Building Details

Building Size 5,416 SF

Year Built 2021

Construction metal building

Listing Agency: Realty ONE Group Movement.. Show Phone

Listed By: Ryan Eighme Show Phone

Source: Pinnaclerealtyia

Added: Jan 13 Changed: Sep 7 Last Checked: Sep 7 at 5:33AM

Report an Issue

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 Realty ONE Group Movement..

Investment Insights

Based on property information with market context.

Built in 2021, this turn-key commercial metal building is constructed with reinforced concrete and designed for energy efficiency, including R-50 insulation in the ceiling and R-38 insulation in the walls. The interior offers 18’ walls, high-bay LED lighting, and four 12’x16’ insulated overhead doors with remote access, along with two insulated service doors. Mechanical and utility features include a 200-amp electrical service with multiple circuits, 30- and 50-amp hookups, internet service, a 40-gallon water heater, and gas radiant heat controlled by a remote thermostat.

The property includes a full 13’x14’ kitchen with an 8’ granite island and an 8’x11’ bathroom equipped with washer and dryer, a utility sink, a floor drain, and plumbing for a future shower. Additional improvements include a 28’x22’ garage with a new roof installed in 2022. The building sits on 1.22 acres and is described as zoned Commercial, with gutters and snow guards installed, and noted ability to add a dock door.

For perspective on layout, the combination of high-bay clear space and insulated overhead access, plus the included kitchen and bathroom, supports day-to-day operational use within a flex-style industrial configuration at 224 Washington Street in Raymond, IA.

Key Highlights

• Built in 2021: 5,416 SF commercial metal building on 1.22 acres
• Reinforced concrete construction with insulation: R‑50 ceiling and R‑38 walls
• High‑bay LED lighting plus 4 insulated 12’x16’ overhead doors with remotes and 2 insulated service doors

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

$24,298

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

6.08%

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%

$485,960 $486.0K

Cap Rate 7%

$347,114 $347.1K

Cap Rate 9%

$269,978 $270.0K

Market Conditions

NOI Build-Up for 5,416 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

$39.6K $7.32/SF

− Vacancy

−$2.3K −$0.42/SF

EGI

$37.4K $6.90/SF

− OpEx

−$13.1K −$2.42/SF

NOI

$24.3K $4.49/SF

Area

Black Hawk County, IA

Vacancy

5.71%

Lease Rate

$7.32 /SF/Yr

Expense Ratio

35.00%

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%

$485,960

Cap Rate 7%

$347,114

Cap Rate 9%

$269,978

Alternative Uses

Best Use

Warehouse

$5.48M

$4.79M – $6.39M (±1% cap)

NOI $383,374 @ 7.0% cap · market cap 95.87%

Second Best

Industrial

$4.51M

$3.95M – $5.26M (±1% cap)

NOI $315,719 @ 7.0% cap · market cap 78.95%

Theoretical Best

Mixed Use

$6.79M

$5.94M – $7.92M (±1% cap)

NOI $475,254 @ 7.0% cap · market cap 118.84%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Flex space

Suggested Use

Top Pick Building Supply Auto Parts Store Big Box & Wholesale Store Real Estate Agency (Bike/Boat/Book/etc) Store Bakery

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

18 ft

Clear height

Location Intelligence

Trade Area within ½ mile

35

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 50667, IA

759

Population

320

Households

2.4

Avg Household Size

45

Median Age

16%

College-Educated

94%

High-School Grad

1.9 sq mi

ZIP Area

399

Density / Sq Mi

$62,813

Median Household Income

$43,347

Median Earnings

$1,125

Median Rent

$210,400

Median Home Value

Market

Vacancy Rate% for Industrial in Midwest region

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this flex space located? What is the asking price? Find similar properties What are key features of this property?

Similar For Sale Nearby

Warehouse with Office and Overhead Door

100 Commercial Street, Raymond, IA 50667

Contact for pricing

4,560 SF

View details

Heated Warehouse with Overhead Door

100 Commercial Street, Raymond, IA 50667

Contact for pricing

1,125 SF

View details

Frequently Asked Questions

What type of property is this?

Flex space - 2021-built metal building with high-bay LED lighting, four insulated overhead doors, and gas radiant heat.

Where is this flex space located?

The property is located at 224 Washington Street Raymond, IA.

What is the asking price?

The asking price for this property is $399,900.

What are key features of this property?

This property features: Built in 2021: 5,416 SF commercial metal building on 1.22 acres; Reinforced concrete construction with insulation: R‑50 ceiling and R‑38 walls; High‑bay LED lighting plus 4 insulated 12’x16’ overhead doors with remotes and 2 insulated service doors