Wetland-Adjacent
603 202nd Street, Milford, IA 51351
For Sale
$499,000
Pending
RESIDENTIAL, Milford, IA
Property Size2,988 SF
Lot Size0.23 Acres
Days on Market102
Property Features for 603 202nd Street
General Information
Property type
Property subtype
Bedrooms
Bathrooms
Full bathrooms
Rooms
Patio and Porch features
Interior features
Exterior features
Appliances
Elementary school district
Middle school district
High school district
Directions
Subdivision
Standard status
APN
Size
Lot size
Taxes and HOA fees
Tax Year
Tax Description
Tax Annual Amount
Legal Description
Utilities
Sewer type
Heating system
Cooling system
Water source
Amenities
covered deck
swimming pool
Building Details
Year built
Floors in Building
Building materials
Roof type
Architectural style
Listing Agency:
Stauss Realty
(712) 332-2470
Listed By:
Mark Leiss
(712) 330-2045
Added: Jul 31
Changed: Nov 2
Last Checked: Nov 9 at 3:06PM
MLS# 260906
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.
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Investment Insights
Based on property information with market context.
Built in 2007, this 2,988-square-foot duplex occupies a 0.2348-acre lot and offers substantial living space across two levels. Interior features include a kitchen island, pantry, walk-in closet, main-floor bedrooms, main-floor laundry, and three bathrooms. The home is equipped with forced-air heat, central air, public water, and public sewer. A dishwasher, disposal, microwave, range/stove, and refrigerator are included. Cement siding, an asphalt roof, and a covered deck complete the improvements.
The property sits directly on a large wetland with views toward the surrounding natural setting. Emerald Hills Golf Course is nearby, while trail-system access and the amenities of Arnolds Park are also within close reach. Residents have access to an association swimming pool.
The property sits directly on a large wetland with views toward the surrounding natural setting. Emerald Hills Golf Course is nearby, while trail-system access and the amenities of Arnolds Park are also within close reach. Residents have access to an association swimming pool.
Key Highlights
- 2,988‑square‑foot duplex built in 2007
- 0.2348‑acre lot directly on a large wetland
- Two levels with large living areas and three bathrooms
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$26,207
Cap Rate
5.25%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$524,140
$524.1K
Cap Rate 7%
$374,386
$374.4K
Cap Rate 9%
$291,189
$291.2K
Market Conditions
NOI Build-Up for 2,988 SF
Gross rent
$40.5K $13.56/SF
− Vacancy
−$3.1K −$1.03/SF
EGI
$37.4K $12.53/SF
− OpEx
−$11.2K −$3.76/SF
NOI
$26.2K $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 Rate 5%
$524,140
Cap Rate 7%
$374,386
Cap Rate 9%
$291,189
Alternative Uses
Best Use
Multifamily LT 5
$374.4K
$327.6K – $436.8K
NOI $26,207 @ 7.0% cap · market cap 5.25%
Second Best
Apartment 5plus
$344.7K
$301.6K – $402.2K
NOI $24,130 @ 7.0% cap · market cap 4.84%
Theoretical Best
Office A
$653.6K
$571.9K – $762.5K
NOI $45,752 @ 7.0% cap · market cap 9.17%
Zoning and permitted uses should be independently verified with authorities.
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Location Intelligence
Trade Area within ½ mile
61
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Two-level property with generous living areas, a main-floor primary suite, covered deck, and access to an association swimming pool.
Where is this duplex located?
The property is located at 603 202nd Street Milford, IA.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: 2,988‑square‑foot duplex built in 2007; 0.2348‑acre lot directly on a large wetland; Two levels with large living areas and three bathrooms
