Warehouse Storage Unit with High
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 Market485
Property Features for 701 240th Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
Dickinson
Standard status
Active
APN
0729478012
Taxes and HOA fees
Tax Year
2023
Tax Description
Contact agent
Legal Description
Contact agent
Utilities
Sewer type
Public Sewer
Heating system
Radiant
Water source
Public
Building Details
Year built
1994
Building materials
Metal Siding
Roof type
Metal
Listing Agency:
Keller Williams Okoboji · Keller Williams Realty
(712) 340-7900
Listed By:
George Carlson · License #S70587
(712) 320-4994
Added: May 2, 2025
Changed: Aug 4
Last Checked: Aug 29 at 11:06PM
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.
Investment Insights
Based on property information with market context.
This 1,750-square-foot warehouse storage unit was built in 1994 and offers a practical shell for storage, workshop activity, or future customization. The building has metal siding, a metal roof, radiant heat, and electricity. Water and plumbing are stubbed into the unit, while public water and public sewer serve the property.
Two 14-foot-high overhead doors provide clearance for large vehicles, boats, and RVs. The property is located at 701 240th Avenue in Arnolds Park, Iowa, near the water. Its combination of heated interior space, utility connections, and substantial door height supports a range of storage and work-related applications.
Two 14-foot-high overhead doors provide clearance for large vehicles, boats, and RVs. The property is located at 701 240th Avenue in Arnolds Park, Iowa, near the water. Its combination of heated interior space, utility connections, and substantial door height supports a range of storage and work-related applications.
Key Highlights
- 1,750 SF warehouse storage unit
- Two 14‑foot‑high overhead doors
- Radiant heat and electrical service
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
Property Profile
Current Use
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Warehouse - Heated storage space with electrical service, plumbing connections, and access designed for oversized vehicles.
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 SF warehouse storage unit; Two 14‑foot‑high overhead doors; Radiant heat and electrical service
