30,000 SF Shell Industrial
For Sale
Contact for pricing
104 Research Dr, Perry, IA
Shell industrial building in Perry Industrial Park on 5.26 acres.
Property Size30,000 SF
Lot Size5.25 Acres
Price / SF$50
Days on Market778
Property Features for 104 Research Dr
General Information
Standard status
Active
Size
30,000 SF
Lot size
5.25 Acres
Property subtype
INDUSTRIAL
Listing Agency:
Cushman & Wakefield
(515) 309-4002
Listed By:
Alec Wilcox
(515) 210-9446
Source:
Moodyscre
Added: Aug 2, 2024
Changed: Sep 17
Last Checked: Sep 16 at 5:22PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Cushman & Wakefield
Investment Insights
Based on property information with market context.
This is a 30,000 square foot shell industrial building situated on 5.26 acres within the Perry Industrial Park. The park itself spans 151 acres and is certified for light industrial business development. It is already home to leading industry tenants as a successful Research and Science Park. As a Certified Site, the Perry Industrial Park has completed all surveys and installed necessary utility infrastructure, including gig-ready fiber optics. The Perry Industrial Park has 155 acres available, with 127 acres Certified Site and 28 acres adjacent. There are no known issues with Phase 1 EAS, Cultural, Wetlands, Geotech/Soil, and Endangered Species. RES of Certified Site development land is available. The building is at a point of completion pending final use layouts.
Key Highlights
- 30,000 SF Shell Industrial Building ready for your final use layouts.
- Located in the Perry Industrial Park, a Certified Site.
- 5.26 Acre Lot provides ample space.
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
$123,009
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
8.20%
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%
$2,460,180
$2.5M
Cap Rate 7%
$1,757,271
$1.8M
Cap Rate 9%
$1,366,767
$1.4M
Market Conditions
NOI Build-Up for 30,000 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
$190.8K $6.36/SF
− Vacancy
−$15.1K −$0.50/SF
EGI
$175.7K $5.86/SF
− OpEx
−$52.7K −$1.76/SF
NOI
$123.0K $4.10/SF
Area
Dallas County, IA
Vacancy
7.90%
Lease Rate
$6.36 /SF/Yr
Expense Ratio
30.00%
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%
$2,460,180
Cap Rate 7%
$1,757,271
Cap Rate 9%
$1,366,767
Alternative Uses
Best Use
Warehouse
$24.16M
$21.14M – $28.18M
NOI $1,690,956 @ 7.0% cap · market cap 112.73%
Second Best
Industrial
$1.76M
$1.54M – $2.05M
NOI $123,009 @ 7.0% cap · market cap 8.20%
Theoretical Best
Flex RnD
$28.88M
$25.27M – $33.69M
NOI $2,021,521 @ 7.0% cap · market cap 134.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
86
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Midwest region
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Frequently Asked Questions
What type of property is this?
Warehouse - Shell industrial building in Perry Industrial Park on 5.26 acres.
Where is this warehouse located?
The property is located at 104 Research Dr Perry, IA.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 30,000 SF Shell Industrial Building ready for your final use layouts.; Located in the Perry Industrial Park, a Certified Site.; 5.26 Acre Lot provides ample space.
