Multi-Unit Storage Development
For Sale
$550,000
130 Oakcrest Hill Rd SE, Hills, IA 52235
COMMERCIAL - Hills, IA
Property Size3,900 SF
Lot Size1.45 Acres
Price / SF$141.03
Days on Market132
Property Features for 130 Oakcrest Hill Rd SE
General Information
Property type
Commercial Sale
Property subtype
Other
Property condition
Under Construction
Zoning
commercial
Directions
Take Highway 218 South from Iowa City and get off at the Hills IA exit, Turn left on Observatory Ave SW and then turn left on Oak Crest Hill Rd SE, this Property is on the right side of the road.
Subdivision
SEQuadrant
Standard status
Active
APN
1515354002
Lot size
1.45 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
4229
Building Details
Year built
2025
Flooring type
Concrete
Building materials
SteelOrMetal
Roof type
Metal
Listing Agency:
Robertson Real Estate Inc
(319) 728-8891
Listed By:
Brad Akers
(319) 631-2986
Added: Apr 8
Changed: Aug 4
Last Checked: Aug 17 at 12:06AM
MLS# 202602375
Copyright © 2026 Iowa City Area Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
The property consists of approximately 1.45 acres of level commercial land with a newly completed 13-unit storage building. The storage building measures 25 by 156 and is ready for tenants, providing an established on-site improvement while leaving additional space for future expansion. The site is served by utilities already in place, supporting continued development or alternative commercial uses.
The property is located in Hills, Iowa (Johnson County) on Oakcrest Hill Rd SE. Public remarks indicate the area is growing and that the property is close to the interstate, which can be useful for tenants seeking convenient regional access.
For buyers or operators, this layout offers a practical mix of income-producing space and growth flexibility. With room for three additional large storage buildings or another commercial building, the site can support phased expansion within the storage business or a different development direction, depending on the buyer’s plans and approvals.
The property is located in Hills, Iowa (Johnson County) on Oakcrest Hill Rd SE. Public remarks indicate the area is growing and that the property is close to the interstate, which can be useful for tenants seeking convenient regional access.
For buyers or operators, this layout offers a practical mix of income-producing space and growth flexibility. With room for three additional large storage buildings or another commercial building, the site can support phased expansion within the storage business or a different development direction, depending on the buyer’s plans and approvals.
Key Highlights
- Newly completed 13‑unit storage building (25 ft x 156 ft) on a 1.45‑acre level lot
- Property is under construction with a 2025 build year; metal roof and steel/metal construction
- All utilities are in place, and the site is level and ready for additional development
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
$30,392
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
5.53%
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%
$607,840
$607.8K
Cap Rate 7%
$434,171
$434.2K
Cap Rate 9%
$337,689
$337.7K
Market Conditions
NOI Build-Up for 3,900 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
$37.4K $9.60/SF
− Vacancy
−$1.7K −$0.43/SF
EGI
$35.8K $9.17/SF
− OpEx
−$5.4K −$1.38/SF
NOI
$30.4K $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%
$607,840
Cap Rate 7%
$434,171
Cap Rate 9%
$337,689
Alternative Uses
Best Use
Warehouse
$434.2K
$379.9K – $506.5K
NOI $30,392 @ 7.0% cap · market cap 5.53%
Second Best
Self Storage
$430.6K
$376.7K – $502.3K
NOI $30,139 @ 7.0% cap · market cap 5.48%
Theoretical Best
Office A
$847.2K
$741.3K – $988.4K
NOI $59,305 @ 7.0% cap · market cap 10.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
71
Businesses Nearby
Explore this area
Business Placement
Demographics for 52235, IA
858
Population
444
Households
1.9
Avg Household Size
41
Median Age
24%
College-Educated
96%
High-School Grad
2.1 sq mi
ZIP Area
409
Density / Sq Mi
$81,875
Median Household Income
$48,708
Median Earnings
$1,179
Median Rent
$217,800
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?
Self storage facility - Commercial land with a newly completed 13-unit storage building, utilities in place, and room for additional development.
Where is this self storage facility located?
The property is located at 130 Oakcrest Hill Rd SE Hills, IA.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Newly completed 13‑unit storage building (25 ft x 156 ft) on a 1.45‑acre level lot; Property is under construction with a 2025 build year; metal roof and steel/metal construction; All utilities are in place, and the site is level and ready for additional development
