Warehouse with Retail
For Sale
$850,000
15201 Hickman Rd, Clive, IA 50325
Built in 1992 with concrete parking, gravel drive, and a fenced yard supporting front office and retail showroom plus rear warehouse space.
Property Size12,048 SF
Price / SF$70.55
Days on Market92
Property Features for 15201 Hickman Rd
General Information
Standard status
Active
Size
12,048 SF
Additional Details
Fenced Yard
Yes
Taxes and HOA fees
Annual Taxes
$14,000
Building Details
Year Built
1992
Listing Agency:
Developers Realty Group LLC
(515) 334-5455
Listed By:
Dorrance Brezina · License #B09260
(515) 778-0787
Source:
Exprealty
Added: Jun 8
Changed: Sep 6
Last Checked: Sep 7 at 11:27AM
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 Developers Realty Group LLC
Investment Insights
Based on property information with market context.
This property consists of a front office and retail showroom with a rear warehouse, all arranged on two parcels. The site includes approximately 2,000 square feet of concrete parking, a gravel drive and entry, and a 6' high chain-link fence. Built in 1992, the improvements include new siding added that same year.
The office was added to the front with dimensions of 34 by 72, and the retail showroom is described as 960 feet. The warehouse in the back is described as 120 by 72, with access/entry noted to RHINER PLUMBING through the gravel drive.
Overall, the configuration supports a combined showroom and warehouse operation on a secured yard with dedicated parking and site access.
The office was added to the front with dimensions of 34 by 72, and the retail showroom is described as 960 feet. The warehouse in the back is described as 120 by 72, with access/entry noted to RHINER PLUMBING through the gravel drive.
Overall, the configuration supports a combined showroom and warehouse operation on a secured yard with dedicated parking and site access.
Key Highlights
- Built in 1992 with concrete parking, gravel drive, and a 6' high chain‑link fenced yard
- 2‑parcel property with office added to the front: 34' x 72' (2,448 SF)
- Front retail showroom area: 960 SF
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
$49,400
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
5.81%
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%
$988,000
$988.0K
Cap Rate 7%
$705,714
$705.7K
Cap Rate 9%
$548,889
$548.9K
Market Conditions
NOI Build-Up for 12,048 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
$76.6K $6.36/SF
− Vacancy
−$6.1K −$0.50/SF
EGI
$70.6K $5.86/SF
− OpEx
−$21.2K −$1.76/SF
NOI
$49.4K $4.10/SF
Area
Polk County, IA
Vacancy
7.90%
Lease Rate
$6.36 /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%
$988,000
Cap Rate 7%
$705,714
Cap Rate 9%
$548,889
Alternative Uses
Best Use
Flex RnD
$11.60M
$10.15M – $13.53M
NOI $811,843 @ 7.0% cap · market cap 95.51%
Second Best
Warehouse
$9.70M
$8.49M – $11.32M
NOI $679,088 @ 7.0% cap · market cap 79.89%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
264
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 50325, IA
18,619
Population
7,455
Households
2.5
Avg Household Size
39
Median Age
60%
College-Educated
95%
High-School Grad
7.7 sq mi
ZIP Area
2,418
Density / Sq Mi
$131,082
Median Household Income
$63,495
Median Earnings
$1,099
Median Rent
$379,000
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 - Built in 1992 with concrete parking, gravel drive, and a fenced yard supporting front office and retail showroom plus rear warehouse space.
Where is this flex space located?
The property is located at 15201 Hickman Rd Clive, IA.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Built in 1992 with concrete parking, gravel drive, and a 6' high chain‑link fenced yard; 2‑parcel property with office added to the front: 34' x 72' (2,448 SF); Front retail showroom area: 960 SF
