Flex Space with Gym
For Sale
$329,900
3035 Capital Way, Cedar Falls, IA 50613
Commercial Sale, Cedar Falls, IA
Property Size2,475 SF
Price / SF$133.29
Days on Market240
Property Features for 3035 Capital Way
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
m-1
Directions
Hudson Rd, west on viking, left on production, right on capital way
Standard status
Active
APN
891434277035
Taxes and HOA fees
Tax Year
2023
Tax Description
MC WING SUITES BLDG 3035 UNIT 7 and 8
Tax Annual Amount
1562
Legal Description
MC WING SUITES BLDG 3035 UNIT 7 and 8
Building Details
Year built
2023
Listing Agency:
Structure Real Estate
(319) 260-2016
Listed By:
Brian Wingert · License #B60468000
(319) 404-4884
Added: Jan 9
Changed: Aug 19
Last Checked: Sep 6 at 9:06AM
MLS# 20260148
Copyright © 2026 Northeast 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 M-1 flex-space unit at 3035 Capital Way in Cedar Falls was built in 2023 and measures 55 feet by 45 feet. The current configuration supports gym, fitness, and recovery use, with finished and painted walls, full furnace and air-conditioning capabilities, two office areas, and a bathroom with shower. A 12-by-14-foot overhead door provides access to the unit.
The property is being offered as-is. Existing sport-court and gym components, including hoops, a sauna, plunge equipment, and other furnishings, may be purchased separately rather than included in the sale. The layout can also accommodate alternative flex-space uses, subject to applicable requirements.
The property is being offered as-is. Existing sport-court and gym components, including hoops, a sauna, plunge equipment, and other furnishings, may be purchased separately rather than included in the sale. The layout can also accommodate alternative flex-space uses, subject to applicable requirements.
Key Highlights
- 55‑foot by 45‑foot flex‑space unit
- M‑1 zoning with 2023 construction
- Full furnace and air‑conditioning capabilities
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
$11,104
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
3.37%
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%
$222,080
$222.1K
Cap Rate 7%
$158,629
$158.6K
Cap Rate 9%
$123,378
$123.4K
Market Conditions
NOI Build-Up for 2,475 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
$18.1K $7.32/SF
− Vacancy
−$1.0K −$0.42/SF
EGI
$17.1K $6.90/SF
− OpEx
−$6.0K −$2.42/SF
NOI
$11.1K $4.49/SF
Area
Black Hawk County, IA
Vacancy
5.71%
Lease Rate
$7.32 /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%
$222,080
Cap Rate 7%
$158,629
Cap Rate 9%
$123,378
Alternative Uses
Best Use
Industrial
$2.06M
$1.80M – $2.40M
NOI $144,277 @ 7.0% cap · market cap 43.73%
Second Best
Flex RnD
$158.6K
$138.8K – $185.1K
NOI $11,104 @ 7.0% cap · market cap 3.37%
Theoretical Best
Mixed Use
$3.10M
$2.71M – $3.62M
NOI $217,181 @ 7.0% cap · market cap 65.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
55
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 50613, IA
43,667
Population
17,808
Households
2.5
Avg Household Size
32
Median Age
48%
College-Educated
97%
High-School Grad
127.6 sq mi
ZIP Area
342
Density / Sq Mi
$75,642
Median Household Income
$33,099
Median Earnings
$1,176
Median Rent
$258,300
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 - Configured with HVAC, two offices, and a shower-equipped bathroom.
Where is this flex space located?
The property is located at 3035 Capital Way Cedar Falls, IA.
What is the asking price?
The asking price for this property is $329,900.
What are key features of this property?
This property features: 55‑foot by 45‑foot flex‑space unit; M‑1 zoning with 2023 construction; Full furnace and air‑conditioning capabilities
