Insulated Warehouse
For Sale
$120,000
2049 Hwy 86 #4-20, Milford, IA 51351
A 2024 storage unit includes natural gas service, a floor drain, and plumbing rough-in for a half bathroom.
Property Size1,152 SF
Price / SF$104.17
Days on Market91
Property Features for 2049 Hwy 86 #4-20
General Information
Standard status
Active
Size
1,152 SF
Property subtype
Commercial
Building Details
Building Size
1,152 SF
Year Built
2024
Listing Agency:
Jensen Real Estate
(712) 332-8081
Listed By:
Michael Jensen · License #7586
(712) 320-7245
Source:
Lakelandrealtyofiowa
Added: Aug 2
Changed: Oct 29
Last Checked: Oct 29 at 10:45PM
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 Jensen Real Estate
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This warehouse condominium was built in 2024 and measures 24 feet by 48 feet, with 16-foot sidewalls. Construction includes engineered ladder framing, 2x8 exterior walls with R-27 insulation, 2x6 dividing walls with R-19 insulation, and an R-44 blown-in ceiling. Metal panels finish the interior walls. A 14-by-14-foot overhead door is operated by a LiftMaster opener with wall and wireless remotes.
The unit is on the west side of West Lake Okoboji at 2049 Hwy 86, Unit 4-20, in Milford. It has natural gas service, a 100-amp electrical panel, four lights, two outlets, and a floor drain. Water shutoff is available at the unit, which is also plumbed for a half bathroom.
The unit is on the west side of West Lake Okoboji at 2049 Hwy 86, Unit 4-20, in Milford. It has natural gas service, a 100-amp electrical panel, four lights, two outlets, and a floor drain. Water shutoff is available at the unit, which is also plumbed for a half bathroom.
Key Highlights
- 1,152‑square‑foot warehouse condo built in 2024
- 24' x 48' unit with 16‑foot sidewalls
- 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
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
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
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
Current Use
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
Frequently Asked Questions
What type of property is this?
Warehouse - A 2024 storage unit includes natural gas service, a floor drain, and plumbing rough-in for a half bathroom.
Where is this warehouse located?
The property is located at 2049 Hwy 86 #4-20 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: 1,152‑square‑foot warehouse condo built in 2024; 24' x 48' unit with 16‑foot sidewalls; 14' x 14' Midland overhead door with LiftMaster opener
