Two-Building Office
New
For Sale
$1,400,000
1110 Hawkeye Dr, Hiawatha, IA 52233
Commercial, Hiawatha, IA
Property Size9,696 SF
Lot Size0.55 Acres
Price / SF$144.39
Days on Market2
Property Features for 1110 Hawkeye Dr
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
COM
Directions
North off of Boyson Rd on Hawkeye Dr
Subdivision
Hiawatha/Robins
Standard status
Active
APN
11321-01013-00000
Size
9,696 SF
Lot size
0.55 Acres
Taxes and HOA fees
Tax Description
BROWN & DYERS INDUSTRIAL PARK
Tax Annual Amount
62044
Legal Description
BROWN & DYERS INDUSTRIAL PARK
Building Details
Year built
2023
Flooring type
Carpet, Concrete
Building materials
Pole
Roof type
Metal
Listing Agency:
GRAF REAL ESTATE, ERA POWERED · ERA Real Estate
(319) 826-1861
Listed By:
Doug Junge
(319) 981-3702
Added: Sep 14
Last Checked: Sep 15 at 12:06PM
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.
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.
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 = 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
$46,302
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
3.31%
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%
$926,040
$926.0K
Cap Rate 7%
$661,457
$661.5K
Cap Rate 9%
$514,467
$514.5K
Market Conditions
NOI Build-Up for 9,696 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
$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 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%
$926,040
Cap Rate 7%
$661,457
Cap Rate 9%
$514,467
Alternative Uses
Best Use
Office B
$661.5K
$578.8K – $771.7K
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
NOI $114,229 @ 7.0% cap · market cap 8.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - 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
