56 /SF/Yr
Expense Ratio
30.00%
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%
$427,840
Cap Rate 7%
$305,600
Cap Rate 9%
$237,689
Alternative Uses
Best Use
Multifamily LT 5
$305.6K
$267.4K – $356.5K
NOI $21,392 @ 7.0% cap · market cap 5.36%
Second Best
Apartment 5plus
$281.4K
$246.2K – $328.3K
NOI $19,697 @ 7.0% cap · market cap 4.94%
Theoretical Best
Office A
$533.5K
$466.8K – $622.4K
NOI $37,346 @ 7.0% cap · market cap 9.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
231
Businesses Nearby
Explore this area
Business Placement
Demographics for 51360, IA
8,553
Population
6,638
Households
1.3
Avg Household Size
49
Median Age
35%
College-Educated
97%
High-School Grad
105.2 sq mi
ZIP Area
81
Density / Sq Mi
$77,464
Median Household Income
$41,043
Median Earnings
$1,005
Median Rent
$256,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Near-new ranch duplex with two bedrooms plus additional lower-level living space, fireplace, patio, and central air.
Where is this duplex located?
The property is located at 1940 35th Street 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: Built in 2022 near‑new ranch duplex; Main‑level kitchen/living area plus additional lower‑level living space; Forced air heat with central air
