Building Details

Year built 1961

Flooring type Concrete

Listing Agency: Keller Williams Realty Signature K***@KW.com Show Phone

Listed By: Paula Behr · License #475139516 Show Phone

Added: Sep 10 Changed: Sep 12 Last Checked: Sep 13 at 3:06PM

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MLS# 202605783

Copyright © 2026 NorthWest Illinois Alliance 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 1,150-square-foot office building in Cascade, Iowa, contains three offices, an entry area, half bath, kitchenette, and furnace room. The property was built in 1961 and includes concrete flooring, forced-air natural gas heat, and central air conditioning.

A substantial remodel completed in July 2025 addressed the roof, insulation, interior drywall, electrical panel, plumbing, lighting, kitchenette, bath, cabinetry, flooring, and paint. The building is currently vacant and occupies a 0.16-acre lot at 308 NW 4th Avenue.

Key Highlights

• 1,150‑square‑foot office building on a 0.16‑acre lot
• Three offices with entry area, half bath, kitchenette, and furnace room
• July 2025 remodel included new PVC membrane roof and added insulation

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

$5,523

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

3.71%

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%

$110,460 $110.5K

Cap Rate 7%

$78,900 $78.9K

Cap Rate 9%

$61,367 $61.4K

Market Conditions

NOI Build-Up for 1,150 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

$9.7K $8.40/SF

− Vacancy

−$2.3K −$2.00/SF

EGI

$7.4K $6.40/SF

− OpEx

−$1.8K −$1.60/SF

NOI

$5.5K $4.80/SF

Area

Dubuque County, IA

Vacancy

23.77%

Lease Rate

$8.40 /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%

$110,460

Cap Rate 7%

$78,900

Cap Rate 9%

$61,367

Alternative Uses

Best Use

Office B

$78.9K

$69.0K – $92.1K (±1% cap)

NOI $5,523 @ 7.0% cap · market cap 3.71%

Second Best

—

—

no second resolved use

Theoretical Best

Specialty Retail

$223.8K

$195.8K – $261.1K (±1% cap)

NOI $15,666 @ 7.0% cap · market cap 10.51%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Office buildings

Suggested Use

Top Pick Real Estate Agency Dental Office Big Box & Wholesale Store Electrical Service Storage Facility Law Firm

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

184

Businesses Nearby

Explore this area Business Placement

Demographics for 52033, IA

3,478

Population

1,399

Households

2.5

Avg Household Size

39

Median Age

26%

College-Educated

95%

High-School Grad

98.4 sq mi

ZIP Area

35

Density / Sq Mi

$70,833

Median Household Income

$44,006

Median Earnings

$887

Median Rent

$210,600

Median Home Value

Market

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

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What type of property is this? Where is this office buildings located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Office building - Vacant commercial office property with three offices, refreshed interiors, and convenient accessibility.

Where is this office building located?

The property is located at 308 NW 4th Avenue Cascade, IA.

What is the asking price?

The asking price for this property is $149,000.

What are key features of this property?

This property features: 1,150‑square‑foot office building on a 0.16‑acre lot; Three offices with entry area, half bath, kitchenette, and furnace room; July 2025 remodel included new PVC membrane roof and added insulation