Industrial Condo with Garage
For Sale
$195,000
132 Greenfield Dr, Tiffin, IA 52340
Compact industrial condos offering dedicated garage access, gas heat, and in-unit restroom facilities.
Property Size1,560 SF
Price / SF$125
Days on Market151
Property Features for 132 Greenfield Dr
General Information
Standard status
Active
Size
1,560 SF
Property subtype
Commercial
Zoning
M2
Warehouse & Industrial
Clear Height
16 ft
Drive-In Doors
1
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$5,771
Amenities
ConcreteSlabGrade
none/condo
Paved
Building Details
Year Built
2023
Listing Agency:
GLD Commercial Real Estate Advisors
(319) 538-7671
Listed By:
Star Horak
(319) 538-7671
Source:
Pinnaclerealtyia
Added: Apr 2
Changed: Aug 27
Last Checked: Aug 29 at 6:08AM
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 GLD Commercial Real Estate Advisors
Investment Insights
Based on property information with market context.
New commercial condos for sale at 132 Greenfield Dr in Tiffin, offering individual industrial units in a condo format. Each unit is 1,560 square feet and includes a single restroom. Vehicle access is provided by a 12' x 14' garage door, with 16' sidewalls to support practical warehouse storage and light distribution needs. Units are equipped with gas heaters, making them suitable for year-round operations.
The property is located off I-80 and Ireland Drive/Roberts Ferry Road, providing straightforward regional access for crews, deliveries, and service traffic. While the listing includes photos of a similar property, it describes the available condo features consistently across the units.
These units are a practical fit for small operators that want their own controlled industrial space without committing to a larger standalone facility. The combination of garage-door access, solid ceiling height, and on-site restroom supports day-to-day workflows for warehousing, light industrial use, and other back-of-house activities. Current CAM is noted as $102 per month.
The property is located off I-80 and Ireland Drive/Roberts Ferry Road, providing straightforward regional access for crews, deliveries, and service traffic. While the listing includes photos of a similar property, it describes the available condo features consistently across the units.
These units are a practical fit for small operators that want their own controlled industrial space without committing to a larger standalone facility. The combination of garage-door access, solid ceiling height, and on-site restroom supports day-to-day workflows for warehousing, light industrial use, and other back-of-house activities. Current CAM is noted as $102 per month.
Key Highlights
- New 2023 commercial condos in Tiffin located off I‑80 and Ireland Dr/Roberts Ferry Rd
- 1,560 SF per unit with dedicated garage access
- Each unit has a 12' x 14' garage door 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
$9,337
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
4.79%
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%
$186,740
$186.7K
Cap Rate 7%
$133,386
$133.4K
Cap Rate 9%
$103,744
$103.7K
Market Conditions
NOI Build-Up for 1,560 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
$14.0K $9.00/SF
− Vacancy
−$702 −$0.45/SF
EGI
$13.3K $8.55/SF
− OpEx
−$4.0K −$2.56/SF
NOI
$9.3K $5.98/SF
Area
Johnson County, IA
Vacancy
5.00%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
30.00%
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%
$186,740
Cap Rate 7%
$133,386
Cap Rate 9%
$103,744
Alternative Uses
Best Use
Industrial
$133.4K
$116.7K – $155.6K
NOI $9,337 @ 7.0% cap · market cap 4.79%
Second Best
Flex RnD
$100.0K
$87.5K – $116.7K
NOI $6,999 @ 7.0% cap · market cap 3.59%
Theoretical Best
Office A
$338.9K
$296.5K – $395.4K
NOI $23,722 @ 7.0% cap · market cap 12.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16 ft
Clear height
1
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
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Frequently Asked Questions
What type of property is this?
Flex space - Compact industrial condos offering dedicated garage access, gas heat, and in-unit restroom facilities.
Where is this flex space located?
The property is located at 132 Greenfield Dr Tiffin, IA.
What is the asking price?
The asking price for this property is $195,000.
What are key features of this property?
This property features: New 2023 commercial condos in Tiffin located off I‑80 and Ireland Dr/Roberts Ferry Rd; 1,560 SF per unit with dedicated garage access; Each unit has a 12' x 14' garage door and 16' sidewalls
