Flex Space With Service
For Sale
$790,000
1115 Wenig Road NE, Cedar Rapids, IA 52402
Two-building property combines shop, office, storage, and outdoor storage capacity.
Property Size10,280 SF
Price / SF$76.85
Days on Market149
Property Features for 1115 Wenig Road NE
General Information
Standard status
Active
Size
10,280 SF
Property subtype
Commercial
Lease Term
[]
Additional Details
Outdoor Storage
Yes
Building Details
Year Built
1978
Buildings
2
Listing Agency:
SKOGMAN REALTY COMMERCIAL
Listed By:
Brian Rosteck
(319) 378-8760
Source:
Cbhrealty
Added: Apr 3
Changed: Aug 29
Last Checked: Aug 29 at 10:17AM
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 SKOGMAN REALTY COMMERCIAL
Investment Insights
Based on property information with market context.
This 10,280-square-foot flex property includes two buildings serving shop, office, and storage functions. Building One contains 4,800 square feet with four service bays, twelve-foot overhead doors, a 4,000 lb. crane, compressor with air distribution, tool storage, workspace, a mezzanine, and administrative and shop offices. Building Two adds 5,280 square feet, was built in 2021, and includes eight twelve-foot overhead doors and concrete floors.
The property provides approximately one acre of parking and outside storage. A perpetual easement provides access to the cell tower site, while the cell tower lease is excluded from the purchase and is not available. The property address is 1115 Wenig Road NE, Cedar Rapids, IA 52402.
The property provides approximately one acre of parking and outside storage. A perpetual easement provides access to the cell tower site, while the cell tower lease is excluded from the purchase and is not available. The property address is 1115 Wenig Road NE, Cedar Rapids, IA 52402.
Key Highlights
- 10,280 SF across two buildings for shop, office, and storage use
- Building One includes four service bays with twelve‑foot overhead doors
- 4,000 lb. crane, compressor, air distribution, tool storage, and mezzanine included
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
$71,604
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
9.06%
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%
$1,432,080
$1.4M
Cap Rate 7%
$1,022,914
$1.0M
Cap Rate 9%
$795,600
$795.6K
Market Conditions
NOI Build-Up for 10,280 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
$117.2K $11.40/SF
− Vacancy
−$7.0K −$0.68/SF
EGI
$110.2K $10.72/SF
− OpEx
−$38.6K −$3.75/SF
NOI
$71.6K $6.97/SF
Area
Cedar Rapids, IA
Vacancy
6.00%
Lease Rate
$11.40 /SF/Yr
Expense Ratio
35.00%
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%
$1,432,080
Cap Rate 7%
$1,022,914
Cap Rate 9%
$795,600
Alternative Uses
Best Use
Flex RnD
$1.02M
$895.1K – $1.19M
NOI $71,604 @ 7.0% cap · market cap 9.06%
Second Best
Warehouse
$935.0K
$818.1K – $1.09M
NOI $65,451 @ 7.0% cap · market cap 8.28%
Theoretical Best
Specialty Retail
$1.49M
$1.30M – $1.74M
NOI $104,149 @ 7.0% cap · market cap 13.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
105
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 52402, IA
42,072
Population
19,848
Households
2.1
Avg Household Size
36
Median Age
41%
College-Educated
95%
High-School Grad
13.7 sq mi
ZIP Area
3,071
Density / Sq Mi
$71,319
Median Household Income
$41,753
Median Earnings
$992
Median Rent
$188,700
Median Home Value
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?
Flex space - Two-building property combines shop, office, storage, and outdoor storage capacity.
Where is this flex space located?
The property is located at 1115 Wenig Road NE Cedar Rapids, IA.
What is the asking price?
The asking price for this property is $790,000.
What are key features of this property?
This property features: 10,280 SF across two buildings for shop, office, and storage use; Building One includes four service bays with twelve‑foot overhead doors; 4,000 lb. crane, compressor, air distribution, tool storage, and mezzanine included
