Building Details

Building Size 3,014 SF

Year Built 1966

Buildings 1

Listing Agency: Blank & McCune Real Estate c***@pinnaclerealtyia.com Show Phone

Listed By: Cole Breitbach Show Phone

Source: Pinnaclerealtyia

Added: Aug 10 Changed: Aug 13 Last Checked: Aug 13 at 5:23AM

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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 Blank & McCune Real Estate

Investment Insights

Based on property information with market context.

This 1966 flex property combines over 1,900 square feet of shop area with additional office, work, and dry-storage space. The building includes an in-floor hoist, a retained air compressor, forced-air heat, and rural water. Its configuration reflects approximately five decades of use as an auto shop, while the interior mix also accommodates storage and general work functions.

Five overhead doors provide varied access, measuring 12 ft., 8 ft., 11 ft. 9 inches, 8 ft., and 14 ft. The building is arranged for an outdoor wood boiler, although no boiler is included. Located at 1901 N Raymond Road in Dewar, Iowa, the property carries Commercial zoning.

Key Highlights

• Over 1900 square feet of shop area
• Five overhead doors measuring 12 ft., 8 ft., 11 ft. 9 inches, 8 ft., and 14 ft.
• In‑floor hoist and air compressor included with the building

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

$13,522

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

8.45%

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%

$270,440 $270.4K

Cap Rate 7%

$193,171 $193.2K

Cap Rate 9%

$150,244 $150.2K

Market Conditions

NOI Build-Up for 3,014 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

$22.1K $7.32/SF

− Vacancy

−$1.3K −$0.42/SF

EGI

$20.8K $6.90/SF

− OpEx

−$7.3K −$2.42/SF

NOI

$13.5K $4.49/SF

Area

Black Hawk County, IA

Vacancy

5.71%

Lease Rate

$7.32 /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%

$270,440

Cap Rate 7%

$193,171

Cap Rate 9%

$150,244

Alternative Uses

Best Use

Warehouse

$3.05M

$2.67M – $3.56M (±1% cap)

NOI $213,347 @ 7.0% cap · market cap 133.34%

Second Best

Industrial

$2.51M

$2.20M – $2.93M (±1% cap)

NOI $175,698 @ 7.0% cap · market cap 109.81%

Theoretical Best

Mixed Use

$3.78M

$3.31M – $4.41M (±1% cap)

NOI $264,479 @ 7.0% cap · market cap 165.30%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Maurer Repair Auto Repair Shop

Suggested Use

Top Pick Plumbing Service Auto Repair Shop Storage Facility Kitchen & Bath Showroom Bar & Pub

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 50623, IA

146

Population

69

Households

2.1

Avg Household Size

50

Median Age

2%

College-Educated

100%

High-School Grad

2.1 sq mi

ZIP Area

70

Density / Sq Mi

$92,132

Median Household Income

$35,625

Median Earnings

$170,500

Median Home Value

Market

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

Questions? Ask Rey

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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?

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Frequently Asked Questions

What type of property is this?

Flex space - Mixed office, work, and dry-storage areas support varied commercial functions.

Where is this flex space located?

The property is located at 1901 N Raymond Road Dewar, IA.

What is the asking price?

The asking price for this property is $160,000.

What are key features of this property?

This property features: Over 1900 square feet of shop area; Five overhead doors measuring 12 ft., 8 ft., 11 ft. 9 inches, 8 ft., and 14 ft.; In‑floor hoist and air compressor included with the building