Building Details

Year built 2022

Flooring type Concrete

Building materials Frame

Roof type Metal

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

Listed By: Melissa Redinbaugh Show Phone

Added: Oct 12 Last Checked: Oct 14 at 5:06PM

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MLS# 2607132

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 flex condo has an open warehouse floor, a restroom and a mezzanine office with air conditioning. A gas heater serves the warehouse area. The building features concrete flooring, frame construction and a metal roof, and was built in 2022. The property is zoned Comm.

Key Highlights

• 2,400‑square‑foot warehouse condo
• Open warehouse area with restroom
• Mezzanine office with air conditioning

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$16,717

Cap Rate

7.78%

Suggested Prices Based on Cap Rates

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

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 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 7.78%

Second Best

Warehouse

$218.3K

$191.0K – $254.7K (±1% cap)

NOI $15,280 @ 7.0% cap · market cap 7.11%

Theoretical Best

Specialty Retail

$347.4K

$303.9K – $405.3K (±1% cap)

NOI $24,315 @ 7.0% cap · market cap 11.31%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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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 flex space 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?

Flex space - An air-conditioned mezzanine office is separated from the open warehouse floor.

Where is this flex space located?

The property is located at 1650 Commercial Walford, IA.

What is the asking price?

The asking price for this property is $215,000.

What are key features of this property?

This property features: 2,400‑square‑foot warehouse condo; Open warehouse area with restroom; Mezzanine office with air conditioning