Industrial Metal Building
For Sale
Contact for pricing
Pending
2178 231st Ln, Ames, IA 50014
Metal-frame clear-span shell with direct Highway 30 frontage and ample yard space in a business park setting.
Property Size12,000 SF
Days on Market436
Property Features for 2178 231st Ln
General Information
Standard status
Pending
Size
12,000 SF
Property subtype
Industrial, Mixed Use, Office, Retail
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Construction
metal-frame
Listing Agency:
Rueter Properties
Listed By:
Paige Benlaala · License #IA B64299000
Source:
Crexi
Added: Jun 27, 2025
Changed: Aug 21
Last Checked: Aug 14 at 7:53AM
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 Rueter Properties
Investment Insights
Based on property information with market context.
Available for sale is a 12,000 SF metal-frame shell building delivered as a clear-span interior, providing flexibility for future build-to-suit completion. The site includes ample yard space and is positioned within a small, modern business park, making it well-suited for industrial, flex, or commercial use requiring an adaptable layout.
The property offers direct frontage along Highway 30, supporting convenient access for logistics and service-oriented operations. It is located in Boone County, with the offering noting a lower property tax burden compared to neighboring Story County.
This is a high-exposure site with strong regional connectivity described via Highway 30 and I-35, offering a straightforward platform for an owner-user or investor to complete improvements to fit a specific tenant or end-market need.
The property offers direct frontage along Highway 30, supporting convenient access for logistics and service-oriented operations. It is located in Boone County, with the offering noting a lower property tax burden compared to neighboring Story County.
This is a high-exposure site with strong regional connectivity described via Highway 30 and I-35, offering a straightforward platform for an owner-user or investor to complete improvements to fit a specific tenant or end-market need.
Key Highlights
- 12,000 SF metal‑frame, clear‑span building shell
- Direct Highway 30 frontage with high‑exposure access
- Located in Boone County
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
$57,676
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
6.44%
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%
$1,153,520
$1.2M
Cap Rate 7%
$823,943
$823.9K
Cap Rate 9%
$640,844
$640.8K
Market Conditions
NOI Build-Up for 12,000 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
$87.8K $7.32/SF
− Vacancy
−$5.4K −$0.45/SF
EGI
$82.4K $6.87/SF
− OpEx
−$24.7K −$2.06/SF
NOI
$57.7K $4.81/SF
Area
Story County, IA
Vacancy
6.20%
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%
$1,153,520
Cap Rate 7%
$823,943
Cap Rate 9%
$640,844
Alternative Uses
Best Use
Industrial
$823.9K
$721.0K – $961.3K
NOI $57,676 @ 7.0% cap · market cap 6.44%
Second Best
Flex RnD
$769.1K
$673.0K – $897.3K
NOI $53,836 @ 7.0% cap · market cap 6.02%
Theoretical Best
Office A
$2.80M
$2.45M – $3.27M
NOI $196,301 @ 7.0% cap · market cap 21.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
63
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 50014, IA
31,587
Population
14,860
Households
2.1
Avg Household Size
26
Median Age
69%
College-Educated
98%
High-School Grad
54.2 sq mi
ZIP Area
583
Density / Sq Mi
$57,372
Median Household Income
$20,952
Median Earnings
$1,083
Median Rent
$312,700
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?
Flex space - Metal-frame clear-span shell with direct Highway 30 frontage and ample yard space in a business park setting.
Where is this flex space located?
The property is located at 2178 231st Ln Ames, IA.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: 12,000 SF metal‑frame, clear‑span building shell; Direct Highway 30 frontage with high‑exposure access; Located in Boone County
