Freestanding Medical Office
For Sale
$1,625,000
236 National Drive, Waterloo, IA 50701
Updated single-tenant facility with dedicated parking, prominent signage, and lease occupancy extending through May 2027.
Property Size6,074 SF
Price / SF$267.53
Days on Market42
Property Features for 236 National Drive
General Information
Standard status
Active
Size
6,074 SF
Property subtype
Commercial
Zoning
R-1, C-Z
Occupancy
100%
Additional Details
Office Units
1
Taxes and HOA fees
Annual Taxes
$22,626
Building Details
Building Size
6,074 SF
Year Built
1979
Buildings
1
Tenancy
Single
Owner Occupied
No
Listing Agency:
Fischels Commercial Group
(319) 830-5000
Listed By:
Chris Fischels · License #B44779000
(319) 830-5000
Source:
Sweeneyrealestate
Added: Jul 14
Changed: Aug 23
Last Checked: Aug 22 at 2:54PM
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 Fischels Commercial Group
Investment Insights
Based on property information with market context.
This freestanding medical office property provides a 4,820-square-foot main level and a 1,254-square-foot basement, totaling 6,074 square feet. The building was constructed in 1979 and has been updated for medical office operations, with a layout suited to clinical care or professional administrative use. It is configured for a single tenant and includes a dedicated parking lot and on-site signage.
The property is fully leased through May 2027, providing an established occupancy profile for an investor while preserving a future option for an owner-user. Zoning is identified as R-1, C-Z. The combination of medical-office functionality, basement area, parking, and existing lease term supports both current tenancy and longer-term practice use.
The property is fully leased through May 2027, providing an established occupancy profile for an investor while preserving a future option for an owner-user. Zoning is identified as R-1, C-Z. The combination of medical-office functionality, basement area, parking, and existing lease term supports both current tenancy and longer-term practice use.
Key Highlights
- 4,820‑square‑foot main level plus 1,254‑square‑foot basement
- 6,074‑square‑foot total building area
- Single‑tenant medical office building with updated improvements
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
$57,399
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
3.53%
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%
$1,147,980
$1.1M
Cap Rate 7%
$819,986
$820.0K
Cap Rate 9%
$637,767
$637.8K
Market Conditions
NOI Build-Up for 6,074 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
$109.3K $18.00/SF
− Vacancy
−$13.7K −$2.25/SF
EGI
$95.7K $15.75/SF
− OpEx
−$38.3K −$6.30/SF
NOI
$57.4K $9.45/SF
Area
Black Hawk County, IA
Vacancy
12.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
40.00%
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%
$1,147,980
Cap Rate 7%
$819,986
Cap Rate 9%
$637,767
Alternative Uses
Best Use
Healthcare Medical
$820.0K
$717.5K – $956.7K
NOI $57,399 @ 7.0% cap · market cap 3.53%
Second Best
Office B
$568.3K
$497.2K – $663.0K
NOI $39,779 @ 7.0% cap · market cap 2.45%
Theoretical Best
Mixed Use
$7.61M
$6.66M – $8.88M
NOI $532,994 @ 7.0% cap · market cap 32.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
100%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
602
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 50701, IA
29,806
Population
14,530
Households
2.1
Avg Household Size
39
Median Age
30%
College-Educated
95%
High-School Grad
79.1 sq mi
ZIP Area
377
Density / Sq Mi
$62,857
Median Household Income
$41,464
Median Earnings
$846
Median Rent
$183,400
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?
Medical Office Space - Updated single-tenant facility with dedicated parking, prominent signage, and lease occupancy extending through May 2027.
Where is this medical office space located?
The property is located at 236 National Drive Waterloo, IA.
What is the asking price?
The asking price for this property is $1,625,000.
What are key features of this property?
This property features: 4,820‑square‑foot main level plus 1,254‑square‑foot basement; 6,074‑square‑foot total building area; Single‑tenant medical office building with updated improvements
