New Steel Warehouse With
For Sale
$249,900
Pending
320 W 14th Street, Waterloo, IA 50702
Commercial Sale, Waterloo, IA
Property Size2,560 SF
Lot Size0.20 Acres
Days on Market108
Property Features for 320 W 14th Street
General Information
Property type
Commercial Sale
Property subtype
Other
Property condition
Under Construction
Zoning
M1
Directions
Near Highway 218 Downtown Waterloo
Standard status
Pending
APN
891325377006
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
See abstract
Legal Description
See abstract
Building Details
Year built
2025
Listing Agency:
Berkshire Hathaway Home Services One Realty Centre · Berkshire Hathaway HomeServices
(319) 233-7000
Listed By:
Jared Hottle · License #S68688000
(319) 288-5382
Added: May 21
Changed: Sep 5
Last Checked: Sep 5 at 6:06PM
MLS# 20262224
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 under-construction warehouse is a 2025 steel building measuring 40' x 64' on an 8,520 sq ft lot. The open interior includes a 16' x 14' overhead door, LED high-bay lighting, forced-air heating and cooling, a floor drain with oil separator, and an ADA-compliant restroom. A 13'6" x 40' mezzanine adds usable storage or work area, while fixed windows provide natural light. The building shell is up and construction is still underway.
Access is provided by a front drive-in entrance and an alley. The property has two parking spaces with room for additional parking, along with city water, sewer, and electric service. M1 zoning supports its industrial warehouse classification, and the site is near the Hwy 218 corridor in Waterloo.
Access is provided by a front drive-in entrance and an alley. The property has two parking spaces with room for additional parking, along with city water, sewer, and electric service. M1 zoning supports its industrial warehouse classification, and the site is near the Hwy 218 corridor in Waterloo.
Key Highlights
- 40' x 64' steel warehouse building on an 8,520 sq ft lot
- 13'6" x 40' mezzanine for added storage or workspace
- 16' x 14' overhead door with front drive‑in and alley access
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
$11,485
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
4.60%
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%
$229,700
$229.7K
Cap Rate 7%
$164,071
$164.1K
Cap Rate 9%
$127,611
$127.6K
Market Conditions
NOI Build-Up for 2,560 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
$18.7K $7.32/SF
− Vacancy
−$1.1K −$0.42/SF
EGI
$17.7K $6.90/SF
− OpEx
−$6.2K −$2.42/SF
NOI
$11.5K $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%
$229,700
Cap Rate 7%
$164,071
Cap Rate 9%
$127,611
Alternative Uses
Best Use
Warehouse
$2.59M
$2.27M – $3.02M
NOI $181,211 @ 7.0% cap · market cap 72.51%
Second Best
Industrial
$2.13M
$1.87M – $2.49M
NOI $149,232 @ 7.0% cap · market cap 59.72%
Theoretical Best
Mixed Use
$3.21M
$2.81M – $3.74M
NOI $224,640 @ 7.0% cap · market cap 89.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
473
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 50702, IA
20,447
Population
9,722
Households
2.1
Avg Household Size
37
Median Age
21%
College-Educated
89%
High-School Grad
9.8 sq mi
ZIP Area
2,086
Density / Sq Mi
$59,784
Median Household Income
$38,826
Median Earnings
$926
Median Rent
$145,800
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.
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Frequently Asked Questions
What type of property is this?
Warehouse - Under-construction warehouse with drive-in access, flexible interior space, and established city utility service.
Where is this warehouse located?
The property is located at 320 W 14th Street Waterloo, IA.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: 40' x 64' steel warehouse building on an 8,520 sq ft lot; 13'6" x 40' mezzanine for added storage or workspace; 16' x 14' overhead door with front drive‑in and alley access
