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# 260932

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.

This 2024 warehouse storage condo measures 24' x 48' and features EPS engineered ladder-frame construction with metal siding. The unit has 16-foot sidewalls, R-27 insulation in the exterior walls, R-19 insulation in the interior partitions, and R-44 blown insulation above. Interior wall surfaces are finished with metal panels. A 14' x 14' Midland overhead door includes a LiftMaster opener with wall-mounted and wireless remotes. The space is prepared for a half bathroom and includes a floor drain and curb stop.

Natural gas serves the unit, along with a 100-amp electrical panel, four lights, and two outlets. Public water and public sewer are available. The property is located at 2049 HWY 86 in Milford, on the west side of West Lake Okoboji.

Key Highlights

• 24' x 48' warehouse storage condo built in 2024
• 16‑foot sidewalls with R‑27 exterior, R‑19 interior, and R‑44 ceiling insulation
• 14' x 14' Midland overhead door with LiftMaster opener

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$6,338

Cap Rate

5.28%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$126,760 $126.8K

Cap Rate 7%

$90,543 $90.5K

Cap Rate 9%

$70,422 $70.4K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,152 SF

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 Rate 5%

$126,760

Cap Rate 7%

$90,543

Cap Rate 9%

$70,422

Alternative Uses

Best Use

Warehouse

$90.5K

$79.2K – $105.6K (±1% cap)

NOI $6,338 @ 7.0% cap · market cap 5.28%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$252.0K

$220.5K – $294.0K (±1% cap)

NOI $17,639 @ 7.0% cap · market cap 14.70%

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

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 - Recently constructed unit combines insulated metal-panel interiors with utility service and overhead-door access.

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 $120,000.

What are key features of this property?

This property features: 24' x 48' warehouse storage condo built in 2024; 16‑foot sidewalls with R‑27 exterior, R‑19 interior, and R‑44 ceiling insulation; 14' x 14' Midland overhead door with LiftMaster opener