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    Freestanding Single-Story Office Building Title is generated by Realmo AI

    303 W 24TH ST, Sioux City, IA 51104

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    For Sale
    $900,000

    COMMERCIAL - Sioux City, IA

    Property size:
    7,377 SF
    Lot size:
    0.61 Acres
    Price / SF:
    $122/SF
    Added:
    May 26, 2026
    Days on Market:
    10
    Last Refresh:
    Jun 4 at 8:06 am

    Property Features for 303 W 24TH ST

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Commercial
    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

    Building Details

    Year built
    1982

    We can help!

    Listing Contact
    Nic Madsen

    Listing agent Nic Madsen

    Listing office Gateway Real Estate Advisors 700 Nebraska St, Dakota Dunes, IA

    Listing date May 26, 2026

    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.

    HighLights

    • Freestanding 7,377 SF single‑story office building on Sioux City’s Hamilton Blvd commercial corridor
    • Zoned General Commercial, with a versatile layout for office, medical, financial services, or owner‑user configurations
    • Built in 1982
    • On‑site concrete parking

    Overview

    Freestanding, single-story office building totaling 7,377 SF, built in 1982. The property is zoned Commercial and offers a versatile footprint for a range of professional uses, including office, medical, and financial services, as well as owner-user setups. On-site parking is provided with concrete surfaces.

    Located on Sioux City’s established Hamilton Blvd commercial corridor, the property is described as having strong visibility and access to Sioux City’s primary north-south commercial spine. The site includes a 0.61-acre lot, supporting convenient arrival and everyday operations.

    For buyers and operators, the combination of a freestanding, single-story layout and General Commercial zoning can be a practical fit for tenants seeking a flexible professional environment. The asset’s configuration supports a variety of suite-by-suite or single-operator approaches, while the on-site concrete parking is aligned with day-to-day customer and staff needs. Brokers can provide additional property information upon request.

    Local Financial Insights For Healthcare Medical

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $97.4k $13.20
    − Vacancy −$12.2k −$1.65
    EGI $85.2k $11.55
    − OpEx −$34.1k −$4.62
    NOI $51.1k $6.93
    7,377 SF · lease $13.20/SF/yr · vacancy 12.50% · expense 40.00%

    Alternative Uses

    Best Use
    Healthcare Medical
    $730.3K
    $639.0K – $852.1K (±1% cap)
    NOI $51,123 @ 7.0% cap · market cap 5.68%
    Second Best
    Office B
    $533.3K
    $466.6K – $622.2K (±1% cap)
    NOI $37,330 @ 7.0% cap · market cap 4.15%
    Theoretical Best
    Specialty Retail
    $1.11M
    $970.0K – $1.29M (±1% cap)
    NOI $77,597 @ 7.0% cap · market cap 8.62%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Marjorie J. Sanderson, ... Foster Care Service

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Sioux City
    County
    Woodbury
    State
    Iowa
    Longitude
    -96.417867
    Latitude
    42.515562

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    FAQs

    What type of property is this?
    Office building - Built in 1982 and zoned General Commercial, this freestanding building suits office and medical or owner-user configurations.
    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: Freestanding 7,377 SF single‑story office building on Sioux City’s Hamilton Blvd commercial corridor; Zoned General Commercial, with a versatile layout for office, medical, financial services, or owner‑user configurations; Built in 1982
    (712) 540-6562
    We can help!
    Listing Contact
    Nic Madsen
    Request Owner's contact information
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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