Insulated Warehouse Storage
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
06-35-177-05
Taxes and HOA fees
Tax Year
2024
Tax Description
UNIT 5-5 STONES THROW STORAGE CONDOMINIUM
Legal Description
UNIT 5-5 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# 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.
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.
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 = 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
Questions? Ask Rey
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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
