Building Details

Year Built 2022

Buildings 1

Units 1

Listing Agency: Pinnacle Realty t***@pinnaclerealtyia.com Show Phone

Listed By: Trev Adair · License #322502720

Source: Crexi

Added: Mar 5 Changed: Aug 14 Last Checked: Aug 23 at 9:31PM

Report an Issue

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 Pinnacle Realty

Investment Insights

Based on property information with market context.

This well-maintained warehouse condo features a functional and flexible layout suitable for contractors, storage, light industrial use, or small business operations. The property includes open warehouse space on the main level, along with a restroom. A mezzanine level provides an air-conditioned office, creating a private workspace separate from the warehouse floor. The warehouse area is equipped with a gas heater. The property offers an opportunity for an owner-occupant or investor seeking efficient warehouse space with built-in office functionality. The property size is 2400 square feet and is located in Walford, IA.

Key Highlights

• Functional warehouse condo suitable for contractors, storage, light industrial, or small business.
• Mezzanine level with air‑conditioned office space.**
• Open warehouse space on the main level with a restroom.

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

$16,717

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

7.27%

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%

$334,340 $334.3K

Cap Rate 7%

$238,814 $238.8K

Cap Rate 9%

$185,744 $185.7K

Market Conditions

NOI Build-Up for 2,400 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

$27.4K $11.40/SF

− Vacancy

−$1.6K −$0.68/SF

EGI

$25.7K $10.72/SF

− OpEx

−$9.0K −$3.75/SF

NOI

$16.7K $6.97/SF

Area

Benton County, IA

Vacancy

6.00%

Lease Rate

$11.40 /SF/Yr

Expense Ratio

35.00%

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%

$334,340

Cap Rate 7%

$238,814

Cap Rate 9%

$185,744

Alternative Uses

Best Use

Flex RnD

$238.8K

$209.0K – $278.6K (±1% cap)

NOI $16,717 @ 7.0% cap · market cap 7.27%

Second Best

Warehouse

$218.3K

$191.0K – $254.7K (±1% cap)

NOI $15,280 @ 7.0% cap · market cap 6.64%

Theoretical Best

Specialty Retail

$347.4K

$303.9K – $405.3K (±1% cap)

NOI $24,315 @ 7.0% cap · market cap 10.57%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Flex space

Suggested Use

Top Pick Building Supply Storage Facility Furniture & Home Goods Grocery & Convenience Store Pet Store Pet Store & Service

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

32

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 52351, IA

1,380

Population

477

Households

2.9

Avg Household Size

40

Median Age

34%

College-Educated

97%

High-School Grad

1.8 sq mi

ZIP Area

767

Density / Sq Mi

$116,477

Median Household Income

$58,500

Median Earnings

$274,500

Median Home Value

Market

Vacancy Rate% for Industrial in Midwest region

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 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 warehouses located? What is the asking price? Find similar properties ... What are key features of this property?

Ask Rey about this property ...

Similar Off Market Nearby

• Four Counties Storage — 1655 Commercial Dr, Walford, IA 52351

Frequently Asked Questions

What type of property is this?

Warehouse - Well-maintained warehouse condo with office space for sale.

Where is this warehouse located?

The property is located at 1650 Commercial Dr Walford, IA.

What is the asking price?

The asking price for this property is $230,000.

What are key features of this property?

This property features: Functional warehouse condo suitable for contractors, storage, light industrial, or small business.; Mezzanine level with air‑conditioned office space.**; Open warehouse space on the main level with a restroom.