Double-Unit Flex
For Sale
$419,900
128 Greenfield Dr, Tiffin, IA 52340
CommercialSale, Tiffin, IA
Property Size3,120 SF
Lot Size0.07 Acres
Price / SF$134.58
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
0633458018
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
1133
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# 202602197
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.
Unit D is a 3,120-square-foot commercial condominium configured as a double flex-space unit. Built in 2023, the property has a frame structure, metal roof, concrete flooring, 16-foot sidewalls, natural gas heaters, and one restroom serving each unit. Two 12' x 14' garage doors provide drive-through access through the space.
The property is located off I-80 near Ireland Drive and Roberts Ferry Road in Tiffin, Iowa. M2 zoning supports its designated commercial setting, while the garage-door configuration and interior height provide practical functionality for users requiring vehicle access and workspace.
The property is located off I-80 near Ireland Drive and Roberts Ferry Road in Tiffin, Iowa. M2 zoning supports its designated commercial setting, while the garage-door configuration and interior height provide practical functionality for users requiring vehicle access and workspace.
Key Highlights
- 3,120‑square‑foot double unit identified as Unit D
- Two 12' x 14' garage doors provide drive‑through access
- 16‑foot sidewalls support flexible workspace use
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
$24,314
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%
$486,280
$486.3K
Cap Rate 7%
$347,343
$347.3K
Cap Rate 9%
$270,156
$270.2K
Market Conditions
NOI Build-Up for 3,120 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
$30.0K $9.60/SF
− Vacancy
−$1.3K −$0.43/SF
EGI
$28.6K $9.17/SF
− OpEx
−$4.3K −$1.38/SF
NOI
$24.3K $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%
$486,280
Cap Rate 7%
$347,343
Cap Rate 9%
$270,156
Alternative Uses
Best Use
Warehouse
$347.3K
$303.9K – $405.2K
NOI $24,314 @ 7.0% cap · market cap 5.79%
Second Best
Industrial
$266.8K
$233.4K – $311.2K
NOI $18,673 @ 7.0% cap · market cap 4.45%
Theoretical Best
Office A
$677.8K
$593.1K – $790.7K
NOI $47,444 @ 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
16 ft
Clear height
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.
Frequently Asked Questions
What type of property is this?
Flex space - New commercial condominium with drive-through access, tall sidewalls, garage doors, natural gas heating, and concrete flooring.
Where is this flex space located?
The property is located at 128 Greenfield Dr Tiffin, IA.
What is the asking price?
The asking price for this property is $419,900.
What are key features of this property?
This property features: 3,120‑square‑foot double unit identified as Unit D; Two 12' x 14' garage doors provide drive‑through access; 16‑foot sidewalls support flexible workspace use
