Building Details

Year Built 1964

Buildings 1

Stories 1

Listing Agency: Keller Williams Realty Florida Partners k***@kw.com Show Phone

Listed By: Matthew Fischer · License #S73198000

Source: Crexi

Added: Feb 25 Changed: Aug 31 Last Checked: Aug 31 at 12:29AM

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Investment Insights

Based on property information with market context.

This flex property combines a metal-sided warehouse with finished areas that support both business and residential functions. The warehouse includes a large garage door, while a separate employee area provides a bathroom and kitchenette. Finished space includes one bedroom, one bathroom, and an open kitchen, living, and dining arrangement. A second-floor loft is currently configured for office use and adds adaptable workspace.

The property encompasses 4.374 acres and was built in 1964. It is currently zoned AG, with permitted uses including farming and agriculture, single-family dwellings, and ag-supported activities encompassing most agriculture-related commercial uses. A change to Light Industrial zoning is being explored.

Key Highlights

• 4.374‑acre property with warehouse, finished living space, and office loft
• Metal‑sided warehouse includes a large garage door for equipment access
• Employee area has a bathroom and kitchenette

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

$19,189

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

4.80%

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%

$383,780 $383.8K

Cap Rate 7%

$274,129 $274.1K

Cap Rate 9%

$213,211 $213.2K

Market Conditions

NOI Build-Up for 4,680 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

$29.8K $6.36/SF

− Vacancy

−$2.4K −$0.50/SF

EGI

$27.4K $5.86/SF

− OpEx

−$8.2K −$1.76/SF

NOI

$19.2K $4.10/SF

Area

Polk 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%

$383,780

Cap Rate 7%

$274,129

Cap Rate 9%

$213,211

Alternative Uses

Best Use

Flex RnD

$4.51M

$3.94M – $5.26M (±1% cap)

NOI $315,357 @ 7.0% cap · market cap 78.84%

Second Best

Warehouse

$3.77M

$3.30M – $4.40M (±1% cap)

NOI $263,789 @ 7.0% cap · market cap 65.95%

Theoretical Best

—

—

same as Best Use

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Flex space

Suggested Use

Top Pick Auto Repair Shop Real Estate Agency Big Box & Wholesale Store Electrical Service Storage Facility (Bike/Boat/Book/etc) Store

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

55

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 50035, IA

8,968

Population

3,394

Households

2.6

Avg Household Size

32

Median Age

52%

College-Educated

97%

High-School Grad

43.2 sq mi

ZIP Area

208

Density / Sq Mi

$126,915

Median Household Income

$61,139

Median Earnings

$1,097

Median Rent

$297,100

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 flex 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?

Flex space - Metal-sided improvements combine warehouse access, finished living areas, and a loft suitable for office use.

Where is this flex space located?

The property is located at 10980 NE Hubbell Ave Bondurant, IA.

What is the asking price?

The asking price for this property is $400,000.

What are key features of this property?

This property features: 4.374‑acre property with warehouse, finished living space, and office loft; Metal‑sided warehouse includes a large garage door for equipment access; Employee area has a bathroom and kitchenette