Building Details

Year built 2022

Roof type Metal

Listing Agency: Pinnacle Realty LLC Show Phone

Listed By: Melissa Redinbaugh Show Phone

Added: Oct 12 Changed: Oct 13 Last Checked: Oct 14 at 11:06AM

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MLS# 12024303

Copyright © 2026 My State MLS. 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 warehouse condo was built in 2022. The main level provides an open warehouse area, while a mezzanine contains a climate-controlled office. A restroom and natural gas heating are also part of the property.

The unit is at 1650 Commercial Drive, Unit 203, in Walford, Iowa. Public water serves the property, which has a metal roof.

Key Highlights

• 2,400‑square‑foot warehouse condo built in 2022
• Open main‑level warehouse area
• Mezzanine office is climate controlled

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$15,280

Cap Rate

7.11%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$305,600 $305.6K

Cap Rate 7%

$218,286 $218.3K

Cap Rate 9%

$169,778 $169.8K

Market Conditions

NOI Build-Up for 2,400 SF

Gross rent

$18.7K $7.80/SF

− Vacancy

−$743 −$0.31/SF

EGI

$18.0K $7.49/SF

− OpEx

−$2.7K −$1.12/SF

NOI

$15.3K $6.37/SF

Area

Benton County, IA

Vacancy

3.97%

Lease Rate

$7.80 /SF/Yr

Expense Ratio

15.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$305,600

Cap Rate 7%

$218,286

Cap Rate 9%

$169,778

Alternative Uses

Best Use

Warehouse

$218.3K

$191.0K – $254.7K (±1% cap)

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

Second Best

—

—

no second resolved use

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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Open Analytics

Current Use

Warehouses

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?

Similar Off Market Nearby

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

Frequently Asked Questions

What type of property is this?

Warehouse - Open warehouse floor area is paired with climate-controlled office space and a restroom.

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 $215,000.

What are key features of this property?

This property features: 2,400‑square‑foot warehouse condo built in 2022; Open main‑level warehouse area; Mezzanine office is climate controlled