Building Details

Year built 1994

Listing Agency: Keller Williams Okoboji · Keller Williams Realty Show Phone

Listed By: Brandon Visser Show Phone

Added: May 22, 2025 Changed: Oct 21 Last Checked: Oct 30 at 7:06PM

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MLS# 828801

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.

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Investment Insights

Based on property information with market context.

Built in 1994, this 3,500-square-foot warehouse is equipped with heat and electricity, with water and plumbing connections roughed in. Two overhead doors, each 14 feet high, provide access from separate points in the building, allowing vehicles or equipment to pass through.

The property is located at 701 240th Avenue in Arnolds Park, Iowa. Its physical features include a heated interior, utility service, and dual access points through the overhead doors.

Key Highlights

• 3,500 square feet of warehouse space
• Two 14‑foot‑high overhead doors with access from separate points
• Heat and electricity installed; water and plumbing stubbed in

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$19,257

Cap Rate

5.50%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$385,140 $385.1K

Cap Rate 7%

$275,100 $275.1K

Cap Rate 9%

$213,967 $214.0K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,500 SF

Gross rent

$24.4K $6.96/SF

− Vacancy

−$1.7K −$0.49/SF

EGI

$22.7K $6.47/SF

− OpEx

−$3.4K −$0.97/SF

NOI

$19.3K $5.50/SF

Area

Dickinson County, IA

Vacancy

7.00%

Lease Rate

$6.96 /SF/Yr

Expense Ratio

15.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$385,140

Cap Rate 7%

$275,100

Cap Rate 9%

$213,967

Alternative Uses

Best Use

Warehouse

$275.1K

$240.7K – $321.0K (±1% cap)

NOI $19,257 @ 7.0% cap · market cap 5.50%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$765.6K

$669.9K – $893.2K (±1% cap)

NOI $53,592 @ 7.0% cap · market cap 15.31%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Warehouses

Suggested Use

Top Pick Plumbing Service Furniture & Home Goods Bakery (Bike/Boat/Book/etc) Store Cafe & Coffee Shop Building Supply

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Drive-in doors

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

Market

Vacancy Rate% for Industrial in Midwest region

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

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Frequently Asked Questions

What type of property is this?

Warehouse - Electrical service and stubbed-in water and plumbing support a range of storage and workspace needs.

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 $350,000.

What are key features of this property?

This property features: 3,500 square feet of warehouse space; Two 14‑foot‑high overhead doors with access from separate points; Heat and electricity installed; water and plumbing stubbed in