Dry Cleaning Manufacturing
For Sale
$500,000
1924 Pierce St, Sioux City, IA 51104
Established dry cleaning plant and real estate asset built in 1925.
Property Size5,338 SF
Days on Market11
Property Features for 1924 Pierce St
General Information
Standard status
Active
Size
5,338 SF
Property subtype
Business & Real Estate
Additional Details
Business Included
Yes
Building Details
Building Size
5,338 SF
Year Built
1925
Listing Agency:
NAI United | Dakota Dunes
(712) 204-6261
Listed By:
Chris Bogenrief, SIOR, CCIM, MBA · License #S72691000
(712) 204-6261
Source:
Naiunited
Added: Aug 22
Changed: Aug 31
Last Checked: Aug 31 at 3:54PM
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 NAI United | Dakota Dunes
Investment Insights
Based on property information with market context.
This manufacturing property consists of a dry cleaning plant and associated real estate at 1924 Pierce St in Sioux City, Iowa. The facility was built in 1925 and is offered for sale as a combined operating property and real estate asset.
Key Highlights
- Dry cleaning plant with associated real estate
- Manufacturing property built in 1925
- Located at 1924 Pierce St, Sioux City, IA 51104
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
$26,258
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
5.25%
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%
$525,160
$525.2K
Cap Rate 7%
$375,114
$375.1K
Cap Rate 9%
$291,756
$291.8K
Market Conditions
NOI Build-Up for 5,338 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
$39.1K $7.32/SF
− Vacancy
−$1.6K −$0.29/SF
EGI
$37.5K $7.03/SF
− OpEx
−$11.3K −$2.11/SF
NOI
$26.3K $4.92/SF
Area
Woodbury County, IA
Vacancy
4.00%
Lease Rate
$7.32 /SF/Yr
Expense Ratio
30.00%
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%
$525,160
Cap Rate 7%
$375,114
Cap Rate 9%
$291,756
Alternative Uses
Best Use
Industrial
$375.1K
$328.2K – $437.6K
NOI $26,258 @ 7.0% cap · market cap 5.25%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$802.1K
$701.9K – $935.8K
NOI $56,149 @ 7.0% cap · market cap 11.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
751
Businesses Nearby
Explore this area
Business Placement
Demographics for 51104, IA
23,080
Population
9,119
Households
2.5
Avg Household Size
35
Median Age
28%
College-Educated
89%
High-School Grad
7.5 sq mi
ZIP Area
3,077
Density / Sq Mi
$74,984
Median Household Income
$42,411
Median Earnings
$955
Median Rent
$193,000
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Manufacturing property - Established dry cleaning plant and real estate asset built in 1925.
Where is this manufacturing property located?
The property is located at 1924 Pierce St Sioux City, IA.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Dry cleaning plant with associated real estate; Manufacturing property built in 1925; Located at 1924 Pierce St, Sioux City, IA 51104
