Insulated Warehouse
For Sale
$120,000
2049 HWY 86, Milford, IA 51351
COMMERCIAL, Milford, IA
Property Size1,152 SF
Price / SF$104.17
Days on Market48
Property Features for 2049 HWY 86
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
Dickinson
Standard status
Active
APN
06-35-177-064
Taxes and HOA fees
Tax Year
2023
Tax Description
UNIT 4-20 STONES THROW STORAGE CONDOMINIUM
Legal Description
UNIT 4-20 STONES THROW STORAGE CONDOMINIUM
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
2024
Building materials
Metal Siding
Roof type
Metal
Listing Agency:
Jensen Real Estate
(712) 332-8081
Listed By:
Michael Jensen · License #7586
(712) 320-7245
Added: Aug 2
Changed: Aug 19
Last Checked: Sep 18 at 7:06PM
MLS# 260930
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.
Investment Insights
Based on property information with market context.
This 24' x 48' storage condominium was completed in 2024 with EPS engineered ladder frame construction and metal siding. The unit has 16-foot sidewalls, finished metal-panel interior walls, and a 14' x 14' Midland overhead door operated by a LiftMaster opener with wall-mounted and wireless remotes. Building insulation includes R-27 exterior walls, R-19 interior dividing walls, and R-44 blown ceiling insulation.
The unit is stubbed for a half bathroom and includes natural gas service, a 100-amp electrical panel, four lights, two outlets, a floor drain, and a curb stop for water shutoff. Public water and public sewer serve the property. The warehouse condo is located at 2049 HWY 86 in Milford, Iowa, on the west side of West Lake Okoboji.
The unit is stubbed for a half bathroom and includes natural gas service, a 100-amp electrical panel, four lights, two outlets, a floor drain, and a curb stop for water shutoff. Public water and public sewer serve the property. The warehouse condo is located at 2049 HWY 86 in Milford, Iowa, on the west side of West Lake Okoboji.
Key Highlights
- 24' x 48' storage condominium completed in 2024
- 14' x 14' Midland overhead door with LiftMaster opener
- 16‑foot sidewalls with R‑27 exterior wall insulation
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$6,338
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.28%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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.
Property Analytics
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Current Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Midwest region
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Frequently Asked Questions
What type of property is this?
Warehouse - Insulated storage unit with natural gas, public utilities, and a floor drain.
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' storage condominium completed in 2024; 14' x 14' Midland overhead door with LiftMaster opener; 16‑foot sidewalls with R‑27 exterior wall insulation
