Office-Warehouse with Drive-In
For Sale
Contact for pricing
238 Alexander Avenue, Ames, IA 50010
Office space plus warehouse improvements including drive-in and dock doors and 16' clear height.
Property Size16,700 SF
Price / SF$116.77
Days on Market181
Property Features for 238 Alexander Avenue
General Information
Standard status
Active
Size
16,700 SF
Total Parking Spaces
32
Property subtype
Industrial
Zoning
GI (General Industrial)
Warehouse & Industrial
Clear Height
16 ft
Dock-High Doors
3
Drive-In Doors
2
Building Details
Year Built
1992
Stories
1
Listing Agency:
JLL - Des Moines, Iowa
Listed By:
Tanner Hedstrom · License #IA S67748000
(515) 745-2734
Source:
Crexi
Added: Mar 17
Changed: Sep 10
Last Checked: Sep 13 at 3:52AM
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 JLL - Des Moines, Iowa
Investment Insights
Based on property information with market context.
This for-sale office-warehouse property includes 2,700 SF of office space and warehouse functionality supported by drive-in and dock doors. The drive-in doors consist of one 14' x 14' opening and one 14' x 12' opening, and the dock doors include one 8' x 8', one 8' x 10', and one 10' x 12' opening. The warehouse offers 16' clear height.
Parking is provided with space for 32 vehicles. Additional excess land to the north is included, offering room for future expansion or storage.
Overall, the building is well suited for users seeking combined office and distribution space with multiple loading options and adequate on-site parking.
Parking is provided with space for 32 vehicles. Additional excess land to the north is included, offering room for future expansion or storage.
Overall, the building is well suited for users seeking combined office and distribution space with multiple loading options and adequate on-site parking.
Key Highlights
- Office and warehouse space built in 1992
- 2,700 SF with 16' clear height
- Drive‑in doors include one 14' x 14' and one 14' x 12'
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
$86,763
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
4.45%
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%
$1,735,260
$1.7M
Cap Rate 7%
$1,239,471
$1.2M
Cap Rate 9%
$964,033
$964.0K
Market Conditions
NOI Build-Up for 16,700 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
$122.2K $7.32/SF
− Vacancy
−$20.2K −$1.21/SF
EGI
$102.1K $6.11/SF
− OpEx
−$15.3K −$0.92/SF
NOI
$86.8K $5.20/SF
Area
Story County, IA
Vacancy
16.50%
Lease Rate
$7.32 /SF/Yr
Expense Ratio
15.00%
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%
$1,735,260
Cap Rate 7%
$1,239,471
Cap Rate 9%
$964,033
Alternative Uses
Best Use
Warehouse
$1.24M
$1.08M – $1.45M
NOI $86,763 @ 7.0% cap · market cap 4.45%
Second Best
Industrial
$1.15M
$1.00M – $1.34M
NOI $80,265 @ 7.0% cap · market cap 4.12%
Theoretical Best
Office A
$3.90M
$3.41M – $4.55M
NOI $273,185 @ 7.0% cap · market cap 14.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
16 ft
Clear height
3
Dock-high doors
2
Drive-in doors
Location Intelligence
Trade Area within ½ mile
207
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 50010, IA
32,552
Population
14,732
Households
2.2
Avg Household Size
30
Median Age
59%
College-Educated
98%
High-School Grad
60.3 sq mi
ZIP Area
540
Density / Sq Mi
$65,701
Median Household Income
$27,672
Median Earnings
$981
Median Rent
$243,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Office space plus warehouse improvements including drive-in and dock doors and 16' clear height.
Where is this flex space located?
The property is located at 238 Alexander Avenue Ames, IA.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: Office and warehouse space built in 1992; 2,700 SF with 16' clear height; Drive‑in doors include one 14' x 14' and one 14' x 12'
