Wetland-Adjacent
For Sale
$525,000
603 202nd Street, Milford, IA 51351
RESIDENTIAL, Milford, IA
Property Size2,988 SF
Lot Size0.23 Acres
Price / SF$175.70
Days on Market50
Property Features for 603 202nd Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bathroom 3, Bedroom 1, Bathroom 2, Bedroom 4, Bedroom 2, Bathroom 1
Patio and Porch features
Deck
Interior features
Ceiling Fan(s), Kitchen Center Island, Main Floor Bedrooms, Main Floor Laundry, Pantry, Walk-in Closet
Exterior features
Deck
Appliances
Dishwasher, Disposal, Microwave, Range/Stove, Refrigerator
Elementary school district
Okoboji
Middle school district
Okoboji
High school district
Okoboji
Directions
From Hwy 71, turn East at the Taco House corner. Home is on the first road to the South after the bike trail.
Subdivision
Dickinson
Standard status
Active
APN
07-31-252-025
Size
2,988 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
LOT 1 EXC W'LY IRREG TRT & EXC E'LY IRREG TRT AKA PAR "B" NATURE TRAILS, MILFORD, DCI. (Exact legal per Abstract.)
Tax Annual Amount
5694
Legal Description
LOT 1 EXC W'LY IRREG TRT & EXC E'LY IRREG TRT AKA PAR "B" NATURE TRAILS, MILFORD, DCI. (Exact legal per Abstract.)
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Amenities
covered deck
association swimming pool
Building Details
Year built
2007
Floors in Building
2
Building materials
Cement Siding
Roof type
Asphalt
Architectural style
Other
Listing Agency:
Stauss Realty
(712) 332-2470
Listed By:
Mark Leiss
(712) 330-2045
Added: Jul 31
Changed: Sep 14
Last Checked: Sep 18 at 7:06PM
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.
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 = 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
$26,207
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
4.99%
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%
$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
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
$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 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%
$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 4.99%
Second Best
Apartment 5plus
$344.7K
$301.6K – $402.2K
NOI $24,130 @ 7.0% cap · market cap 4.60%
Theoretical Best
Office A
$653.6K
$571.9K – $762.5K
NOI $45,752 @ 7.0% cap · market cap 8.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
61
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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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 $525,000.
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
