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 4:06PM

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MLS# 250481

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 1,750-square-foot warehouse unit was built in 1994 with metal siding and a metal roof. Radiant heating, electricity, public water, and public sewer are in place, while water and plumbing are stubbed into the space for future customization. The unit is configured for storage, workshop, or garage-related use, subject to applicable requirements.

14-foot-high overhead doors provide access for large vehicles, boats, or RVs. The property is located near the water in Arnolds Park, Iowa, offering a practical setting for storage and other commercial uses supported by the building’s utility connections and open configuration.

Key Highlights

• 1,750‑square‑foot warehouse unit
• 14‑foot‑high overhead doors for large vehicles, boats, or RVs
• Radiant heating and electrical service

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$14,853

Cap Rate

8.03%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$297,060 $297.1K

Cap Rate 7%

$212,186 $212.2K

Cap Rate 9%

$165,033 $165.0K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,750 SF

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 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 (±1% cap)

NOI $14,853 @ 7.0% cap · market cap 8.03%

Second Best

Warehouse

$137.5K

$120.4K – $160.5K (±1% cap)

NOI $9,628 @ 7.0% cap · market cap 5.20%

Theoretical Best

Office A

$382.8K

$335.0K – $446.6K (±1% cap)

NOI $26,796 @ 7.0% cap · market cap 14.48%

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

Property Analytics

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Current Use

Flex space

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

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 - Heated warehouse 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; 14‑foot‑high overhead doors for large vehicles, boats, or RVs; Radiant heating and electrical service