Double-Unit Warehouse
New
For Sale
$419,900
128 Greenfield Dr, Tiffin, IA 52340
Warehouse condominium with drive-through access, gas heating, and restroom facilities in each unit.
Property Size3,120 SF
Price / SF$134.58
Days on Market4
Property Features for 128 Greenfield Dr
General Information
Standard status
Active
Size
3,120 SF
Additional Details
Highway Access
Yes
Drive-In Doors
2
Building Details
Year Built
2023
Listing Agency:
GATEWAY ACCESS REALTY
(319) 981-0890
Listed By:
Karla Davis
Source:
Kwlegacyrealty
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 11 at 10:12AM
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 GATEWAY ACCESS REALTY
Investment Insights
Based on property information with market context.
Unit D is a 3,120-square-foot warehouse condominium configured as a double unit. The property was built in 2023 and includes drive-through access, two 12-by-14-foot garage doors, 16-foot sidewalls, gas heaters, and one restroom serving each unit.
The commercial condominium is located in Tiffin near I-80 and the Ireland Drive/Roberts Ferry Road area. Immediate possession is available.
The commercial condominium is located in Tiffin near I-80 and the Ireland Drive/Roberts Ferry Road area. Immediate possession is available.
Key Highlights
- Unit D includes 3,120 sq. ft. in a double‑unit warehouse configuration
- Two 12'x14' garage doors provide drive‑through access
- 16' sidewalls support warehouse operations
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
$24,314
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
5.79%
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%
$486,280
$486.3K
Cap Rate 7%
$347,343
$347.3K
Cap Rate 9%
$270,156
$270.2K
Market Conditions
NOI Build-Up for 3,120 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
$30.0K $9.60/SF
− Vacancy
−$1.3K −$0.43/SF
EGI
$28.6K $9.17/SF
− OpEx
−$4.3K −$1.38/SF
NOI
$24.3K $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%
$486,280
Cap Rate 7%
$347,343
Cap Rate 9%
$270,156
Alternative Uses
Best Use
Warehouse
$347.3K
$303.9K – $405.2K
NOI $24,314 @ 7.0% cap · market cap 5.79%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$677.8K
$593.1K – $790.7K
NOI $47,444 @ 7.0% cap · market cap 11.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Drive-in doors
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
60
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- QUALITY CARE STORAGE COMPANY — Tiffin, IA 52240
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- Moove In Self Storage — 103 Village Dr, Tiffin, IA 52340
Frequently Asked Questions
What type of property is this?
Warehouse - Warehouse condominium with drive-through access, gas heating, and restroom facilities in each unit.
Where is this warehouse located?
The property is located at 128 Greenfield Dr Tiffin, IA.
What is the asking price?
The asking price for this property is $419,900.
What are key features of this property?
This property features: Unit D includes 3,120 sq. ft. in a double‑unit warehouse configuration; Two 12'x14' garage doors provide drive‑through access; 16' sidewalls support warehouse operations
