Spirit Lake, IA Multifamily Properties for Sale

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Orleans, IA Okoboji, IA Arnolds Park, IA Wahpeton, IA Milford, IA West Okoboji, IA Jackson, MN Lake Park, IA

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Updated: Nov 7, 2025

Near-New Duplex with Patio Views

1940 35th Street, Spirit Lake, IA 51360

$399,000

2,439 sqft 0.24 AC lot

Near‑new ranch‑style duplex built in 2022
Open main‑level layout with kitchen/living area and main‑floor bedrooms plus main‑floor laundry
Lower level adds a second living area, additional bedrooms, and lots of storage (basement included)
Patio overlooking the pond, plus concrete driveway
Fireplace plus central air and forced‑air heating

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This listing looks promising.

Here's a quick look at some key insights for

1940 35th Street, Spirit Lake, IA 51360

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Est. Cap Rate

5.4%
NOI ÷ price
Est. NOI

$21K
Annual
Price @ 7% Cap

$306K
Suggested
Property Type

Single Family Residence
Built 2022

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Updated: Jul 25

Renovated Duplex with Lakeside Views

10585 Crowley Avenue, Spirit Lake, IA 51360

$779,000

3,628 sqft 0.30 AC lot

Completely renovated duplex on the shores of Big Spirit Lake
West‑facing lake views with sunsets over the water
Year built 1986 with forced‑air heating and central air conditioning
Hardboard construction; private water source and public sewer
Duplex layout includes 4 bedrooms and 2 bathrooms plus a basement

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Lakefront Duplex Retreat

16822 255th Street, Spirit Lake, IA 51360

$1,990,000

3,834 sqft

New construction duplex with a walk-out lower level and direct access to 57' of lakeshore.

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Contemporary Duplex on Spirit Lake

16822 255th Street, Spirit Lake, IA 51360

$1,990,000

3,848 sqft

New construction duplex designed for comfortable lake living.

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Upstairs/Downstairs Duplex Residence

2297 165th St, Spirit Lake, IA 51360

$390,000

1,500 sqft 1.00 AC lot

Duplex with a lower 2-bedroom, 1-bath unit and an upstairs efficiency with 3/4 bath, plus shared laundry.

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New Construction Duplex in Spirit Lake

3102 Spruce Court, Spirit Lake, IA 51360

$419,900

1,425 sqft 0.14 AC lot

Contemporary 2-bedroom, 2-bathroom duplex with modern amenities and bike trail access.

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Duplex with Covered Patio

3102 Spruce CT., Spirit Lake, IA 51360

$419,900

1,425 sqft 0.18 AC lot

Duplex featuring an open layout with 9-foot ceilings and a covered patio for outdoor grilling and relaxation.

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Spirit Lake Eight-Unit Apartment Building

1501 Hill Ave, Spirit Lake, IA 51360

$900,000

Eight-unit apartment building in downtown Spirit Lake, Iowa.

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Based on your search, we've compiled 28 Potential Opportunities for your consideration. Besides 8 Active listings in Spirit Lake, IA, we suggest exploring several alternatives: 4 properties in Nearby Cities, and similar 12 Off-Market properties to explore as potential leads, plus 4 Land Listings that present a potential for development.

Opportunities in Nearby Cities

Here are 4 Similar properties we found in Nearby Locations for your consideration.

Six-Unit Value-Add Apartment Building

21 W 1ST ST, Spencer, IA 51301

$175,000

4,308 sqft 0.12 AC lot

Six-unit apartment building with partial renovations underway and two units currently rented.

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Three-Unit Triplex with Lake Views

41 Dewey Street, Arnolds Park, IA 51331

$774,900

0.32 AC lot

Three rental units on a third-acre lot with public water and sewer, asphalt roof, and forced-air heating.

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Golf Course Patio Home

1018 Emerald Hills Drive, Arnolds Park, IA 51331

$595,000

1,885 sqft

Move-in ready duplex on Emerald Hills Golf Course.

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Three-Unit Residential Income Property

807 4th Avenue, Spencer, IA 51301

$63,000

0.18 AC lot

Three-unit multifamily property offers a straightforward residential income setup in Spencer, Iowa.

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Potential Development Sites for Consideration

Can't find the perfect fit? These Land listings present an alternative path: the potential to develop a property for your specific goals.

Important: These AI-suggestions are a starting point, not a guarantee of permitted use. All zoning, permitting, and land use information must be independently verified by you with the appropriate local authorities before making any commitments.

Lakeshore Recreation Land Parcel

Tripp, Fulda, MN 56131

$124,900

9.30 AC lot

Recreation residential shoreland acreage with gravel access and measured lakeshore for RV or seasonal campground plans.

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Lakefront Recreation Lot with Boat Lift

21425 Sunset Trail, Lake Preston, SD 57249

$193,800

0.46 AC lot

Manageable lakefront lot with utilities on site, approximately 75 feet of shoreline, and a boat lift for seasonal water use.

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Land for Multi-Family Housing

1610 7th Avenue E, Alexandria, MN 56308

$249,900

2.16 AC lot

2.16 acre lot zoned for multi-family housing development.

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Alexandria Lakeshore Property with Rental Opportunity

5950 County Road 8 NW, Alexandria, MN 56308

$798,500

15.62 AC lot

Lakeshore property with rental cabins and RV sites near Alexandria.

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Off-Market Properties in Spirit Lake, IA

Consider similar Off-Market properties in Spirit Lake, IA. You may contact the owners directly to inquire about their potential intentions to sell. To help you make a strong first impression, we can assist by reaching out to these owners with compelling proposals created using our AI tool.