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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    3307 Highway 71 S Spirit Lake, IA 51360

    • Turn key restaurants
    • 3,510 SF
    • 1.24 lot acres
    For Sale
    View listing
    $895,000
    Last Sale
    Aug 06, 2021
    $800,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US25-2050028
    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.

    Current Use by Public Records

    • Turn key restaurants

    Property Details for 3307 Highway 71 S

    Year built
    2004
    Lot size
    1.24 lot acres
    Property size
    3,510 SF
    Property type
    Turn key restaurants
    APN
    708176015
    APU
    708176015

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $885,000
      ML approach
      $705,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $540,000
      Market price range: $214k - $540k

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Spirit Lake
    County
    Dickinson
    State
    Iowa
    Longitude
    -95.126
    Latitude
    43.4093
    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
    $24,170
    $308,000
    $641,900
    $949,900
    -
    $308,000
    $641,900
    $949,900

    Comparable in this City

    • Value Estimation by Request
      2,640 SF

      817 Lk St

      RESTAURANT • 2,640 SF
      817 Lk St, Spirit Lake, IA 51360-1649
      View Details
    • Value Estimation by Request
      8,752 SF

      2308 17th St

      RESTAURANT • 8,752 SF
      2308 17th St, Spirit Lake, IA 51360-1264
      View Details
    • Value Estimation by Request
      1,768 SF

      3601 Hwy 71

      RESTAURANT • 1,768 SF
      3601 Hwy 71, Spirit Lake, IA 51360-7298
      View Details
    • Value Estimation
      $820,000
      5,072 SF

      3840 Hwy 71

      RESTAURANT • 5,072 SF
      3840 Hwy 71, Spirit Lake, IA 51360-7197
      View Details
    • Value Estimation by Request
      800 SF

      100 Hl Ave

      RESTAURANT • 800 SF
      100 Hl Ave, Spirit Lake, IA 51360
      View Details
    • Value Estimation by Request
      6,387 SF

      817 Lk St

      RESTAURANT • 6,387 SF
      817 Lk St, Spirit Lake, IA 51360-1649
      View Details

    Similar Nearby for Sale

    • $675,000
      3,569 SF

      Restaurant with Drive-Thru For Sale

      High-traffic location, move-in ready restaurant with drive-thru and equipment.
      2209 Circle Dr W, Spirit Lake, IA 51360
      View Details
    • $749,000
      2.09 Acres

      Corner Lot in Spirit Lake

      Corner lot permitted for convenience store and gas station.
      2045 Highway 9, Spirit Lake, IA 51360
      View Details
    • New
      $895,000
      7,196 SF

      Highway 71 Commercial Property

      Prime commercial property on Highway 71 in Spirit Lake, Iowa.
      3307 Highway 71 S, Spirit Lake, IA 51360
      View Details
    • $449,900
      Pending

      Versatile Commercial Property in Spirit Lake

      Two insulated, heated buildings with showroom, office, and storage space.
      2216 15Th St, Spirit Lake, IA 51360
      View Details
    • $75,000

      Spirit Lake Building Lot

      Located close to schools, YMCA, stores, and bike trail.
      3218 Honeycomb Ct, Spirit Lake, IA 51360
      View Details
    • $59,325
      0.22 Acres

      Spirit Lake Residential Building Lot

      Located near schools, YMCA, shops, and Dickinson County Bike Trail.
      3126 Spruce Ct, Spirit Lake, IA 51360
      View Details

    Similar Nearby for Lease

    • $5,500 /Mo
      3,569 SF

      Spirit Lake Commercial Opportunity

      High-visibility location with drive-thru, ready for immediate occupancy.
      2209 Circle Dr W, Spirit Lake, IA 51360
      View Details
    • $1,139 /Mo
      1,139 SF

      Updated Commercial Space in Wahpeton

      Move-in ready commercial space suitable for retail or office use.
      1127 Lakeside Ave, Wahpeton, IA 51360
      View Details
    • $400 /Mo
      140 SF

      Office Space in Spirit Lake

      Office spaces for lease in Spirit Lake, Iowa.
      1390 Lake St, Spirit Lake, IA 51360
      View Details
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    3307 Highway 71 S
    Spirit Lake, IA 51360
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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