Building Details

Year built 1994

Floors in Building 1

Flooring type Concrete

Building materials Steel Siding

Roof type Metal

Listing Agency: Remax Advantage · RE/MAX International Show Phone

Listed By: The Adams Team . · License #IL, WI Show Phone

Added: Sep 21 Changed: Sep 22 Last Checked: Sep 23 at 1:06AM

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MLS# 155776

Copyright © 2026 East Central Iowa Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

Investment Insights

Based on property information with market context.

This 3,800+ square foot flex property in Holy Cross includes a steel-sided building with concrete flooring, a metal roof, one bathroom, and three overhead doors measuring 14 feet. Forced-air heating and central air are installed, while a large concrete pad provides on-site parking. The building was constructed in 1994 and is served by a well.

Located at 22755 Route 3 Highway, the property carries B-1 zoning. The existing configuration can accommodate repair-shop operations, group meeting space, or enclosed vehicle and equipment storage, as described in the property information.

Key Highlights

• 3,800+ square foot flex building
• 3 overhead doors measuring 14'
• B‑1 zoning

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

$22,604

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

7.93%

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%

$452,080 $452.1K

Cap Rate 7%

$322,914 $322.9K

Cap Rate 9%

$251,156 $251.2K

Market Conditions

NOI Build-Up for 3,800 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

$34.2K $9.00/SF

− Vacancy

−$1.9K −$0.50/SF

EGI

$32.3K $8.50/SF

− OpEx

−$9.7K −$2.55/SF

NOI

$22.6K $5.95/SF

Area

Dubuque County, IA

Vacancy

5.58%

Lease Rate

$9.00 /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%

$452,080

Cap Rate 7%

$322,914

Cap Rate 9%

$251,156

Alternative Uses

Best Use

Flex RnD

$486.9K

$426.1K – $568.1K (±1% cap)

NOI $34,086 @ 7.0% cap · market cap 11.96%

Second Best

Retail

$471.5K

$412.6K – $550.1K (±1% cap)

NOI $33,005 @ 7.0% cap · market cap 11.58%

Theoretical Best

Specialty Retail

$739.5K

$647.1K – $862.8K (±1% cap)

NOI $51,766 @ 7.0% cap · market cap 18.16%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Flex space

Location Intelligence

Trade Area within ½ mile

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 52053, IA

1,120

Population

428

Households

2.6

Avg Household Size

40

Median Age

25%

College-Educated

90%

High-School Grad

58.5 sq mi

ZIP Area

19

Density / Sq Mi

$103,250

Median Household Income

$44,500

Median Earnings

$635

Median Rent

$281,600

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?

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Frequently Asked Questions

What type of property is this?

Flex space - B-1 zoning, concrete floors, and a large paved area provide a practical commercial setup.

Where is this flex space located?

The property is located at 22755 Route 3 Highway Holy Cross, IA.

What is the asking price?

The asking price for this property is $285,000.

What are key features of this property?

This property features: 3,800+ square foot flex building; 3 overhead doors measuring 14'; B‑1 zoning