Building Details

Year built 1994

Building materials Metal Siding

Roof type Metal

Listing Agency: Keller Williams Okoboji · Keller Williams Realty m**@kwsiouxland.com Show Phone

Listed By: George Carlson · License #S70587 Show Phone

Added: May 2, 2025 Changed: Oct 8 Last Checked: Oct 17 at 6:06PM

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MLS# 250485

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.

This 3,500-square-foot warehouse was built in 1994 and features metal siding, a metal roof, and radiant heating. The interior includes two 14-foot overhead doors positioned at different access points, creating a drive-through configuration suited to storage, equipment, and other commercial uses.

The property has electricity, stubbed-in water and plumbing, public water service, and public sewer. Its location at 701 240th Avenue places the building in Arnolds Park, Iowa, near the lake. The combination of enclosed space, overhead-door access, and year-round utilities provides a practical setup for storage or operational needs.

Key Highlights

• 3,500‑square‑foot warehouse built in 1994
• Two 14‑foot overhead doors with access from different points
• Radiant heating for year‑round use

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

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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

12

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 - Flexible warehouse space with radiant heat, utility connections, and access from both sides.

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‑foot warehouse built in 1994; Two 14‑foot overhead doors with access from different points; Radiant heating for year‑round use