Mixed-Use Property with Office
For Sale
$679,900
2216 15th, Spirit Lake, IA 51360
Renovated front offices and a separate rear building provide distinct spaces for administrative and operational functions.
Property Size6,696 SF
Price / SF$101.54
Days on Market94
Property Features for 2216 15th
General Information
Standard status
Active
Size
6,696 SF
Property subtype
Commercial
Additional Details
Asking Price
$799,900
Drive-In Doors
2
Property Use
Business Park
Amenities
conference room
break room
Fire Alarm
Restrooms
Smoke Detector
High Traffic Location
High Visibility
Highway Access
Building Details
Building Size
6,696 SF
Year Built
2001
Buildings
2
Units
2
Listing Agency:
Lakeland Realty of Iowa
Listed By:
Keith Brockmeyer
(712) 336-0400
Source:
Lakelandrealtyofiowa
Added: Jul 24
Changed: Oct 24
Last Checked: Oct 24 at 2:35PM
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 Lakeland Realty of Iowa
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Investment Insights
Based on property information with market context.
Built in 2001, this mixed-use property combines a front office building with a separate rear building. The office area contains six renovated suites, a conference room, a break room, and two updated bathrooms. Recent improvements include fresh paint, new flooring, and mostly new lighting.
The rear building has epoxy flooring, a private office, a new three-quarter bath, and two 30-foot overhead garage doors with a new opener. Its configuration supports storage, service, manufacturing, or recreational use. The property is offered for sale or lease, with a minimum three-year term for a lease. The tenant is responsible for utilities, lawn care, snow removal, and maintenance; the landlord pays property taxes.
The rear building has epoxy flooring, a private office, a new three-quarter bath, and two 30-foot overhead garage doors with a new opener. Its configuration supports storage, service, manufacturing, or recreational use. The property is offered for sale or lease, with a minimum three-year term for a lease. The tenant is responsible for utilities, lawn care, snow removal, and maintenance; the landlord pays property taxes.
Key Highlights
- Six renovated office suites in the front building
- Separate rear building with two 30‑foot overhead garage doors
- Rear building includes epoxy floors, a private office, and a new three‑quarter bath
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$56,830
Cap Rate
8.36%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,136,600
$1.1M
Cap Rate 7%
$811,857
$811.9K
Cap Rate 9%
$631,444
$631.4K
Market Conditions
NOI Build-Up for 6,696 SF
Gross rent
$94.0K $14.04/SF
− Vacancy
−$6.6K −$0.98/SF
EGI
$87.4K $13.06/SF
− OpEx
−$30.6K −$4.57/SF
NOI
$56.8K $8.49/SF
Area
Dickinson County, IA
Vacancy
7.00%
Lease Rate
$14.04 /SF/Yr
Expense Ratio
35.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,136,600
Cap Rate 7%
$811,857
Cap Rate 9%
$631,444
Alternative Uses
Best Use
Flex RnD
$811.9K
$710.4K – $947.2K
NOI $56,830 @ 7.0% cap · market cap 8.36%
Second Best
Mixed Use
$757.6K
$662.9K – $883.9K
NOI $53,032 @ 7.0% cap · market cap 7.80%
Theoretical Best
Office A
$1.46M
$1.28M – $1.71M
NOI $102,529 @ 7.0% cap · market cap 15.08%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
2
Drive-in doors
Location Intelligence
Trade Area within ½ mile
307
Businesses Nearby
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Business Placement
Demographics for 51360, IA
8,553
Population
6,638
Households
1.3
Avg Household Size
49
Median Age
35%
College-Educated
97%
High-School Grad
105.2 sq mi
ZIP Area
81
Density / Sq Mi
$77,464
Median Household Income
$41,043
Median Earnings
$1,005
Median Rent
$256,000
Median Home Value
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Market
Vacancy Rate% for Industrial in Midwest region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Renovated front offices and a separate rear building provide distinct spaces for administrative and operational functions.
Where is this mixed-use property located?
The property is located at 2216 15th Spirit Lake, IA.
What is the asking price?
The asking price for this property is $679,900.
What are key features of this property?
This property features: Six renovated office suites in the front building; Separate rear building with two 30‑foot overhead garage doors; Rear building includes epoxy floors, a private office, and a new three‑quarter bath
