Warehouse Condo with
For Sale
$209,900
128 Greenfield Dr, Tiffin, IA 52340
CommercialSale, Tiffin, IA
Property Size1,560 SF
Lot Size0.04 Acres
Price / SF$134.55
Days on Market159
Property Features for 128 Greenfield Dr
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
M2
Directions
Ireland Drive/Roberts Ferry Road to Greenfield Drive
Subdivision
NWQuadrant
Standard status
Active
APN
0633458019
Lot size
0.04 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
944
Utilities
Heating system
Natural Gas
Building Details
Year built
2023
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: Apr 2
Changed: Sep 5
Last Checked: Sep 7 at 6:06PM
MLS# 202602198
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.
This 2023 warehouse condominium contains 1,560 square feet within a frame-built structure featuring concrete flooring and a metal roof. The unit is configured for drive-through use with two 12' x 14' garage doors, 16' sidewalls, one restroom, and gas-fired heating. Immediate possession is available.
The property is situated off I-80 near Ireland Drive and Roberts Ferry Road in Tiffin, Iowa. M2 zoning supports its industrial classification, while the unit layout provides practical access for vehicle movement and storage operations. The condominium is part of a newly constructed commercial development.
The property is situated off I-80 near Ireland Drive and Roberts Ferry Road in Tiffin, Iowa. M2 zoning supports its industrial classification, while the unit layout provides practical access for vehicle movement and storage operations. The condominium is part of a newly constructed commercial development.
Key Highlights
- 1,560 sq. ft. warehouse condominium completed in 2023
- Drive‑through layout with two 12' x 14' garage doors
- 16' sidewalls and concrete flooring
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
$12,157
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
5.79%
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%
$243,140
$243.1K
Cap Rate 7%
$173,671
$173.7K
Cap Rate 9%
$135,078
$135.1K
Market Conditions
NOI Build-Up for 1,560 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
$15.0K $9.60/SF
− Vacancy
−$674 −$0.43/SF
EGI
$14.3K $9.17/SF
− OpEx
−$2.1K −$1.38/SF
NOI
$12.2K $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%
$243,140
Cap Rate 7%
$173,671
Cap Rate 9%
$135,078
Alternative Uses
Best Use
Warehouse
$173.7K
$152.0K – $202.6K
NOI $12,157 @ 7.0% cap · market cap 5.79%
Second Best
Industrial
$133.4K
$116.7K – $155.6K
NOI $9,337 @ 7.0% cap · market cap 4.45%
Theoretical Best
Office A
$338.9K
$296.5K – $395.4K
NOI $23,722 @ 7.0% cap · market cap 11.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Drive-in doors
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.
Similar Off Market Nearby
- MegaStorage Tiffin — 300 Greenfield Dr, Tiffin, IA 52340
- QUALITY CARE STORAGE COMPANY — Tiffin, IA 52240
- Moove In Self Storage — 103 Village Dr, Tiffin, IA 52340
Frequently Asked Questions
What type of property is this?
Warehouse - New industrial space offers M2 zoning, natural-gas heat, and access through both ends of the unit.
Where is this warehouse located?
The property is located at 128 Greenfield Dr Tiffin, IA.
What is the asking price?
The asking price for this property is $209,900.
What are key features of this property?
This property features: 1,560 sq. ft. warehouse condominium completed in 2023; Drive‑through layout with two 12' x 14' garage doors; 16' sidewalls and concrete flooring
