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Prairie Wind Apartments 2212 Okoboji Ave 17 Unit Apartment Building $950,000 ($55,882/Unit) 6.56% Cap Rate Milford, IA 51351
Investment Highlights
- Resilient Local Economy: Dickinson County posts a 2.4% unemployment rate and $74,570 median household income, supporting consistent rental demand.
- Ideally situated in Milford, Iowa, the property benefits from its proximity to the renowned Iowa Great Lakes recreational corridor, ensuring consistent rental demand year-round.
- Near Okoboji High School Great Lakes Iowa.
- Prime Lake-Region Positioning: Located minutes from the Iowa Great Lakes recreational corridor, one of Iowa's most established seasonal tourism markets.
- Ten fully occupied apartments deliver reliable cash flow from a proven rental history, while seven furnished dorm-style rooms add flexible short-term or extended-stay revenue streams.
Executive Summary
Prairie Wind Apartments is a distinctive 17-unit community that blends traditional apartment living with furnished, dorm-style rooms, giving ownership the flexibility to run long-term leases alongside higher-turnover short-stay income. Built in 1947 in Milford, Iowa, the property has a proven rental history and sits within easy reach of the Okoboji lake region's recreational draw. It's a straightforward, fully occupied asset with room to grow into its market rents. Offered at $950,000.
Property Facts
| Price | $950,000 | Apartment Style | Low-Rise |
| Price Per Unit | $55,882 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.44 AC |
| Cap Rate | 6.56% | Building Size | 8,882 SF |
| Gross Rent Multiplier | 7.6 | Average Occupancy | 100% |
| No. Units | 17 | No. Stories | 1 |
| Property Type | Multifamily | Year Built/Renovated | 1947/2022 |
| Property Subtype | Apartment | Parking Ratio | 1/1,000 SF |
| Zoning | M-Residential - R3+ | ||
| Price | $950,000 |
| Price Per Unit | $55,882 |
| Sale Type | Investment |
| Cap Rate | 6.56% |
| Gross Rent Multiplier | 7.6 |
| No. Units | 17 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.44 AC |
| Building Size | 8,882 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built/Renovated | 1947/2022 |
| Parking Ratio | 1/1,000 SF |
| Zoning | M-Residential - R3+ |
Amenities
Site Amenities
- Laundry Facilities
- Furnished Units Available
- Wi-Fi
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 7 | - | - |
| 1+1 | 5 | - | - |
| 2+1 | 3 | - | - |
| 3+1 | 1 | - | - |
| 4+1 | 1 | - | - |
1 1
Somewhat walkable
20/100
Exceptionally drivable
90/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 11-06-151-009 | Improvements Assessment | $627,800 |
| Land Assessment | $84,200 | Total Assessment | $712,000 |
Property Taxes
Parcel Number
11-06-151-009
Land Assessment
$84,200
Improvements Assessment
$627,800
Total Assessment
$712,000
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