Double-Unit Flex
For Sale
$419,900
128 Greenfield Drive Unit D, Tiffin, IA 52340
New commercial condominium with drive-through access, heated interiors, and M2 zoning.
Property Size3,120 SF
Price / SF$134.58
Days on Market153
Property Features for 128 Greenfield Drive Unit D
General Information
Standard status
Active
Size
3,120 SF
Property subtype
Commercial
Zoning
M2
Warehouse & Industrial
Clear Height
16 ft
Drive-In Doors
2
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$1,133
Amenities
Concrete
Yes
No
See Remarks
Public
condo
Building Details
Year Built
2023
Listing Agency:
SKOGMAN REALTY COMMERCIAL
(319) 333-2886
Listed By:
Ali Rashid
(319) 333-2886
Source:
Pinnaclerealtyia
Added: Apr 2
Changed: Aug 31
Last Checked: Sep 1 at 3:13PM
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.
Unit D is a 3,120-square-foot flex-space commercial condominium configured as a double unit. Built in 2023, the property has concrete interiors, 16-foot sidewalls, gas heaters, and one restroom per unit. Two 12' x 14' garage doors provide drive-through access for loading, storage, or flexible commercial operations.
The property is located off I-80 near Ireland Drive and Roberts Ferry Road in Tiffin, Iowa. Unit D is offered for sale with immediate possession and carries M2 zoning. The condominium format provides a defined commercial unit within a multi-unit property.
The property is located off I-80 near Ireland Drive and Roberts Ferry Road in Tiffin, Iowa. Unit D is offered for sale with immediate possession and carries M2 zoning. The condominium format provides a defined commercial unit within a multi-unit property.
Key Highlights
- 3,120‑square‑foot double unit identified as Unit D
- Two 12' x 14' garage doors provide drive‑through access
- 16' sidewalls and gas heaters
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
Industrial
$266.8K
$233.4K – $311.2K
NOI $18,673 @ 7.0% cap · market cap 4.45%
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
16 ft
Clear height
2
Drive-in doors
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - New commercial condominium with drive-through access, heated interiors, and M2 zoning.
Where is this flex space located?
The property is located at 128 Greenfield Drive Unit D 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: 3,120‑square‑foot double unit identified as Unit D; Two 12' x 14' garage doors provide drive‑through access; 16' sidewalls and gas heaters
