Building Details

Flooring type Concrete

Building materials Frame

Roof type Metal

Listing Agency: Realty87 · Coldwell Banker Real Estate c***@cbhrealty.com Show Phone

Listed By: Jim Zachar Show Phone

Added: Feb 27 Changed: Aug 4 Last Checked: Aug 11 at 7:06PM

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MLS# 2601295

Copyright © 2026 Cedar Rapids Area 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 multi-building commercial campus includes a turn-key former medical office recently updated and move-in ready. The medical space features 5 exam rooms/offices, a spacious lobby/reception area, a large restroom, and additional file/storage/lab space, with a versatile layout that can support medical, dental, professional office, retail, or general office use. Building 1 is a highway-fronting strip center anchored by a long-term Subway tenant occupying the space for over 20 years, with remaining vacant suites available for immediate occupancy. Building 3 provides flexible outbuilding space for storage, workshop, or additional tenant use, and includes a man door and an overhead door with opener.

The property sits on a 1.15-acre site with strong highway exposure, designed for visibility and easy access in Central City, Iowa. Floor plans are available for the updated medical building, and the overall campus is described as well maintained, with frame construction, concrete flooring, and a metal roof.

Overall, the configuration supports a mix of uses across office and retail/service tenants, with existing tenancy in the highway-fronting strip center and additional space offered through the vacant suites and outbuilding.

Key Highlights

• Zoned Hwy/Com
• 1.15‑acre site with strong highway exposure and easy access
• Former medical office updated and move‑in ready with 5 exam rooms/offices

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

$63,138

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

7.22%

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%

$1,262,760 $1.3M

Cap Rate 7%

$901,971 $902.0K

Cap Rate 9%

$701,533 $701.5K

Market Conditions

NOI Build-Up for 6,232 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

$91.2K $14.64/SF

− Vacancy

−$7.1K −$1.13/SF

EGI

$84.2K $13.51/SF

− OpEx

−$21.0K −$3.38/SF

NOI

$63.1K $10.13/SF

Area

Linn County, IA

Vacancy

7.73%

Lease Rate

$14.64 /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%

$1,262,760

Cap Rate 7%

$901,971

Cap Rate 9%

$701,533

Alternative Uses

Best Use

Specialty Retail

$902.0K

$789.2K – $1.05M (±1% cap)

NOI $63,138 @ 7.0% cap · market cap 7.22%

Second Best

Retail

$841.8K

$736.6K – $982.2K (±1% cap)

NOI $58,929 @ 7.0% cap · market cap 6.73%

Theoretical Best

Self Storage

$1.05M

$917.7K – $1.22M (±1% cap)

NOI $73,419 @ 7.0% cap · market cap 8.39%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Medical Office Space

Lease Details

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

2

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 52214, IA

3,001

Population

1,339

Households

2.2

Avg Household Size

45

Median Age

22%

College-Educated

98%

High-School Grad

90.2 sq mi

ZIP Area

33

Density / Sq Mi

$83,450

Median Household Income

$49,672

Median Earnings

$825

Median Rent

$235,400

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

Questions? Ask Rey

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What type of property is this? Where is this medical office space 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?

Medical Office Space - Zoned Hwy/Com former medical office with exam rooms/offices plus highway-fronting strip center and outbuilding.

Where is this medical office space located?

The property is located at 4659 Iowa HWY 13 Central City, IA.

What is the asking price?

The asking price for this property is $875,000.

What are key features of this property?

This property features: Zoned Hwy/Com; 1.15‑acre site with strong highway exposure and easy access; Former medical office updated and move‑in ready with 5 exam rooms/offices