Building Details

Building Size 1,152 SF

Year Built 2024

Listing Agency: Jensen Real Estate i***@buygreatlakes.com Show Phone

Listed By: Michael Jensen · License #7586 Show Phone

Source: Lakelandrealtyofiowa

Added: Aug 2 Changed: Oct 29 Last Checked: Oct 29 at 10:47PM

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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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Investment Insights

Based on property information with market context.

Built in 2024, this 24-by-48 storage condominium uses engineered ladder-frame construction and has 16-foot sidewalls. Insulation includes R-27 in the exterior walls, R-19 in the interior partitions, and R-44 above the ceiling; metal panels finish the interior walls. A 14-by-14-foot overhead door is paired with a LiftMaster opener and wall-mounted and wireless remotes.

The unit also has natural gas service, a 100-amp electrical panel, four lights, two outlets, a floor drain, and a curb stop for shutting off water. It is located on the west side of West Lake Okoboji in Milford, Iowa.

Key Highlights

• 24' x 48' storage condominium built in 2024
• 16‑foot sidewalls and engineered ladder‑frame construction
• 14' x 14' Midland overhead door with LiftMaster opener

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$9,740

Cap Rate

8.12%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$194,800 $194.8K

Cap Rate 7%

$139,143 $139.1K

Cap Rate 9%

$108,222 $108.2K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,152 SF

Gross rent

$15.2K $13.20/SF

− Vacancy

−$1.3K −$1.12/SF

EGI

$13.9K $12.08/SF

− OpEx

−$4.2K −$3.62/SF

NOI

$9.7K $8.45/SF

Area

Dickinson County, IA

Vacancy

8.50%

Lease Rate

$13.20 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$194,800

Cap Rate 7%

$139,143

Cap Rate 9%

$108,222

Alternative Uses

Best Use

Self Storage

$139.1K

$121.8K – $162.3K (±1% cap)

NOI $9,740 @ 7.0% cap · market cap 8.12%

Second Best

Warehouse

$90.5K

$79.2K – $105.6K (±1% cap)

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

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

Current Use

Self storage facilities

Suggested Use

Top Pick Grocery & Convenience Store Butcher Real Estate Agency Law Firm 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.

Location Intelligence

Trade Area within ½ mile

12

Businesses Nearby

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?

Self storage facility - Insulated storage space includes natural gas service, a floor drain, and plumbing rough-in for a half bathroom.

Where is this self storage facility located?

The property is located at 2049 Hwy 86 #5-5 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' storage condominium built in 2024; 16‑foot sidewalls and engineered ladder‑frame construction; 14' x 14' Midland overhead door with LiftMaster opener