Building Details

Year built 2023

Flooring type Concrete, Carpet

Building materials Pole

Roof type Metal

Buildings 2

Listing Agency: GRAF REAL ESTATE, ERA POWERED · ERA Real Estate i***@ghst.com Show Phone

Listed By: Doug Junge Show Phone

Added: Sep 14 Changed: Oct 27 Last Checked: Oct 31 at 9:06AM

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MLS# 2606442

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.

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Review the available facts, identify missing information and prepare questions for the agent.

What should I ask the agent before proceeding? What information is missing from this listing?

Investment Insights

Based on property information with market context.

This office property comprises two buildings totaling 9,696 square feet on a 0.551-acre site. The newer building was constructed in 2023, while the original building dates to 2003. Construction is identified as pole construction, with metal roofing and interior flooring that includes carpet and concrete.

Located at 1110 Hawkeye Dr in Hiawatha, Iowa, the property carries COM zoning. The buildings may be sold together or leased, with subdivision contemplated in connection with a sale.

Key Highlights

• Two office buildings totaling 9,696 square feet
• 0.551‑acre site at 1110 Hawkeye Dr, Hiawatha, IA 52233
• Newer building constructed in 2023

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$46,302

Cap Rate

3.31%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$926,040 $926.0K

Cap Rate 7%

$661,457 $661.5K

Cap Rate 9%

$514,467 $514.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 9,696 SF

Gross rent

$81.4K $8.40/SF

− Vacancy

−$19.7K −$2.03/SF

EGI

$61.7K $6.37/SF

− OpEx

−$15.4K −$1.59/SF

NOI

$46.3K $4.78/SF

Area

Linn County, IA

Vacancy

24.20%

Lease Rate

$8.40 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$926,040

Cap Rate 7%

$661,457

Cap Rate 9%

$514,467

Alternative Uses

Best Use

Office B

$661.5K

$578.8K – $771.7K (±1% cap)

NOI $46,302 @ 7.0% cap · market cap 3.31%

Second Best

—

—

no second resolved use

Theoretical Best

Self Storage

$1.63M

$1.43M – $1.90M (±1% cap)

NOI $114,229 @ 7.0% cap · market cap 8.16%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Office buildings

Suggested Use

Top Pick Restaurant Law Firm Pharmacy Nail Salon HVAC Service Parking Lot & Garage

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

589

Businesses Nearby

Explore this area Business Placement

Demographics for 52233, IA

7,091

Population

3,123

Households

2.3

Avg Household Size

39

Median Age

31%

College-Educated

97%

High-School Grad

3.9 sq mi

ZIP Area

1,818

Density / Sq Mi

$66,497

Median Household Income

$44,111

Median Earnings

$846

Median Rent

$200,500

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

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Flex Space with Office and Warehouse

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Frequently Asked Questions

What type of property is this?

Office building - Office property with newer and original buildings, metal roofing, and a mix of carpet and concrete flooring.

Where is this office building located?

The property is located at 1110 Hawkeye Dr Hiawatha, IA.

What is the asking price?

The asking price for this property is $1,400,000.

What are key features of this property?

This property features: Two office buildings totaling 9,696 square feet; 0.551‑acre site at 1110 Hawkeye Dr, Hiawatha, IA 52233; Newer building constructed in 2023