Build-to-Spec Industrial
For Sale
$1,740,000
112 Greenfield Drive, Tiffin, IA 52340
New commercial condo building is planned with customizable unit layouts and 12'x14' garage doors for each unit.
Property Size12,000 SF
Price / SF$145
Days on Market49
Property Features for 112 Greenfield Drive
General Information
Standard status
Active
Size
12,000 SF
Property subtype
Commercial
Zoning
M2
Additional Details
Highway Access
Yes
Clear Height
16 ft
Amenities
Concrete
Yes
No
Building,See Remarks
Public
condo
Building Details
Year Built
2026
Listing Agency:
EXIT Realty Driftless Group
(319) 393-0900
Listed By:
Tina Kohl
(319) 521-9777
Source:
Pinnaclerealtyia
Added: Jul 22
Changed: Sep 8
Last Checked: Sep 8 at 5:06AM
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 EXIT Realty Driftless Group
Investment Insights
Based on property information with market context.
This for-sale commercial condo building is planned to be built to the buyer’s specifications, with a total of 12,000 square feet. A floor plan is available, and walls and unit sizes can be adjusted to fit the intended use. Each unit is designed with a 12' x 14' garage door, 16' sidewalls, and one restroom per unit. Gas heaters are included, and additional condo documents, site plan, and unit floor plan are available in the associated materials.
The property is located off I-80 and Ireland Drive/Roberts Ferry Road in Tiffin, Iowa. Photos provided are of similar properties, and the project will be built by Corridor Builders. CAM is listed as TBD, and pricing and details should be confirmed with the listing agents along with the available plans and condo documentation.
The property is located off I-80 and Ireland Drive/Roberts Ferry Road in Tiffin, Iowa. Photos provided are of similar properties, and the project will be built by Corridor Builders. CAM is listed as TBD, and pricing and details should be confirmed with the listing agents along with the available plans and condo documentation.
Key Highlights
- To‑be‑built commercial condo building with 12,000 SF total and floor plans available to customize
- Each unit can be customized, including walls and unit sizes to fit your needs
- Planned 12'x14' garage doors for each unit and 16' sidewalls
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
$93,514
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
5.37%
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%
$1,870,280
$1.9M
Cap Rate 7%
$1,335,914
$1.3M
Cap Rate 9%
$1,039,044
$1.0M
Market Conditions
NOI Build-Up for 12,000 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
$115.2K $9.60/SF
− Vacancy
−$5.2K −$0.43/SF
EGI
$110.0K $9.17/SF
− OpEx
−$16.5K −$1.38/SF
NOI
$93.5K $7.79/SF
Area
Johnson County, IA
Vacancy
4.50%
Lease Rate
$9.60 /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%
$1,870,280
Cap Rate 7%
$1,335,914
Cap Rate 9%
$1,039,044
Alternative Uses
Best Use
Warehouse
$1.34M
$1.17M – $1.56M
NOI $93,514 @ 7.0% cap · market cap 5.37%
Second Best
Industrial
$1.03M
$897.8K – $1.20M
NOI $71,820 @ 7.0% cap · market cap 4.13%
Theoretical Best
Office A
$2.61M
$2.28M – $3.04M
NOI $182,477 @ 7.0% cap · market cap 10.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16 ft
Clear height
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
63
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 52340, IA
4,810
Population
2,400
Households
2
Avg Household Size
33
Median Age
58%
College-Educated
99%
High-School Grad
19.1 sq mi
ZIP Area
252
Density / Sq Mi
$105,517
Median Household Income
$67,275
Median Earnings
$1,336
Median Rent
$317,900
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - New commercial condo building is planned with customizable unit layouts and 12'x14' garage doors for each unit.
Where is this flex space located?
The property is located at 112 Greenfield Drive Tiffin, IA.
What is the asking price?
The asking price for this property is $1,740,000.
What are key features of this property?
This property features: To‑be‑built commercial condo building with 12,000 SF total and floor plans available to customize; Each unit can be customized, including walls and unit sizes to fit your needs; Planned 12'x14' garage doors for each unit and 16' sidewalls
