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# 260931

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 warehouse storage condo provides a 24' x 48' enclosed unit with 16-foot sidewalls and metal siding. The engineered ladder-frame structure includes 2x8 exterior walls with R-27 insulation, 2x6 interior partitions with R-19 insulation, and an R-44 blown-insulation ceiling. Metal interior panels finish the walls.

A 14' x 14' Midland overhead door is paired with a LiftMaster opener, wall controls, and wireless remotes. The unit is stubbed for a half bathroom and includes a floor drain, curb stop, natural gas service, and a 100-amp electrical panel with four lights and two outlets. Public water and public sewer are available, and the building has a metal roof.

Key Highlights

• 24' x 48' warehouse storage condo with 16‑foot sidewalls
• 14' x 14' Midland overhead door with LiftMaster opener
• R‑27 exterior wall insulation and R‑44 blown ceiling insulation

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

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 - Insulated warehouse condo with natural gas, public utilities, 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 with 16‑foot sidewalls; 14' x 14' Midland overhead door with LiftMaster opener; R‑27 exterior wall insulation and R‑44 blown ceiling insulation