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Prairie Wind Apartments 2212 Okoboji Ave 17 Unit Apartment Building $1,100,000 ($64,706/Unit) 10.04% Cap Rate Milford, IA 51351
Investment Highlights
- Substantial updates since 2019, including a new roof, windows, doors, siding, water main, electric, plumbing, new common kitchen, HVAC, landscaping
- Common spaces, hallways, dorms, bathrooms and several apartments have been updated
- Two of the apartments were added in 2023
- Strong, consistent rental history
Financial Summary (Actual - 2025) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
Amenities
- Smoke Detector
Unit Amenities
- Air Conditioning
- Microwave
- Heating
- Refrigerator
- Oven
- Yard
Site Amenities
- Laundry Facilities
- Furnished Units Available
- Multi Use Room
- Private Bathroom
About 2212 OKOBOJI AVE , MILFORD, IA 51351
Positioned along Highway 71, this income-producing property presents an exceptional value opportunity with built-in visibility and proven performance. Recently divided, this offering includes exclusively the multifamily apartment portion. The property features 10 fully occupied apartment units backed by a strong and consistent rental history, delivering immediate, dependable cash flow. In addition, 7 furnished dorm-style rooms provide flexible income potential through short-term or extended-stay rentals, creating multiple revenue streams within one investment. With stabilized occupancy, high-exposure location, and room for continued income growth, this multifamily asset offers an attractive combination of stability, flexibility, and long-term upside—making it a smart addition to any investment portfolio.
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 4+1 | 1 | - | - |
| 3+1 | 1 | - | - |
| 2+1 | 2 | - | - |
| 1+1 | 6 | - | - |
| Studios | 7 | - | - |
Property Taxes
| Parcel Number | 11-06-151-009 | Total Assessment | $712,000 |
| Land Assessment | $84,200 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $627,800 | Tax Year | 2025 |
Property Taxes
Presented by
Prairie Wind Apartments | 2212 Okoboji Ave
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