Flex Space with
For Sale
$215,000
1650 Commercial Dr, Walford, IA 52351
Commercial, Walford, IA
Property Size2,400 SF
Lot Size0.68 Acres
Price / SF$89.58
Days on Market178
Property Features for 1650 Commercial Dr
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Comm
Directions
accessed from US 151/US 218 by taking the Walford exit, heading west on 76th Ave/ Walford Rd, turning onto Industrial Pky and then onto Commercial Dr
Subdivision
OT-W (West of I-380)
Standard status
Active
APN
203020202201002
Size
2,400 SF
Lot size
0.68 Acres
Taxes and HOA fees
Tax Description
GRANT BLUFF COMMERCIAL CONDO BLDG #2 UNIT 203
Tax Annual Amount
3582
HOA Fee
$900 Annually
Legal Description
GRANT BLUFF COMMERCIAL CONDO BLDG #2 UNIT 203
Amenities
bathroom
air-conditioned office
gas heater
Building Details
Year built
2022
Flooring type
Concrete
Building materials
Frame
Roof type
Metal
Listing Agency:
Pinnacle Realty LLC
(319) 393-0900
Listed By:
Trev Adair · License #322502720
(319) 350-9476
Added: Mar 3
Changed: Aug 27
Last Checked: Aug 28 at 10:06PM
MLS# 2601437
Copyright © 2026 Cedar Rapids 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 2,400-square-foot warehouse condo combines open floor area with practical office functionality. The main level includes warehouse space and a restroom, while the mezzanine provides an air-conditioned office separated from the work area. A gas heater serves the warehouse, supporting year-round operations. The property has frame construction, concrete flooring, and a metal roof, and was built in 2022.
Located at 1650 Commercial Dr in Walford, Iowa, the property is identified for commercial use and sits on a 0.68-acre parcel. Its layout brings warehouse, office, and restroom components together within a single flex-oriented commercial property.
Located at 1650 Commercial Dr in Walford, Iowa, the property is identified for commercial use and sits on a 0.68-acre parcel. Its layout brings warehouse, office, and restroom components together within a single flex-oriented commercial property.
Key Highlights
- 2,400 SF warehouse condo with open main‑level floor area
- Mezzanine office is air‑conditioned and separated from the warehouse
- Main level includes a 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
$16,717
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
7.78%
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%
$334,340
$334.3K
Cap Rate 7%
$238,814
$238.8K
Cap Rate 9%
$185,744
$185.7K
Market Conditions
NOI Build-Up for 2,400 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
$27.4K $11.40/SF
− Vacancy
−$1.6K −$0.68/SF
EGI
$25.7K $10.72/SF
− OpEx
−$9.0K −$3.75/SF
NOI
$16.7K $6.97/SF
Area
Benton County, IA
Vacancy
6.00%
Lease Rate
$11.40 /SF/Yr
Expense Ratio
35.00%
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%
$334,340
Cap Rate 7%
$238,814
Cap Rate 9%
$185,744
Alternative Uses
Best Use
Flex RnD
$238.8K
$209.0K – $278.6K
NOI $16,717 @ 7.0% cap · market cap 7.78%
Second Best
Warehouse
$218.3K
$191.0K – $254.7K
NOI $15,280 @ 7.0% cap · market cap 7.11%
Theoretical Best
Specialty Retail
$347.4K
$303.9K – $405.3K
NOI $24,315 @ 7.0% cap · market cap 11.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
32
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 52351, IA
1,380
Population
477
Households
2.9
Avg Household Size
40
Median Age
34%
College-Educated
97%
High-School Grad
1.8 sq mi
ZIP Area
767
Density / Sq Mi
$116,477
Median Household Income
$58,500
Median Earnings
$274,500
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 - Warehouse-oriented commercial condo with a private cooled office, restroom, concrete flooring, and gas-fired heat.
Where is this flex space located?
The property is located at 1650 Commercial Dr Walford, IA.
What is the asking price?
The asking price for this property is $215,000.
What are key features of this property?
This property features: 2,400 SF warehouse condo with open main‑level floor area; Mezzanine office is air‑conditioned and separated from the warehouse; Main level includes a restroom
