Single-Story Duplex with 2-Car
For Sale
Under Contract
$349,000
3329 Prairie Meadow Drive, Milford, IA 51351
DUPLEX - Milford, IA
Property Size1,221 SF
Lot Size0.19 Acres
Price / SF$285.83
Days on Market48
Property Features for 3329 Prairie Meadow Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bathroom 1, Bathroom 2, Bedroom 1
Patio and Porch features
Patio
Interior features
Ceiling Fan(s), Eat-in Kitchen, Garage Door Opener, Main Floor Bedrooms, Main Floor Laundry, Smoke Alarms, Walk-in Closet, Washer/Dryer Hkups, Window Coverings
Exterior features
Driveway-Concrete, In-Grnd Sprklr Sys, Patio
Fireplace
1
Appliances
Cooktop, Dishwasher, Disposal, Dryer, Exhaust Fan/Hood, Microwave, Range/Stove, Refrigerator, Washer
Elementary school district
Okoboji
Middle school district
Okoboji
High school district
Okoboji
Directions
Use GPS.
Subdivision
Dickinson
Standard status
Active Under Contract
APN
07-31-404-020
Size
1,221 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
S'LY PT LOT 90 AKA UNIT B NATURE TRAILS PHASE 2
Tax Annual Amount
3784
HOA Fee
$50 Monthly
Legal Description
S'LY PT LOT 90 AKA UNIT B NATURE TRAILS PHASE 2
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Amenities
remote-controlled awning
shared pool
exercise room
community room
Building Details
Year built
2016
Floors in Building
1
Building materials
Metal Siding
Roof type
Asphalt
Listing Agency:
Keller Williams Okoboji · Keller Williams Realty
(712) 340-7900
Listed By:
Peggy Bergh-Kuker · License #S64429
(712) 330-1569
Added: Jun 26
Changed: Aug 3
Last Checked: Aug 12 at 1:06AM
MLS# 260706
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 well-maintained single-story duplex offers single-level living with 1,221 sq. ft. and a practical, move-in-ready layout. Built in 2016, it features two bedrooms, including a primary suite with a walk-in closet, plus two full bathrooms. The eat-in kitchen and dining area open to create an inviting flow, and the home includes main-floor laundry. Comfort and day-to-day convenience are supported by forced air heating and central air cooling, along with ceiling fans, window coverings, and washer/dryer hookups. Outdoor living is highlighted by a back patio with a remote-controlled awning, plus an in-ground sprinkler system. A 2-car attached garage rounds out the property’s improvements.
Residents also benefit from community amenities through the Nature Trails Association, including a shared pool, exercise room, and community room.
The duplex uses public water and public sewer services, with metal siding and an asphalt roof.
Residents also benefit from community amenities through the Nature Trails Association, including a shared pool, exercise room, and community room.
The duplex uses public water and public sewer services, with metal siding and an asphalt roof.
Key Highlights
- 1,221 sq. ft. single‑story duplex built in 2016 with single‑level living
- Two bedrooms including a primary suite with walk‑in closet, plus two full bathrooms
- Back patio with remote‑controlled awning and in‑ground sprinkler system
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
$10,709
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
3.07%
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%
$214,180
$214.2K
Cap Rate 7%
$152,986
$153.0K
Cap Rate 9%
$118,989
$119.0K
Market Conditions
NOI Build-Up for 1,221 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
$16.6K $13.56/SF
− Vacancy
−$1.3K −$1.03/SF
EGI
$15.3K $12.53/SF
− OpEx
−$4.6K −$3.76/SF
NOI
$10.7K $8.77/SF
Area
Dickinson County, IA
Vacancy
7.60%
Lease Rate
$13.56 /SF/Yr
Expense Ratio
30.00%
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%
$214,180
Cap Rate 7%
$152,986
Cap Rate 9%
$118,989
Alternative Uses
Best Use
Multifamily LT 5
$153.0K
$133.9K – $178.5K
NOI $10,709 @ 7.0% cap · market cap 3.07%
Second Best
Apartment 5plus
$140.9K
$123.3K – $164.4K
NOI $9,861 @ 7.0% cap · market cap 2.83%
Theoretical Best
Office A
$267.1K
$233.7K – $311.6K
NOI $18,696 @ 7.0% cap · market cap 5.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
62
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 Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Single-level duplex in the Nature Trails community with main-floor laundry and an attached two-car garage.
Where is this duplex located?
The property is located at 3329 Prairie Meadow Drive Milford, IA.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: 1,221 sq. ft. single‑story duplex built in 2016 with single‑level living; Two bedrooms including a primary suite with walk‑in closet, plus two full bathrooms; Back patio with remote‑controlled awning and in‑ground sprinkler system
