Add Listing
    For Sale
    • For Sale
    • For Lease
    • Sold
    • Property Lookup
    • Brokers
    The Largest CRE Database in the US with Over 1 Million Listings

    Lot 1 4 & 5 Walleye Dr Spirit Lake, IA 51360

    View on Map
    Claim this Listing
    For Sale
    $74,000

    Residential - Spirit Lake, IA

    Lot size:
    0.40 Acres
    Added:
    Aug 14, 2025
    Days on Market:
    264
    Last Refresh:
    May 4 at 12:06 pm

    Property Features for Lot 1 4 & 5 Walleye Dr

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    07-11-154-006, 07-11-154-007, 07-11-176-009
    Lot size
    0.40 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    396
    Expense value
    75
    Expense
    Home Owner Assessments Fee
    Expense freq.
    Annually

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Holli Hansen
    Holli Hansen

    Listing agent Holli Hansen License #S66507

    Listing office RE/MAX Lakes Realty 272 Hwy 71, Spirit Lake, IA

    Listing date Aug 14, 2025

    MLS# 251050 Listing URL

    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.

    Overview

    Spirit Lake Residential Lots

    Three lots are available in East Okoboji Beach. Two of the lots are adjacent to each other, while the third is located nearby. The location provides convenient access to a public boat ramp for lake access. The property is located in Spirit Lake, Iowa, with a postal code of 51360, situated in Dickinson County. The combined lot size is 0.4 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Hotel & Motel Discount Store Electrical Service Home Appliance Store Arcade & Gaming Center Carpet & Flooring Store (Bike/Boat/Book/etc) Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Spirit Lake
    County
    Dickinson
    State
    Iowa
    Longitude
    -95.072279
    Latitude
    43.409771

    Nearby Similar for Sale

    • $675,000
      3,569 SF

      Restaurant with Drive-Thru For Sale

      High-traffic location, move-in ready restaurant with drive-thru and equipment.
      2209 Circle Dr W, Spirit Lake, IA 51360
      View Details
    • $749,000

      Corner Lot in Spirit Lake

      Corner lot permitted for convenience store and gas station.
      2045 Hwy 9, Spirit Lake, IA 51360
      View Details
    • $775,000

      Spirit Lake Residential Lot

      Residential lot with utilities and lake views in Spirit Lake.
      16876 255th Avenue, Spirit Lake, IA 51360
      View Details
    • $1,795,000

      Travelodge in Spirit Lake

      36-room Travelodge with income potential and expansion possibilities.
      1905 18th Street, Spirit Lake, IA 51360
      View Details
    • $449,900
      6,696 SF

      Versatile Commercial Property in Spirit Lake

      Two insulated, heated buildings with showroom, office, and storage space.
      2216 15Th Street, Spirit Lake, IA 51360
      View Details
    • $900,000
      8,064 SF

      Spirit Lake Eight-Unit Apartment Building

      Well-maintained eight-unit apartment building in revitalizing downtown Spirit Lake.
      1501 Hill Ave, Spirit Lake, IA 51360
      View Details
    • $375,000

      Highway Frontage Commercial Lot

      High-visibility commercial lot on heavily traveled Highway 71 & 9.
      1909 18Th Street, Spirit Lake, IA 51360
      View Details
    • $1,500,000

      Spirit Lake Storage Facility Investment

      Large-scale storage space with immediate cash flow potential.
      18 Th Street, Spirit Lake, IA 51360
      View Details
    • $139,900

      New Storage Units in Spirit Lake

      Newly constructed storage units ideal for various uses and storage.
      2311 37th Street 3, Spirit Lake, IA 51360
      View Details
    • $139,900

      New Storage Units in Spirit Lake

      Newly constructed storage units ideal for boats, vehicles, or business.
      2311 37th Street 4, Spirit Lake, IA 51360
      View Details
    • $139,900

      New Storage Units in Spirit Lake

      Newly constructed storage units ideal for boats, vehicles, and more.
      2311 37th Street 2, Spirit Lake, IA 51360
      View Details
    • $349,000
      6,120 SF

      Massive Office Building with Storage

      6,120 sq ft office building with storage for sale.
      3524 Highway 71 S, Spirit Lake, IA 51360
      View Details

    FAQs

    What type of property is this?
    Land - Three residential lots near East Okoboji Beach.
    Where is this land located?
    The property is located at Lot 1 4 & 5 Walleye Dr Spirit Lake, IA.
    What is the asking price?
    The asking price for this property is $74,000.
    What are key features of this property?
    This property features: Three lots included in this fantastic opportunity.; East Okoboji Beach location puts you in the heart of the action.; Close proximity to public boat ramp for easy lake access.
    (712) 336-4967
    We can help!
    Listing Contact
    Holli Hansen
    Holli Hansen
    Real Estate License ID: S66507
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry

    Lot 1, 4 & 5 Walleye Dr, Spirit Lake, IA 51360

    letter with green check mark
    Check your email

    We sent you the

    agent's contact details. yellow underline

    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!