Flex Space with
For Sale
$850,000
15201 Hickman Road, Clive, IA 50325
CommercialSale, Clive, IA
Property Size2,448 SF
Lot Size0.66 Acres
Price / SF$347.22
Days on Market87
Property Features for 15201 Hickman Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C
Lot features
Corner Lot
Directions
North side of Hickman just East of 156th. Corner lot 2 parcels
Subdivision
Clive
Standard status
Active
APN
1225353006
Lot size
0.66 Acres
Taxes and HOA fees
Tax Description
MCNABB ACRES LOT 3 Long on file
Tax Annual Amount
14000
Legal Description
MCNABB ACRES LOT 3 Long on file
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1961
Listing Agency:
Developers Realty Group LLC
(515) 334-5455
Listed By:
Dorrance Brezina · License #B09260
(515) 778-0787
Added: Jun 8
Changed: Aug 19
Last Checked: Sep 2 at 12:06PM
MLS# 742617
Copyright © 2026 Des Moines Area Association of REALTORS®, Inc. 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 flex property includes a 34-by-72-foot office addition measuring 2,448 square feet, a 960-square-foot retail showroom, and a rear warehouse measuring 120 by 72 feet, or 8,640 square feet. The improvements include siding installed in 1992, a six-foot chain-link fence, a gravel drive, and 2,000 square feet of concrete parking. The original building dates to 1961, and the property is arranged across two parcels.
The 0.66-acre site is located on Hickman Road in Clive, Iowa, with public water and public sewer service. C zoning is identified for the property. The site’s combination of office, showroom, warehouse, parking, and secured perimeter supports a range of commercial operations requiring both customer-facing and storage or work areas.
The 0.66-acre site is located on Hickman Road in Clive, Iowa, with public water and public sewer service. C zoning is identified for the property. The site’s combination of office, showroom, warehouse, parking, and secured perimeter supports a range of commercial operations requiring both customer-facing and storage or work areas.
Key Highlights
- 8,640‑square‑foot warehouse measuring 120 by 72 feet
- 2,448‑square‑foot office addition measuring 34 by 72 feet
- 960‑square‑foot retail showroom
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
$32,255
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
3.79%
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%
$645,100
$645.1K
Cap Rate 7%
$460,786
$460.8K
Cap Rate 9%
$358,389
$358.4K
Market Conditions
NOI Build-Up for 2,448 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
$53.8K $21.96/SF
− Vacancy
−$10.8K −$4.39/SF
EGI
$43.0K $17.57/SF
− OpEx
−$10.8K −$4.39/SF
NOI
$32.3K $13.18/SF
Area
Polk County, IA
Vacancy
20.00%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
25.00%
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%
$645,100
Cap Rate 7%
$460,786
Cap Rate 9%
$358,389
Alternative Uses
Best Use
Flex RnD
$2.36M
$2.06M – $2.75M
NOI $164,956 @ 7.0% cap · market cap 19.41%
Second Best
Warehouse
$1.97M
$1.72M – $2.30M
NOI $137,982 @ 7.0% cap · market cap 16.23%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Single-tenant
Tenancy
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
264
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 50325, IA
18,619
Population
7,455
Households
2.5
Avg Household Size
39
Median Age
60%
College-Educated
95%
High-School Grad
7.7 sq mi
ZIP Area
2,418
Density / Sq Mi
$131,082
Median Household Income
$63,495
Median Earnings
$1,099
Median Rent
$379,000
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Mixed commercial improvements combine office, showroom, warehouse, concrete parking, and fenced access on two parcels.
Where is this flex space located?
The property is located at 15201 Hickman Road Clive, IA.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: 8,640‑square‑foot warehouse measuring 120 by 72 feet; 2,448‑square‑foot office addition measuring 34 by 72 feet; 960‑square‑foot retail showroom
