Flex Space With
For Sale
$230,000
1650 Commercial Dr, Walford, IA 52351
Commercial, Walford, IA
Property Size2,400 SF
Lot Size0.68 Acres
Price / SF$95.83
Days on Market175
Property Features for 1650 Commercial Dr
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Comm
Directions
accessed from US 151/US 218 by taking the Walford exit, heading west on 76th Ave/ Walford Rd, turning onto Industrial Pky and then onto Commercial Dr
Subdivision
OT-W (West of I-380)
Standard status
Active
APN
203020202201002
Size
2,400 SF
Lot size
0.68 Acres
Taxes and HOA fees
Tax Description
GRANT BLUFF COMMERCIAL CONDO BLDG #2 UNIT 203
Tax Annual Amount
3582
HOA Fee
$900 Annually
Legal Description
GRANT BLUFF COMMERCIAL CONDO BLDG #2 UNIT 203
Amenities
restroom
air-conditioned office
gas heater
Building Details
Year built
2022
Flooring type
Concrete
Building materials
Frame
Roof type
Metal
Listing Agency:
Pinnacle Realty LLC
(319) 393-0900
Listed By:
Trev Adair · License #322502720
(319) 350-9476
Added: Mar 3
Changed: Aug 19
Last Checked: Aug 25 at 2:06PM
MLS# 2601437
Copyright © 2026 Cedar Rapids Area Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,400-square-foot commercial flex condominium combines an open warehouse area with a restroom on the main level and a mezzanine office above. The private office is air-conditioned, while a gas heater serves the warehouse area. Concrete flooring, frame construction, and a metal roof support practical day-to-day use. Built in 2022, the property offers a dedicated work setting for contractors, storage, light industrial activity, or small business operations.
The parcel encompasses 0.68 acres and carries Comm zoning. Its layout separates office functions from the larger work area, providing a straightforward configuration for an owner-user or investor seeking warehouse and office components in one property.
The parcel encompasses 0.68 acres and carries Comm zoning. Its layout separates office functions from the larger work area, providing a straightforward configuration for an owner-user or investor seeking warehouse and office components in one property.
Key Highlights
- 2,400 square feet of commercial flex space
- Mezzanine‑level air‑conditioned office
- Open warehouse area with 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
NOI $16,717 @ 7.0% cap · market cap 7.27%
Second Best
Warehouse
$218.3K
$191.0K – $254.7K
NOI $15,280 @ 7.0% cap · market cap 6.64%
Theoretical Best
Specialty Retail
$347.4K
$303.9K – $405.3K
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
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Commercial flex property combines open work area, private air-conditioned office space, restroom, and gas heating.
Where is this flex space 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: 2,400 square feet of commercial flex space; Mezzanine‑level air‑conditioned office; Open warehouse area with restroom
