Freestanding Office
For Sale
$900,000
303 W 24TH ST, Sioux City, IA 51104
Commercial, Sioux City, IA
Property Size7,377 SF
Lot Size0.61 Acres
Price / SF$122
Days on Market110
Property Features for 303 W 24TH ST
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Directions
Maps
Subdivision
Wside Central
Standard status
Active
APN
19193-894720213005
Lot size
0.61 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
EVANS LOTS 4 THRU 6; THE VAC N/S ALLEY (EX THE E 1/2 OF THE N/S ALLEY ABUTTING THE S 45 FT OF LOT 2 & ABUTTING LOT 3; AND THAT PT OF PERRY CREEK AS IT EXISTED AT THE TIME OF PLATTING OF EVANS ADDN WHICH LIES ADJ TO LOT 6 & S OF N LINE OF LOT 1 PROJECTED W
Tax Annual Amount
17374
Legal Description
EVANS LOTS 4 THRU 6; THE VAC N/S ALLEY (EX THE E 1/2 OF THE N/S ALLEY ABUTTING THE S 45 FT OF LOT 2 & ABUTTING LOT 3; AND THAT PT OF PERRY CREEK AS IT EXISTED AT THE TIME OF PLATTING OF EVANS ADDN WHICH LIES ADJ TO LOT 6 & S OF N LINE OF LOT 1 PROJECTED W
Building Details
Year built
1982
Listing Agency:
Gateway Real Estate Advisors
(712) 226-8000
Listed By:
Nic Madsen · License #S67281000
(712) 540-6562
Added: May 26
Changed: Sep 9
Last Checked: Sep 12 at 12:06AM
MLS# 833105
Copyright © 2026 Northwest Iowa Regional Board 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 freestanding, single-story office building contains 7,377 SF on a 0.61-acre site. Constructed in 1982, the property is zoned General Commercial and provides a flexible layout for professional office, medical, financial services, or owner-user operations. On-site concrete parking is included.
The building is positioned along Hamilton Blvd in Sioux City’s established commercial corridor, with access to the city’s primary north-south commercial route. Its freestanding configuration, commercial zoning, and existing parking support a range of office-oriented occupancy options.
The building is positioned along Hamilton Blvd in Sioux City’s established commercial corridor, with access to the city’s primary north-south commercial route. Its freestanding configuration, commercial zoning, and existing parking support a range of office-oriented occupancy options.
Key Highlights
- 7,377 SF freestanding office building
- 0.61‑acre site in Sioux City
- Single‑story configuration with flexible office layout
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
$37,330
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
4.15%
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%
$746,600
$746.6K
Cap Rate 7%
$533,286
$533.3K
Cap Rate 9%
$414,778
$414.8K
Market Conditions
NOI Build-Up for 7,377 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
$68.2K $9.24/SF
− Vacancy
−$18.4K −$2.49/SF
EGI
$49.8K $6.75/SF
− OpEx
−$12.4K −$1.69/SF
NOI
$37.3K $5.06/SF
Area
Woodbury County, IA
Vacancy
26.98%
Lease Rate
$9.24 /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%
$746,600
Cap Rate 7%
$533,286
Cap Rate 9%
$414,778
Alternative Uses
Best Use
Office B
$533.3K
$466.6K – $622.2K
NOI $37,330 @ 7.0% cap · market cap 4.15%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.11M
$970.0K – $1.29M
NOI $77,597 @ 7.0% cap · market cap 8.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
572
Businesses Nearby
Explore this area
Business Placement
Demographics for 51104, IA
23,080
Population
9,119
Households
2.5
Avg Household Size
35
Median Age
28%
College-Educated
89%
High-School Grad
7.5 sq mi
ZIP Area
3,077
Density / Sq Mi
$74,984
Median Household Income
$42,411
Median Earnings
$955
Median Rent
$193,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Single-story office property with concrete parking and General Commercial zoning.
Where is this office building located?
The property is located at 303 W 24TH ST Sioux City, IA.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: 7,377 SF freestanding office building; 0.61‑acre site in Sioux City; Single‑story configuration with flexible office layout
