Fully Leased Office
For Sale
$3,250,000
3600 Digital Drive, Dubuque, IA 52003
Commercial Sale, Dubuque, IA
Property Size27,525 SF
Lot Size6.83 Acres
Price / SF$118.07
Days on Market1110
Property Features for 3600 Digital Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
PI
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 6, Bathroom 5, Bathroom 1, Bathroom 4, Bathroom 3, Bathroom 2
Parking
150
Subdivision
DUBUQUE AREA
Standard status
Active
APN
1512376006
Lot size
6.83 Acres
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Amenities
outdoor seating
Building Details
Year built
1999
Floors in Building
2
Flooring type
Concrete
Building materials
Concrete
Roof type
Built-Up, Rubber
Listing Agency:
DBQ Property Group Inc.
(563) 557-7010
Listed By:
Nancy Kann
(563) 580-7257
Added: Aug 16, 2023
Changed: Aug 28
Last Checked: Aug 29 at 6:06PM
MLS# 147784
Copyright © 2026 East Central Iowa Association 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 27,525-square-foot office building occupies 6.83 acres and is fully leased. The property features distinctive architectural design, efficient floor plates, extensive glass lines, concrete construction, central air, forced-air heating, and public water and sewer. Six bathrooms serve the building, which was constructed in 1999.
Building improvements completed between 2018 and 2021 include 12 new rooftop HVAC units, LED lighting upgrades, a full roof replacement, new carpet, refreshed paint, and air purification equipment added to all HVAC units in 2021. Outdoor seating, substantial parking, and countryside views complement the professionally managed property.
The site is located in Dubuque’s Technology Park at 3600 Digital Drive. Highways 61 and 151 are adjacent, while the Highway 52 and Southwest Arterial interchange is one mile away. Dubuque Regional Airport and downtown Dubuque are each four miles from the property, with restaurants, banking, and a convenience store nearby. Granger Creek Nature Trail is just steps away.
Building improvements completed between 2018 and 2021 include 12 new rooftop HVAC units, LED lighting upgrades, a full roof replacement, new carpet, refreshed paint, and air purification equipment added to all HVAC units in 2021. Outdoor seating, substantial parking, and countryside views complement the professionally managed property.
The site is located in Dubuque’s Technology Park at 3600 Digital Drive. Highways 61 and 151 are adjacent, while the Highway 52 and Southwest Arterial interchange is one mile away. Dubuque Regional Airport and downtown Dubuque are each four miles from the property, with restaurants, banking, and a convenience store nearby. Granger Creek Nature Trail is just steps away.
Key Highlights
- 27,525‑square‑foot office building on 6.83 acres
- 100% leased and professionally managed
- 12 new rooftop HVAC units installed between 2018 and 2021
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
$132,189
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
4.07%
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%
$2,643,780
$2.6M
Cap Rate 7%
$1,888,414
$1.9M
Cap Rate 9%
$1,468,767
$1.5M
Market Conditions
NOI Build-Up for 27,525 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
$231.2K $8.40/SF
− Vacancy
−$55.0K −$2.00/SF
EGI
$176.3K $6.40/SF
− OpEx
−$44.1K −$1.60/SF
NOI
$132.2K $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%
$2,643,780
Cap Rate 7%
$1,888,414
Cap Rate 9%
$1,468,767
Alternative Uses
Best Use
Office B
$1.89M
$1.65M – $2.20M
NOI $132,189 @ 7.0% cap · market cap 4.07%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$5.36M
$4.69M – $6.25M
NOI $374,966 @ 7.0% cap · market cap 11.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
53
Businesses Nearby
Explore this area
Business Placement
Demographics for 52003, IA
14,060
Population
5,855
Households
2.4
Avg Household Size
45
Median Age
44%
College-Educated
97%
High-School Grad
56.4 sq mi
ZIP Area
249
Density / Sq Mi
$96,714
Median Household Income
$53,211
Median Earnings
$953
Median Rent
$261,500
Median Home Value
Market
Vacancy Rate% for Office 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?
Office building - Maintained office property with upgraded systems, public utilities, outdoor seating, and convenient highway access.
Where is this office building located?
The property is located at 3600 Digital Drive Dubuque, IA.
What is the asking price?
The asking price for this property is $3,250,000.
What are key features of this property?
This property features: 27,525‑square‑foot office building on 6.83 acres; 100% leased and professionally managed; 12 new rooftop HVAC units installed between 2018 and 2021
