Industrial Condo with Garage
For Sale
$195,000
132 Greenfield Drive Unit B, Tiffin, IA 52340
New flex/industrial condo unit with a 12' x 14' garage door, 16' sidewalls, and one restroom.
Property Size1,560 SF
Price / SF$125
Days on Market151
Property Features for 132 Greenfield Drive Unit B
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
Concrete
Yes
No
See Remarks
Public
condo
Building Details
Year Built
2023
Listing Agency:
AWRE - Commercial & Development
(319) 333-2886
Listed By:
Ali Rashid
(319) 333-2886
Source:
Pinnaclerealtyia
Added: Apr 2
Changed: Aug 28
Last Checked: Aug 29 at 6:54AM
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 AWRE - Commercial & Development
Investment Insights
Based on property information with market context.
New commercial condos for sale in Tiffin. This flex/industrial unit is configured with one restroom and includes gas heaters. Each unit features a 12' x 14' garage door and 16' sidewalls for added building clearance.
The property is located off I-80 and Ireland Drive/Roberts Ferry Road. The listing notes CAM of $102 per month.
Unit B is offered for sale as part of the new condo development, providing a streamlined, warehouse-ready layout for appropriate industrial users.
The property is located off I-80 and Ireland Drive/Roberts Ferry Road. The listing notes CAM of $102 per month.
Unit B is offered for sale as part of the new condo development, providing a streamlined, warehouse-ready layout for appropriate industrial users.
Key Highlights
- New 2023 flex/industrial commercial condo unit with 1,560 sq. ft.
- 12' x 14' garage door opening with 16' sidewalls for clear interior height access.
- One restroom per unit.
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
$12,157
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
6.23%
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%
$243,140
$243.1K
Cap Rate 7%
$173,671
$173.7K
Cap Rate 9%
$135,078
$135.1K
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
$15.0K $9.60/SF
− Vacancy
−$674 −$0.43/SF
EGI
$14.3K $9.17/SF
− OpEx
−$2.1K −$1.38/SF
NOI
$12.2K $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%
$243,140
Cap Rate 7%
$173,671
Cap Rate 9%
$135,078
Alternative Uses
Best Use
Warehouse
$173.7K
$152.0K – $202.6K
NOI $12,157 @ 7.0% cap · market cap 6.23%
Second Best
Industrial
$133.4K
$116.7K – $155.6K
NOI $9,337 @ 7.0% cap · market cap 4.79%
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - New flex/industrial condo unit with a 12' x 14' garage door, 16' sidewalls, and one restroom.
Where is this flex space located?
The property is located at 132 Greenfield Drive Unit B 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 flex/industrial commercial condo unit with 1,560 sq. ft.; 12' x 14' garage door opening with 16' sidewalls for clear interior height access.; One restroom per unit.
