Office Space with Expansion
For Sale
$219,000
605 18TH., Spirit Lake, IA 51360
COMMERCIAL, Spirit Lake, IA
Property Size1,515 SF
Price / SF$144.55
Days on Market93
Property Features for 605 18TH.
General Information
Property type
Commercial Sale
Property subtype
Other
Parking features
Driveway
Subdivision
Dickinson
Standard status
Active
APN
0704258004
Taxes and HOA fees
Tax Year
2024
Tax Description
LOT 7 AND W 27.5' OF LOT 8 WHITLOCK'S ADD, E 35.5' OF LOT 8 WHITLOCK'S ADD. Spirit Lake DCI Legal per abstract.
Tax Annual Amount
1080
Legal Description
LOT 7 AND W 27.5' OF LOT 8 WHITLOCK'S ADD, E 35.5' OF LOT 8 WHITLOCK'S ADD. Spirit Lake DCI Legal per abstract.
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1983
Roof type
Asphalt
Listing Agency:
Hinn Real Estate
(712) 336-1240
Listed By:
Rob Hinn · License #B36926
(712) 330-1910
Added: Jul 7
Changed: Aug 19
Last Checked: Oct 7 at 7:06PM
MLS# 260772
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.
Located at 605 18TH. in Spirit Lake, this office property offers 1,515 square feet of space along with an additional side lot identified for expansion. The layout is suited to businesses seeking established office accommodations with room for future physical growth.
The property was built in 1983 and includes central air conditioning, forced-air heating, a driveway, public water, and public sewer. An asphalt roof completes the existing improvements.
The property was built in 1983 and includes central air conditioning, forced-air heating, a driveway, public water, and public sewer. An asphalt roof completes the existing improvements.
Key Highlights
- 1,515 square feet of office space
- Additional side lot identified for expansion
- Built in 1983
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$7,095
Cap Rate
3.24%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$141,900
$141.9K
Cap Rate 7%
$101,357
$101.4K
Cap Rate 9%
$78,833
$78.8K
Market Conditions
NOI Build-Up for 1,515 SF
Gross rent
$10.7K $7.08/SF
− Vacancy
−$1.3K −$0.84/SF
EGI
$9.5K $6.24/SF
− OpEx
−$2.4K −$1.56/SF
NOI
$7.1K $4.68/SF
Area
Dickinson County, IA
Vacancy
11.80%
Lease Rate
$7.08 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$141,900
Cap Rate 7%
$101,357
Cap Rate 9%
$78,833
Alternative Uses
Best Use
Office B
$101.4K
$88.7K – $118.3K
NOI $7,095 @ 7.0% cap · market cap 3.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$331.4K
$290.0K – $386.6K
NOI $23,198 @ 7.0% cap · market cap 10.59%
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
411
Businesses Nearby
Explore this area
Business Placement
Demographics for 51360, IA
8,553
Population
6,638
Households
1.3
Avg Household Size
49
Median Age
35%
College-Educated
97%
High-School Grad
105.2 sq mi
ZIP Area
81
Density / Sq Mi
$77,464
Median Household Income
$41,043
Median Earnings
$1,005
Median Rent
$256,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Office units - Central air and forced-air heating support a functional office environment.
Where is this office units located?
The property is located at 605 18TH. Spirit Lake, IA.
What is the asking price?
The asking price for this property is $219,000.
What are key features of this property?
This property features: 1,515 square feet of office space; Additional side lot identified for expansion; Built in 1983
