Insulated Flex Unit with Overhead
For Sale
$160,000
3156 18th Street #2, Spirit Lake, IA 51360
A configurable shop or storage space with utility connections and options for completing the interior to suit your needs.
Property Size1,400 SF
Price / SF$114.29
Days on Market461
Property Features for 3156 18th Street #2
General Information
Standard status
Active
Size
1,400 SF
Property subtype
Commercial
Additional Details
Utilities to Site
Yes
Property Use
Storage
Building Details
Building Size
1,400 SF
Year Built
2025
Buildings
1
Stories
1
Units
4
Listing Agency:
EXIT Realty Midwest
(712) 336-3405
Listed By:
Jeff Ronsiek · License #7563
(712) 331-4002
Source:
Lakelandrealtyofiowa
Added: Jul 22, 2025
Changed: Oct 24
Last Checked: Oct 24 at 3:25PM
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 EXIT Realty Midwest
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Investment Insights
Based on property information with market context.
Unit 2 is a 1,400-square-foot flex space in a four-unit, 112' x 50' building under construction for 2025 delivery. The unit measures 28' x 50' and is designed with a concrete floor, 16' side walls, a 14' x 14' overhead door and a separate walk-in entrance. Insulation and steel finishes are planned for both the interior and exterior.
Electrical, sewer and water connections are included. Plumbing and in-floor heating rough-ins are provided for future buildout, and interior customization is available. The configuration supports storage or shop use, with flexibility to finish the interior according to the owner’s plans.
Electrical, sewer and water connections are included. Plumbing and in-floor heating rough-ins are provided for future buildout, and interior customization is available. The configuration supports storage or shop use, with flexibility to finish the interior according to the owner’s plans.
Key Highlights
- One of four units in a 112' x 50' building
- Unit 2 measures 28' x 50' (1,400 square feet)
- 14' x 14' overhead door and separate walk‑through entry
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$11,882
Cap Rate
7.43%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$237,640
$237.6K
Cap Rate 7%
$169,743
$169.7K
Cap Rate 9%
$132,022
$132.0K
Market Conditions
NOI Build-Up for 1,400 SF
Gross rent
$19.7K $14.04/SF
− Vacancy
−$1.4K −$0.98/SF
EGI
$18.3K $13.06/SF
− OpEx
−$6.4K −$4.57/SF
NOI
$11.9K $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%
$237,640
Cap Rate 7%
$169,743
Cap Rate 9%
$132,022
Alternative Uses
Best Use
Flex RnD
$169.7K
$148.5K – $198.0K
NOI $11,882 @ 7.0% cap · market cap 7.43%
Second Best
Warehouse
$110.0K
$96.3K – $128.4K
NOI $7,703 @ 7.0% cap · market cap 4.81%
Theoretical Best
Office A
$306.2K
$268.0K – $357.3K
NOI $21,437 @ 7.0% cap · market cap 13.40%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
118
Businesses Nearby
Well-served
Demand for This Use
Explore this area
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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Midwest region
Frequently Asked Questions
What type of property is this?
Flex space - A configurable shop or storage space with utility connections and options for completing the interior to suit your needs.
Where is this flex space located?
The property is located at 3156 18th Street #2 Spirit Lake, IA.
What is the asking price?
The asking price for this property is $160,000.
What are key features of this property?
This property features: One of four units in a 112' x 50' building; Unit 2 measures 28' x 50' (1,400 square feet); 14' x 14' overhead door and separate walk‑through entry
