Single-Story Office
For Sale
Contact for pricing
1604 2nd Ave, Council Bluffs, IA 51501
C2-zoned property with ground-level access and an adaptable interior layout.
Property Size2,982 SF
Lot Size0.29 Acres
Price / SF$132.46
Days on Market189
Property Features for 1604 2nd Ave
General Information
Standard status
Active
Size
2,982 SF
Lot size
0.29 Acres
Property subtype
Office
Zoning
C2
Additional Details
Highway Access
Yes
Building Details
Year Built
1973
Buildings
1
Stories
1
Construction
concrete-block
Listing Agency:
PJ Morgan Real Estate
Listed By:
Maranda Adams · License #20180387
Source:
Crexi
Added: Feb 23
Changed: Aug 31
Last Checked: Aug 31 at 12:12AM
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 PJ Morgan Real Estate
Investment Insights
Based on property information with market context.
This 2,982-square-foot office and clinic building occupies 0.29 acres at 1604 2nd Ave in Council Bluffs. Constructed in 1973 with concrete-block walls, the single-story property offers an open interior arrangement and entry at ground level. C2 General Commercial zoning supports medical, professional office, and service-oriented operations.
The property is located just off the West Broadway corridor, with connections to I-29, downtown Council Bluffs, and the Omaha metro. On-site surface parking is provided and meets city code requirements, supporting day-to-day access for occupants and visitors. The combination of an adaptable floor plan, commercial zoning, and established improvements suits a range of office or clinic configurations.
The property is located just off the West Broadway corridor, with connections to I-29, downtown Council Bluffs, and the Omaha metro. On-site surface parking is provided and meets city code requirements, supporting day-to-day access for occupants and visitors. The combination of an adaptable floor plan, commercial zoning, and established improvements suits a range of office or clinic configurations.
Key Highlights
- 2,982 SF office and clinic building on 0.29 acres
- C2 General Commercial zoning
- Single‑story layout with ground‑level access
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
$27,795
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
7.04%
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%
$555,900
$555.9K
Cap Rate 7%
$397,071
$397.1K
Cap Rate 9%
$308,833
$308.8K
Market Conditions
NOI Build-Up for 2,982 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
$44.0K $14.76/SF
− Vacancy
−$7.0K −$2.33/SF
EGI
$37.1K $12.43/SF
− OpEx
−$9.3K −$3.11/SF
NOI
$27.8K $9.32/SF
Area
Pottawattamie County, IA
Vacancy
15.80%
Lease Rate
$14.76 /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%
$555,900
Cap Rate 7%
$397,071
Cap Rate 9%
$308,833
Alternative Uses
Best Use
Office B
$397.1K
$347.4K – $463.3K
NOI $27,795 @ 7.0% cap · market cap 7.04%
Second Best
Healthcare Medical
$275.2K
$240.8K – $321.0K
NOI $19,262 @ 7.0% cap · market cap 4.88%
Theoretical Best
Office A
$569.5K
$498.3K – $664.4K
NOI $39,865 @ 7.0% cap · market cap 10.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
638
Businesses Nearby
Explore this area
Business Placement
Demographics for 51501, IA
34,906
Population
15,217
Households
2.3
Avg Household Size
38
Median Age
17%
College-Educated
86%
High-School Grad
23.9 sq mi
ZIP Area
1,461
Density / Sq Mi
$59,314
Median Household Income
$40,229
Median Earnings
$997
Median Rent
$140,400
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - C2-zoned property with ground-level access and an adaptable interior layout.
Where is this office building located?
The property is located at 1604 2nd Ave Council Bluffs, IA.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: 2,982 SF office and clinic building on 0.29 acres; C2 General Commercial zoning; Single‑story layout with ground‑level access
