Flex Space with Overhead
For Sale
$300,000
1110 Hawkeye Drive, Hiawatha, IA 52233
Commercial, Hiawatha, IA
Property Size4,332 SF
Lot Size0.55 Acres
Price / SF$69.25
Days on Market119
Property Features for 1110 Hawkeye Drive
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
4,332 SF
Lot size
0.55 Acres
Taxes and HOA fees
Tax Description
BROWN & DYERS INDUSTRIAL PARK
Tax Annual Amount
20614
Legal Description
BROWN & DYERS INDUSTRIAL PARK
Building Details
Year built
2003
Flooring type
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: Jun 1
Changed: Sep 14
Last Checked: Sep 27 at 8:06AM
MLS# 2603836
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 flex property includes 4,332 square feet on a 0.551-acre parcel, with a shop component offering up to 3,072 square feet. The building includes a restroom, heat, concrete flooring, and four 12-foot overhead doors. Connected office space is also associated with the property.
Built in 2003, the structure uses pole construction and has a metal roof. COM zoning applies to the Hiawatha property.
Built in 2003, the structure uses pole construction and has a metal roof. COM zoning applies to the Hiawatha property.
Key Highlights
- Up to 3,072SF of shop space
- Four 12' overhead doors
- Heated shop area with restroom
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
$25,554
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
8.52%
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%
$511,080
$511.1K
Cap Rate 7%
$365,057
$365.1K
Cap Rate 9%
$283,933
$283.9K
Market Conditions
NOI Build-Up for 4,332 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
$31.9K $7.36/SF
− Vacancy
−$1.8K −$0.42/SF
EGI
$30.1K $6.94/SF
− OpEx
−$4.5K −$1.04/SF
NOI
$25.6K $5.90/SF
Area
Linn County, IA
Vacancy
5.71%
Lease Rate
$7.36 /SF/Yr
Expense Ratio
15.00%
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%
$511,080
Cap Rate 7%
$365,057
Cap Rate 9%
$283,933
Alternative Uses
Best Use
Warehouse
$365.1K
$319.4K – $425.9K
NOI $25,554 @ 7.0% cap · market cap 8.52%
Second Best
Industrial
$300.6K
$263.1K – $350.7K
NOI $21,044 @ 7.0% cap · market cap 7.01%
Theoretical Best
Self Storage
$729.1K
$637.9K – $850.6K
NOI $51,035 @ 7.0% cap · market cap 17.01%
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
Balanced
Demand for This Use
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 Industrial 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?
Flex space - Shop-focused flex property with heated space, restroom access, and connected office area.
Where is this flex space located?
The property is located at 1110 Hawkeye Drive Hiawatha, IA.
What is the asking price?
The asking price for this property is $300,000.
What are key features of this property?
This property features: Up to 3,072SF of shop space; Four 12' overhead doors; Heated shop area with restroom
