Office/Warehouse Condo with
For Sale
Contact for pricing
222-234 NW Sunrise Dr, Waukee, IA 50263
Move-in-ready office/warehouse condo built in 2020 with direct warehouse access and 21' clear height.
Property Size4,076 SF
Price / SF$244.11
Days on Market63
Property Features for 222-234 NW Sunrise Dr
General Information
Standard status
Active
Size
4,076 SF
Property subtype
OFFICE
Listing Agency:
Stanbrough Realty Company
(515) 334-3345
Listed By:
Jeff Stanbrough, CCIM CPM
(515) 202-6649
Source:
Moodyscre
Added: Jul 13
Changed: Sep 7
Last Checked: Sep 12 at 9:16AM
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 Stanbrough Realty Company
Investment Insights
Based on property information with market context.
This well-maintained office/warehouse condo was built in 2020 and offers a blend of finished office space and warehouse area. The unit includes 3,256 SF of finished office space and an 820 SF warehouse with 21' clear height. The main level features five private offices, a large conference room, a selection room, kitchenette, four restrooms, and direct access into the warehouse.
The mezzanine provides two additional offices, an open work area, a conference room, and a private restroom, supporting a flexible office configuration. The property offers convenient access to Hickman Road, Grand Prairie Parkway, and I-80.
Overall, the layout is designed for day-to-day office operations with an attached warehouse component and straightforward connection between work areas and storage or operations space.
The mezzanine provides two additional offices, an open work area, a conference room, and a private restroom, supporting a flexible office configuration. The property offers convenient access to Hickman Road, Grand Prairie Parkway, and I-80.
Overall, the layout is designed for day-to-day office operations with an attached warehouse component and straightforward connection between work areas and storage or operations space.
Key Highlights
- Move‑in‑ready 4,076 SF office/warehouse condo built in 2020 in Waukee
- Includes 3,256 SF of finished office space plus 820 SF warehouse with 21' clear height
- Main level offers five private offices, large conference room, selection room, kitchenette, and direct access to the warehouse
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
$53,705
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
5.40%
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%
$1,074,100
$1.1M
Cap Rate 7%
$767,214
$767.2K
Cap Rate 9%
$596,722
$596.7K
Market Conditions
NOI Build-Up for 4,076 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
$89.5K $21.96/SF
− Vacancy
−$17.9K −$4.39/SF
EGI
$71.6K $17.57/SF
− OpEx
−$17.9K −$4.39/SF
NOI
$53.7K $13.18/SF
Area
Dallas 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%
$1,074,100
Cap Rate 7%
$767,214
Cap Rate 9%
$596,722
Alternative Uses
Best Use
Flex RnD
$3.92M
$3.43M – $4.58M
NOI $274,657 @ 7.0% cap · market cap 27.60%
Second Best
Warehouse
$3.28M
$2.87M – $3.83M
NOI $229,745 @ 7.0% cap · market cap 23.09%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
488
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 50263, IA
24,817
Population
11,323
Households
2.2
Avg Household Size
34
Median Age
57%
College-Educated
96%
High-School Grad
27.5 sq mi
ZIP Area
902
Density / Sq Mi
$107,864
Median Household Income
$62,430
Median Earnings
$1,296
Median Rent
$332,500
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Move-in-ready office/warehouse condo built in 2020 with direct warehouse access and 21' clear height.
Where is this flex space located?
The property is located at 222-234 NW Sunrise Dr Waukee, IA.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: Move‑in‑ready 4,076 SF office/warehouse condo built in 2020 in Waukee; Includes 3,256 SF of finished office space plus 820 SF warehouse with 21' clear height; Main level offers five private offices, large conference room, selection room, kitchenette, and direct access to the warehouse
