To-Be-Built Flex
For Sale
$1,860,000
108 Greenfield Dr, Tiffin, IA 52340
CommercialSale, Tiffin, IA
Property Size12,000 SF
Lot Size0.28 Acres
Price / SF$155
Days on Market48
Property Features for 108 Greenfield Dr
General Information
Property type
Commercial Sale
Property subtype
Other
Property condition
Under Construction
Zoning
M2
Directions
Ireland Drive/Roberts Ferry Road to Greenfield Drive
Subdivision
NWQuadrant
Standard status
Active
Lot size
0.28 Acres
Taxes and HOA fees
Tax Year
2024
Utilities
Heating system
Natural Gas
Building Details
Year built
2026
Flooring type
Concrete
Building materials
Frame
Roof type
Metal
Listing Agency:
GATEWAY ACCESS REALTY
(319) 665-4300
Listed By:
Karla Davis
(319) 981-0890
Added: Jul 22
Changed: Sep 5
Last Checked: Sep 7 at 6:06PM
MLS# 202604637
Copyright © 2026 Iowa City Area Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Planned as a 12,000-square-foot commercial condominium building, this flex space project is designed for customization before construction. Unit dimensions and interior walls can be adjusted, with each unit planned to include a 12-foot by 14-foot garage door, one restroom, gas heating, and 16-foot sidewalls. Concrete flooring, frame construction, and a metal roof are specified for the building, which is identified as under construction with completion targeted for 2026.
The property is positioned near I-80 and Ireland Drive/Roberts Ferry Road in Tiffin. M2 zoning supports its industrial-oriented classification. Floor plan, site plan, and condominium documents are available through the associated listing materials.
The property is positioned near I-80 and Ireland Drive/Roberts Ferry Road in Tiffin. M2 zoning supports its industrial-oriented classification. Floor plan, site plan, and condominium documents are available through the associated listing materials.
Key Highlights
- 12,000‑square‑foot commercial condominium building planned for construction
- Customizable floor plan with adjustable walls and unit sizes
- Each unit planned with a 12'x14' garage door and 1 restroom
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$93,514
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.03%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,870,280
$1.9M
Cap Rate 7%
$1,335,914
$1.3M
Cap Rate 9%
$1,039,044
$1.0M
Market Conditions
NOI Build-Up for 12,000 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$115.2K $9.60/SF
− Vacancy
−$5.2K −$0.43/SF
EGI
$110.0K $9.17/SF
− OpEx
−$16.5K −$1.38/SF
NOI
$93.5K $7.79/SF
Area
Johnson County, IA
Vacancy
4.50%
Lease Rate
$9.60 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,870,280
Cap Rate 7%
$1,335,914
Cap Rate 9%
$1,039,044
Alternative Uses
Best Use
Warehouse
$1.34M
$1.17M – $1.56M
NOI $93,514 @ 7.0% cap · market cap 5.03%
Second Best
Industrial
$1.03M
$897.8K – $1.20M
NOI $71,820 @ 7.0% cap · market cap 3.86%
Theoretical Best
Office A
$2.61M
$2.28M – $3.04M
NOI $182,477 @ 7.0% cap · market cap 9.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
71
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 52340, IA
4,810
Population
2,400
Households
2
Avg Household Size
33
Median Age
58%
College-Educated
99%
High-School Grad
19.1 sq mi
ZIP Area
252
Density / Sq Mi
$105,517
Median Household Income
$67,275
Median Earnings
$1,336
Median Rent
$317,900
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Customizable commercial condominium units with individual garage access, gas heating, and M2 zoning.
Where is this flex space located?
The property is located at 108 Greenfield Dr Tiffin, IA.
What is the asking price?
The asking price for this property is $1,860,000.
What are key features of this property?
This property features: 12,000‑square‑foot commercial condominium building planned for construction; Customizable floor plan with adjustable walls and unit sizes; Each unit planned with a 12'x14' garage door and 1 restroom
