Building Details

Year Built 2022

Buildings 1

Stories 1

Units 1

Tenancy Single

Listing Agency: Marcus & Millichap - Indianapolis

Listed By: Nathan Whalen · License #IN AB21402364

Source: Crexi

Added: Nov 10, 2025 Changed: Sep 8 Last Checked: Sep 8 at 7:51AM

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Investment Insights

Based on property information with market context.

The property is a bank branch constructed in 1983 and occupied by TS Bank. The offering conveys the fee-simple interest in a lease-backed commercial asset with an absolute NNN structure, approximately 16 years remaining in the primary term, and no landlord responsibilities. Contractual rent escalations are set at 2.50% annually, with three additional five-year renewal options.

Located at 15 E Main Street in Treynor, Iowa, the branch sits adjacent to Treynor High School, Junior High School, and Elementary School. Treynor is approximately 20 miles east of the Omaha–Council Bluffs metropolitan area, providing access to the broader regional economy while serving a local community setting. TS Bank is part of TS Banking Group, which is headquartered in Treynor.

Key Highlights

• Absolute NNN lease with approximately 16 years remaining in the primary term
• 2.50% annual rent escalations built into the lease
• Three five‑year renewal options

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

$113,104

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

8.91%

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%

$2,262,080 $2.3M

Cap Rate 7%

$1,615,771 $1.6M

Cap Rate 9%

$1,256,711 $1.3M

Market Conditions

NOI Build-Up for 10,640 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

$164.7K $15.48/SF

− Vacancy

−$13.9K −$1.31/SF

EGI

$150.8K $14.17/SF

− OpEx

−$37.7K −$3.54/SF

NOI

$113.1K $10.63/SF

Area

Pottawattamie County, IA

Vacancy

8.44%

Lease Rate

$15.48 /SF/Yr

Expense Ratio

25.00%

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%

$2,262,080

Cap Rate 7%

$1,615,771

Cap Rate 9%

$1,256,711

Alternative Uses

Best Use

Specialty Retail

$1.62M

$1.41M – $1.89M (±1% cap)

NOI $113,104 @ 7.0% cap · market cap 8.91%

Second Best

Retail

$1.51M

$1.32M – $1.76M (±1% cap)

NOI $105,564 @ 7.0% cap · market cap 8.32%

Theoretical Best

Office A

$2.03M

$1.78M – $2.37M (±1% cap)

NOI $142,242 @ 7.0% cap · market cap 11.21%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Castle & Associates, Inc ... Insurance Agency Willson & Pechacek PLC Law Firm TS Bank Bank Collins Consulting Business Management Consultant TS REIS Financial Advisor

Suggested Use

Top Pick HVAC Service Grocery & Convenience Store Big Box & Wholesale Store Kitchen & Bath Showroom Cafe & Coffee Shop Auto Repair Shop

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

84

Businesses Nearby

13k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 100%

Casey's General Store Shops & Services

9,763 visits/mo 0.3 miles

Dollar General Shops & Services

3,622 visits/mo 0.2 miles

Demographics for 51575, IA

1,738

Population

671

Households

2.6

Avg Household Size

41

Median Age

37%

College-Educated

99%

High-School Grad

47.8 sq mi

ZIP Area

36

Density / Sq Mi

$117,803

Median Household Income

$70,128

Median Earnings

$1,120

Median Rent

$279,400

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this nnn properties located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

NNN property - Established bank branch with a long-term lease structure and scheduled annual escalations.

Where is this nnn property located?

The property is located at 15 W Main St Treynor, IA.

What is the asking price?

The asking price for this property is $1,269,000.

What are key features of this property?

This property features: Absolute NNN lease with approximately 16 years remaining in the primary term; 2.50% annual rent escalations built into the lease; Three five‑year renewal options