1609 18th St Spirit Lake, IA 51360-1244
Property profile & analytics
1609 18th St, Spirit Lake, IA 51360-1244
- Strip malls
- 14,700 SF
- 1.30 lot acres
Property ID
US25-2423198
The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
Location Intelligence
Current Use by Public Records
- Strip malls
Property Details for 1609 18th St
- Year built
- 2019
- Construction
- FRAME
- Lot size
- 1.30 lot acres
- Property type
- Strip malls
- Property subtype
- Shopping centers
- APN
- 705428004
- APU
- 705428004
Description
This exceptional investment opportunity presents a fully stabilized, 14,700-square-foot shopping center in Spirit Lake, Iowa. The property, built in 2019, sits on a 1.3-acre lot at 1609 18th St, boasting 100% occupancy with a strong tenant mix. Anchored by a Dollar Tree, the center benefits from a diverse tenant base including three additional local businesses, all operating under triple-net (NNN) leases. The current Net Operating Income (NOI) stands at $158,916, yielding an attractive 8.25% cap rate. The strategic location offers excellent visibility along 18th Street, with proximity to major retailers such as Walmart Supercenter, Hy-Vee, and Great Lakes Mall, ensuring high traffic flow. Zero lease rollover is anticipated until September 2026, providing long-term stability and predictable income. The absence of competing dollar stores in the immediate area further enhances the investment's appeal. This property presents a compelling opportunity for investors seeking a stable, high-performing retail asset with significant upside potential through future rent increases. The asking price is $1,927,000.
Value Estimations
based on Realmo’s proprietary methodology
-
AI approach
- Method
- Estimation
- Statistic approach
- $1,765,000
- ML approach
- $1,680,000
-
Comparable approach
- Method
- Estimation
- AI Estimate
- $1,766,000
Market price range: $444k - $1.77M -
Alternative Use
- Use
- Estimation
- NEIGHBORHOOD: SHOPPING CENTER
- $1,350,000 Current use
- WAREHOUSE, STORAGE
- $1,995,000 Change: +48% Conversion: Difficult
- OFFICE BUILDING
- $1,645,000 Change: +22% Conversion: Moderate
- COMMERCIAL (GENERAL)
- $1,645,000 Change: +22% Conversion: Easy
- RESTAURANT
- $1,625,000 Change: +20% Conversion: Difficult
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Location Insight
- Map
- Local Demand
- City
- Spirit Lake
- County
- Dickinson
- State
- Iowa
- Longitude
- -95.1153
- Latitude
- 43.4222
- CBSA code
- 44020
- CBSA name
- SPIRIT LAKE, IA MICROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2023
$41,302
$316,300
$1,517,200
$1,833,500
-
$316,300
$1,517,200
$1,833,500
