Lake-View Triplex with Three
For Sale
$774,900
41 Dewey St, Arnolds Park, IA 51331
Three distinct units support vacation stays and long-term occupancy, with a lawn designed for outdoor gatherings.
Property Size3,336 SF
Price / SF$232.28
Days on Market76
Property Features for 41 Dewey St
General Information
Standard status
Active
Size
3,336 SF
Property subtype
Residential Income
Units
Unit Mix
1 x 4BR/2BA, 1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$3,698
Amenities
string lighting
Listing Agency:
Jensen Real Estate
(712) 320-7245
Listed By:
Michael Jensen · License #7586
(712) 320-7245
Source:
Exprealty
Added: Jun 16
Changed: Aug 29
Last Checked: Aug 29 at 8:38PM
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 Jensen Real Estate
Investment Insights
Based on property information with market context.
This triplex contains three separate residential units totaling 3,336 square feet. The Boathouse offers 4 bedrooms, 2 bathrooms, and nearly 2,100 square feet of living space. The Fieldhouse includes 2 bedrooms, 1 bathroom, and approximately 520 square feet, while The Lily Pad is a 1-bedroom, 1-bathroom apartment with approximately 720 square feet. The Lily Pad is occupied by a long-term tenant.
The property sits on more than one-third of an acre and includes views of Lake Minnewashta. A spacious lawn with string lighting provides outdoor gathering space. Downtown Arnolds Park, Arnolds Park Amusement Park, and the public beach on West Lake Okoboji near Bob's are each one block away.
The configuration combines two larger accommodations suited to vacation groups with a separate apartment currently used by a long-term resident. The property is located at 41 Dewey St in Arnolds Park, Iowa.
The property sits on more than one-third of an acre and includes views of Lake Minnewashta. A spacious lawn with string lighting provides outdoor gathering space. Downtown Arnolds Park, Arnolds Park Amusement Park, and the public beach on West Lake Okoboji near Bob's are each one block away.
The configuration combines two larger accommodations suited to vacation groups with a separate apartment currently used by a long-term resident. The property is located at 41 Dewey St in Arnolds Park, Iowa.
Key Highlights
- Three separate units totaling 3,336 square feet
- The Boathouse: 4 bedrooms, 2 bathrooms, nearly 2,100 square feet
- The Fieldhouse: 2 bedrooms, 1 bathroom, approximately 520 square feet
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
$29,259
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
3.78%
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%
$585,180
$585.2K
Cap Rate 7%
$417,986
$418.0K
Cap Rate 9%
$325,100
$325.1K
Market Conditions
NOI Build-Up for 3,336 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
$45.2K $13.56/SF
− Vacancy
−$3.4K −$1.03/SF
EGI
$41.8K $12.53/SF
− OpEx
−$12.5K −$3.76/SF
NOI
$29.3K $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%
$585,180
Cap Rate 7%
$417,986
Cap Rate 9%
$325,100
Alternative Uses
Best Use
Multifamily LT 5
$418.0K
$365.7K – $487.7K
NOI $29,259 @ 7.0% cap · market cap 3.78%
Second Best
Apartment 5plus
$384.9K
$336.8K – $449.0K
NOI $26,941 @ 7.0% cap · market cap 3.48%
Theoretical Best
Office A
$729.7K
$638.5K – $851.4K
NOI $51,081 @ 7.0% cap · market cap 6.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
308
Businesses Nearby
Explore this area
Business Placement
Demographics for 51331, IA
1,102
Population
1,622
Households
0.7
Avg Household Size
61
Median Age
42%
College-Educated
98%
High-School Grad
1.6 sq mi
ZIP Area
689
Density / Sq Mi
$84,615
Median Household Income
$41,765
Median Earnings
$718
Median Rent
$415,800
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?
Triplex - Three distinct units support vacation stays and long-term occupancy, with a lawn designed for outdoor gatherings.
Where is this triplex located?
The property is located at 41 Dewey St Arnolds Park, IA.
What is the asking price?
The asking price for this property is $774,900.
What are key features of this property?
This property features: Three separate units totaling 3,336 square feet; The Boathouse: 4 bedrooms, 2 bathrooms, nearly 2,100 square feet; The Fieldhouse: 2 bedrooms, 1 bathroom, approximately 520 square feet
