Building Details

Year built 2024

Building materials Metal Siding

Roof type Metal

Listing Agency: Jensen Real Estate Show Phone

Listed By: Michael Jensen · License #7586 Show Phone

Added: Aug 2 Changed: Oct 8 Last Checked: Nov 2 at 10:06PM

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MLS# 260933

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.

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Investment Insights

Based on property information with market context.

Built in 2024, this 48' x 48' warehouse condominium provides insulated storage space with engineered ladder-frame construction and metal siding. The building includes two 14' x 14' Midland overhead doors, 16-foot sidewalls, a LiftMaster opener with wall-mounted and wireless controls, and metal-panel interior walls. Insulation includes R-27 in the exterior walls, R-19 in the dividing walls, and R-44 blown insulation above the ceiling. A half-bathroom is stubbed in, and the unit has a floor drain, curb stop, natural gas service, and a 100-amp electrical panel with four lights and two outlets.

The property is located at 2049 HWY 86 in Milford, Iowa, on the west side of West Lake Okoboji. Public water and public sewer serve the property.

Key Highlights

• 48' x 48' warehouse condominium with 16‑foot sidewalls
• Two 14' x 14' Midland overhead doors
• R‑27 exterior‑wall, R‑19 dividing‑wall, and R‑44 ceiling insulation

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$12,676

Cap Rate

5.51%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$253,520 $253.5K

Cap Rate 7%

$181,086 $181.1K

Cap Rate 9%

$140,844 $140.8K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,304 SF

Gross rent

$16.0K $6.96/SF

− Vacancy

−$1.1K −$0.49/SF

EGI

$14.9K $6.47/SF

− OpEx

−$2.2K −$0.97/SF

NOI

$12.7K $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%

$253,520

Cap Rate 7%

$181,086

Cap Rate 9%

$140,844

Alternative Uses

Best Use

Warehouse

$181.1K

$158.5K – $211.3K (±1% cap)

NOI $12,676 @ 7.0% cap · market cap 5.51%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$504.0K

$441.0K – $588.0K (±1% cap)

NOI $35,279 @ 7.0% cap · market cap 15.34%

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

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Warehouses

Suggested Use

Top Pick Building Supply Grocery & Convenience Store Butcher Hotel & Motel

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

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

12

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 - Warehouse condominium offering overhead access, natural gas service, and a stubbed half-bathroom.

Where is this warehouse located?

The property is located at 2049 HWY 86 Milford, IA.

What is the asking price?

The asking price for this property is $230,000.

What are key features of this property?

This property features: 48' x 48' warehouse condominium with 16‑foot sidewalls; Two 14' x 14' Midland overhead doors; R‑27 exterior‑wall, R‑19 dividing‑wall, and R‑44 ceiling insulation