Medical Office Condo with Exam
For Sale
Contact for pricing
211-231 NW School St, Ankeny, IA 50023
Configured for clinical operations with dedicated patient, nursing, recovery, and staff areas.
Property Size3,192 SF
Price / SF$195
Days on Market8
Property Features for 211-231 NW School St
General Information
Standard status
Active
Size
3,192 SF
Property subtype
OFFICE
Building Details
Tenancy
Multi
Listing Agency:
Peter Brown Commercial Real Estate
(515) 277-5976
Listed By:
Peter Brown · License #S28799000
(515) 778-6480
Source:
Moodyscre
Added: Sep 4
Changed: Sep 10
Last Checked: Sep 11 at 11:05AM
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 Peter Brown Commercial Real Estate
Investment Insights
Based on property information with market context.
This 3,192-square-foot medical office condo at 231 NW School St. includes four plumbed exam rooms, a waiting area, nurses’ station, recovery area, and staff offices. The existing layout supports medical office operations while retaining flexibility for general office use.
The property is in central Ankeny, just north of E. 1st St., and is situated among complementary medical and office tenants. The address is 211-231 NW School St, Ankeny, IA 50023.
The property is in central Ankeny, just north of E. 1st St., and is situated among complementary medical and office tenants. The address is 211-231 NW School St, Ankeny, IA 50023.
Key Highlights
- 3,192‑square‑foot medical office condo
- Four plumbed exam rooms
- Waiting area, nurses’ station, and recovery area
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
$42,058
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
6.76%
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%
$841,160
$841.2K
Cap Rate 7%
$600,829
$600.8K
Cap Rate 9%
$467,311
$467.3K
Market Conditions
NOI Build-Up for 3,192 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
$70.1K $21.96/SF
− Vacancy
−$14.0K −$4.39/SF
EGI
$56.1K $17.57/SF
− OpEx
−$14.0K −$4.39/SF
NOI
$42.1K $13.18/SF
Area
Polk County, IA
Vacancy
20.00%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
25.00%
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%
$841,160
Cap Rate 7%
$600,829
Cap Rate 9%
$467,311
Alternative Uses
Best Use
Office B
$600.8K
$525.7K – $701.0K
NOI $42,058 @ 7.0% cap · market cap 6.76%
Second Best
Healthcare Medical
$505.9K
$442.7K – $590.2K
NOI $35,413 @ 7.0% cap · market cap 5.69%
Theoretical Best
Flex RnD
$3.07M
$2.69M – $3.58M
NOI $215,090 @ 7.0% cap · market cap 34.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
894
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 50023, IA
43,603
Population
17,822
Households
2.4
Avg Household Size
34
Median Age
55%
College-Educated
99%
High-School Grad
21.0 sq mi
ZIP Area
2,076
Density / Sq Mi
$113,914
Median Household Income
$59,891
Median Earnings
$1,191
Median Rent
$327,200
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- Heart of Ankeny Animal Hospital — 701 SW Ordnance Rd, Ankeny, IA 50023
Frequently Asked Questions
What type of property is this?
Medical Office Space - Configured for clinical operations with dedicated patient, nursing, recovery, and staff areas.
Where is this medical office space located?
The property is located at 211-231 NW School St Ankeny, IA.
What is the asking price?
The asking price for this property is $622,440.
What are key features of this property?
This property features: 3,192‑square‑foot medical office condo; Four plumbed exam rooms; Waiting area, nurses’ station, and recovery area
