Commercial Flex Warehouse with OH
For Sale
$325,000
200 Greenfield Dr, Tiffin, IA 52340
Like-new flex space with two 14' overhead doors and radiant heat, currently leased through January 2027.
Property Size2,520 SF
Price / SF$128.97
Days on Market362
Property Features for 200 Greenfield Dr
General Information
Standard status
Active
Size
2,520 SF
Property subtype
Commercial
Zoning
M2
Taxes and HOA fees
Annual Taxes
$1,498
Amenities
ReinforcedConcrete
ZeroStepEntry
Irregular
CountyRoad,Paved
Building Details
Year Built
2022
Listing Agency:
EXECUTIVE REALTY
(319) 981-2378
Listed By:
Kyle Steele
(319) 981-2378
Source:
Pinnaclerealtyia
Added: Aug 20, 2025
Changed: Aug 16
Last Checked: Aug 16 at 3:36AM
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 EXECUTIVE REALTY
Investment Insights
Based on property information with market context.
This commercial flex warehouse offers like-new condition and a functional distribution layout supported by two 14' overhead (OH) doors. The building includes 16' side walls, an ADA restroom, a floor drain, radiant heat, and a 200 amp electrical panel. Designed for practical industrial and light office uses, the space is equipped for daily operations and basic accessibility needs.
The property is located right off of I-80 for straightforward access, supporting efficient arrival and movement for employees and deliveries.
The site is being marketed as a leased investment opportunity, with current rent set at $2,950 per month gross through January 2027. For tenants or owner-users, the features—overhead doors, radiant heat, ADA restroom, floor drain, and electric capacity—may support a range of light industrial, flex, and small operational needs, while the existing lease provides near-term occupancy continuity for the buyer.
The property is located right off of I-80 for straightforward access, supporting efficient arrival and movement for employees and deliveries.
The site is being marketed as a leased investment opportunity, with current rent set at $2,950 per month gross through January 2027. For tenants or owner-users, the features—overhead doors, radiant heat, ADA restroom, floor drain, and electric capacity—may support a range of light industrial, flex, and small operational needs, while the existing lease provides near-term occupancy continuity for the buyer.
Key Highlights
- Like‑new commercial flex space built in 2022, leased for $2,950/mo gross through January 2027
- Direct access off I‑80 with county road frontage and paved road frontage
- Two 14' overhead doors with 16' side walls
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
$19,638
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
6.04%
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%
$392,760
$392.8K
Cap Rate 7%
$280,543
$280.5K
Cap Rate 9%
$218,200
$218.2K
Market Conditions
NOI Build-Up for 2,520 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
$24.2K $9.60/SF
− Vacancy
−$1.1K −$0.43/SF
EGI
$23.1K $9.17/SF
− OpEx
−$3.5K −$1.38/SF
NOI
$19.6K $7.79/SF
Area
Johnson County, IA
Vacancy
4.50%
Lease Rate
$9.60 /SF/Yr
Expense Ratio
15.00%
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%
$392,760
Cap Rate 7%
$280,543
Cap Rate 9%
$218,200
Alternative Uses
Best Use
Warehouse
$280.5K
$245.5K – $327.3K
NOI $19,638 @ 7.0% cap · market cap 6.04%
Second Best
Industrial
$215.5K
$188.5K – $251.4K
NOI $15,082 @ 7.0% cap · market cap 4.64%
Theoretical Best
Office A
$547.4K
$479.0K – $638.7K
NOI $38,320 @ 7.0% cap · market cap 11.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
60
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 52340, IA
4,810
Population
2,400
Households
2
Avg Household Size
33
Median Age
58%
College-Educated
99%
High-School Grad
19.1 sq mi
ZIP Area
252
Density / Sq Mi
$105,517
Median Household Income
$67,275
Median Earnings
$1,336
Median Rent
$317,900
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 - Like-new flex space with two 14' overhead doors and radiant heat, currently leased through January 2027.
Where is this flex space located?
The property is located at 200 Greenfield Dr Tiffin, IA.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Like‑new commercial flex space built in 2022, leased for $2,950/mo gross through January 2027; Direct access off I‑80 with county road frontage and paved road frontage; Two 14' overhead doors with 16' side walls
