Sioux City Brick
For Sale
$329,950
2609 Apache Court, Sioux City, IA 51104
Well-maintained 3,168 SF building near Floyd Walmart.
Property Size3,168 SF
Price / SF$104.15
Days on Market155
Property Features for 2609 Apache Court
General Information
Standard status
Active
Size
3,168 SF
Property subtype
Office
Building Details
Year Built
2007
Listing Agency:
(712) 204-6261
Listed By:
Chris Bogenrief, SIOR, CCIM, MBA
(712) 204-6261
Source:
Naiglobal
Added: Mar 6
Changed: Jul 6
Last Checked: Aug 8 at 4:35AM
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 Chris Bogenrief, SIOR, CCIM, MBA
Investment Insights
Based on property information with market context.
This well-maintained brick building offers 3,168 square feet of space. It is situated on a secluded cul-de-sac in Northside Sioux City, located blocks from the Floyd Walmart. The building features a clear span design without load-bearing walls. This structural design allows for potential addition of garage doors on the south or east side. The property's layout and location make it potentially suitable for a service company. Subject to zoning regulations, the property could potentially be converted to residential use, as the adjacent property is multi-family.
Key Highlights
- Large 3,168 SF clear span brick building
- Priced below assessed value
- Located on a secluded cul‑de‑sac near the Floyd Walmart
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
$16,031
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
4.86%
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%
$320,620
$320.6K
Cap Rate 7%
$229,014
$229.0K
Cap Rate 9%
$178,122
$178.1K
Market Conditions
NOI Build-Up for 3,168 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
$29.3K $9.24/SF
− Vacancy
−$7.9K −$2.49/SF
EGI
$21.4K $6.75/SF
− OpEx
−$5.3K −$1.69/SF
NOI
$16.0K $5.06/SF
Area
Woodbury County, IA
Vacancy
26.98%
Lease Rate
$9.24 /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%
$320,620
Cap Rate 7%
$229,014
Cap Rate 9%
$178,122
Alternative Uses
Best Use
Office B
$229.0K
$200.4K – $267.2K
NOI $16,031 @ 7.0% cap · market cap 4.86%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$476.0K
$416.5K – $555.4K
NOI $33,323 @ 7.0% cap · market cap 10.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
337
Businesses Nearby
Explore this area
Business Placement
Demographics for 51104, IA
23,080
Population
9,119
Households
2.5
Avg Household Size
35
Median Age
28%
College-Educated
89%
High-School Grad
7.5 sq mi
ZIP Area
3,077
Density / Sq Mi
$74,984
Median Household Income
$42,411
Median Earnings
$955
Median Rent
$193,000
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?
Office building - Well-maintained 3,168 SF building near Floyd Walmart.
Where is this office building located?
The property is located at 2609 Apache Court Sioux City, IA.
What is the asking price?
The asking price for this property is $329,950.
What are key features of this property?
This property features: Large 3,168 SF clear span brick building; Priced below assessed value; Located on a secluded cul‑de‑sac near the Floyd Walmart
