Single-Level Duplex with
For Sale
$354,500
Pending
3337 Prairie Meadow Drive A, Milford, IA 51351
One-story living includes a private patio, attached garage, and access to shared recreational amenities.
Property Size1,416 SF
Days on Market473
Property Features for 3337 Prairie Meadow Drive A
General Information
Standard status
Pending
Size
1,416 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$4,568
Building Details
Year Built
2018
Listing Agency:
Real Estate Unlimited
Listed By:
Sean Kondrath · License #S71353
(712) 331-4140
Source:
Exitrealty
Added: May 21, 2025
Changed: Sep 2
Last Checked: Sep 5 at 4:43AM
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 Real Estate Unlimited
Investment Insights
Based on property information with market context.
Built in 2018, this 1,416-square-foot duplex offers a single-story floor plan with two bedrooms and two bathrooms. The interior combines an open living arrangement with a primary suite that includes its own bath, along with a practical kitchen suited to daily use and gatherings. A private patio extends the usable space outdoors, while the attached two-stall garage adds parking and storage.
Residents have access to a heated in-ground pool, workout facility, and event space within the Nature Trails community. The property is near Emerald Hills Golf Course, Arnolds Park, shops, and dining, with access to the broader Okoboji area from Milford.
Residents have access to a heated in-ground pool, workout facility, and event space within the Nature Trails community. The property is near Emerald Hills Golf Course, Arnolds Park, shops, and dining, with access to the broader Okoboji area from Milford.
Key Highlights
- 2‑bedroom, 2‑bathroom duplex
- 1,416‑square‑foot property built in 2018
- Single‑level layout with open‑concept living areas
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
$12,419
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
3.50%
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%
$248,380
$248.4K
Cap Rate 7%
$177,414
$177.4K
Cap Rate 9%
$137,989
$138.0K
Market Conditions
NOI Build-Up for 1,416 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
$19.2K $13.56/SF
− Vacancy
−$1.5K −$1.03/SF
EGI
$17.7K $12.53/SF
− OpEx
−$5.3K −$3.76/SF
NOI
$12.4K $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%
$248,380
Cap Rate 7%
$177,414
Cap Rate 9%
$137,989
Alternative Uses
Best Use
Multifamily LT 5
$177.4K
$155.2K – $207.0K
NOI $12,419 @ 7.0% cap · market cap 3.50%
Second Best
Apartment 5plus
$163.4K
$142.9K – $190.6K
NOI $11,435 @ 7.0% cap · market cap 3.23%
Theoretical Best
Office A
$309.7K
$271.0K – $361.4K
NOI $21,682 @ 7.0% cap · market cap 6.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - One-story living includes a private patio, attached garage, and access to shared recreational amenities.
Where is this duplex located?
The property is located at 3337 Prairie Meadow Drive A Milford, IA.
What is the asking price?
The asking price for this property is $354,500.
What are key features of this property?
This property features: 2‑bedroom, 2‑bathroom duplex; 1,416‑square‑foot property built in 2018; Single‑level layout with open‑concept living areas
