Heated Warehouse
For Sale
$185,000
701 240th Avenue, Arnolds Park, IA 51331
Commercial, Arnolds Park, IA
Property Size1,750 SF
Price / SF$105.71
Days on Market495
Property Features for 701 240th Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
Surrounding Areas/Other Areas
Standard status
Active
APN
0729478012
Taxes and HOA fees
Tax Year
2023
Tax Description
Contact agent
Legal Description
Contact agent
Building Details
Year built
1994
Listing Agency:
Keller Williams Okoboji · Keller Williams Realty
(712) 336-1240
Listed By:
Brandon Visser
(712) 578-9264
Added: May 22, 2025
Changed: Sep 23
Last Checked: Sep 28 at 1:06AM
MLS# 828797
Copyright © 2026 Northwest Iowa Regional 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.
This 1,750-square-foot warehouse unit offers a practical enclosed setting for storage, workshop activity, or a customized buildout. Built in 1994, the space is equipped with heat and electricity, with water and plumbing connections stubbed in for future improvements. Two 14-foot-high overhead doors provide access for large vehicles, boats, or RVs.
The property is located at 701 240th Avenue in Arnolds Park, Iowa, near the water. Its combination of utility connections, substantial door clearance, and adaptable interior space supports a range of storage and work-related uses.
The property is located at 701 240th Avenue in Arnolds Park, Iowa, near the water. Its combination of utility connections, substantial door clearance, and adaptable interior space supports a range of storage and work-related uses.
Key Highlights
- 1,750‑square‑foot warehouse unit
- Two 14‑foot‑high overhead doors
- Heat and electrical service in place
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
$14,853
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
8.03%
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%
$297,060
$297.1K
Cap Rate 7%
$212,186
$212.2K
Cap Rate 9%
$165,033
$165.0K
Market Conditions
NOI Build-Up for 1,750 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
$24.6K $14.04/SF
− Vacancy
−$1.7K −$0.98/SF
EGI
$22.9K $13.06/SF
− OpEx
−$8.0K −$4.57/SF
NOI
$14.9K $8.49/SF
Area
Dickinson County, IA
Vacancy
7.00%
Lease Rate
$14.04 /SF/Yr
Expense Ratio
35.00%
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%
$297,060
Cap Rate 7%
$212,186
Cap Rate 9%
$165,033
Alternative Uses
Best Use
Flex RnD
$212.2K
$185.7K – $247.6K
NOI $14,853 @ 7.0% cap · market cap 8.03%
Second Best
Warehouse
$137.5K
$120.4K – $160.5K
NOI $9,628 @ 7.0% cap · market cap 5.20%
Theoretical Best
Office A
$382.8K
$335.0K – $446.6K
NOI $26,796 @ 7.0% cap · market cap 14.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
89
Businesses Nearby
Well-served
Demand for This Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Warehouse - Flexible space includes electrical service and stubbed-in water and plumbing.
Where is this warehouse located?
The property is located at 701 240th Avenue Arnolds Park, IA.
What is the asking price?
The asking price for this property is $185,000.
What are key features of this property?
This property features: 1,750‑square‑foot warehouse unit; Two 14‑foot‑high overhead doors; Heat and electrical service in place
