Former Bank Drive-Through
For Sale
$725,000
2401 Hamilton Blvd, Sioux City, IA 51104
Former bank building on Hamilton Blvd with an existing drive-through and flexible open interior space.
Property Size2,538 SF
Lot Size0.32 Acres
Price / SF$285.66
Days on Market144
Property Features for 2401 Hamilton Blvd
General Information
Standard status
Active
Size
2,538 SF
Class
A
Lot size
0.32 Acres
Property subtype
Office
Additional Details
Traffic Count
21,900 vehicles/day
Building Details
Building Size
2,538 SF
Year Built
1999
Listing Agency:
NAI United | Dakota Dunes
Listed By:
Nathan Connelly · License #S62387000
(712) 203-1620
Source:
Naiunited
Added: Apr 15
Changed: Sep 4
Last Checked: Aug 14 at 7:35AM
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 NAI United | Dakota Dunes
Investment Insights
Based on property information with market context.
The property at 2401 Hamilton Boulevard is a former bank building offering an open, flexible interior layout and secure construction. The building is equipped with an existing drive-through and is served by ample on-site parking, making it well suited to a range of drive-thru-oriented concepts.
Located on Hamilton Blvd in Sioux City’s established commercial corridor near local retail and service uses, the property benefits from daily traffic of 21,900 vehicles per day. The site also provides generous frontage for visibility to heavy commuter and retail traffic.
Spanning 2,538 SF on 0.32 acres, the facility is positioned to support uses such as retail, restaurant/QSR, professional office, medical, financial services, or other drive-thru-oriented businesses.
Located on Hamilton Blvd in Sioux City’s established commercial corridor near local retail and service uses, the property benefits from daily traffic of 21,900 vehicles per day. The site also provides generous frontage for visibility to heavy commuter and retail traffic.
Spanning 2,538 SF on 0.32 acres, the facility is positioned to support uses such as retail, restaurant/QSR, professional office, medical, financial services, or other drive-thru-oriented businesses.
Key Highlights
- Former bank building at 2401 Hamilton Boulevard in Sioux City, IA, on an established commercial corridor.
- 2,538 SF building on 0.32 acres with existing drive‑through for drive‑thru‑oriented business use.
- Daily traffic count of 21,900 VPD on Hamilton Blvd for strong visibility to commuter and retail traffic.
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
$26,697
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
3.68%
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%
$533,940
$533.9K
Cap Rate 7%
$381,386
$381.4K
Cap Rate 9%
$296,633
$296.6K
Market Conditions
NOI Build-Up for 2,538 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
$38.1K $15.00/SF
− Vacancy
−$2.5K −$0.98/SF
EGI
$35.6K $14.03/SF
− OpEx
−$8.9K −$3.51/SF
NOI
$26.7K $10.52/SF
Area
Woodbury County, IA
Vacancy
6.50%
Lease Rate
$15.00 /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%
$533,940
Cap Rate 7%
$381,386
Cap Rate 9%
$296,633
Alternative Uses
Best Use
Specialty Retail
$381.4K
$333.7K – $445.0K
NOI $26,697 @ 7.0% cap · market cap 3.68%
Second Best
Office B
$183.5K
$160.5K – $214.1K
NOI $12,843 @ 7.0% cap · market cap 1.77%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
21,900 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
572
Businesses Nearby
Explore this area
Business Placement
Demographics for 51104, IA
23,080
Population
9,119
Households
2.5
Avg Household Size
35
Median Age
28%
College-Educated
89%
High-School Grad
7.5 sq mi
ZIP Area
3,077
Density / Sq Mi
$74,984
Median Household Income
$42,411
Median Earnings
$955
Median Rent
$193,000
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?
Office building - Former bank building on Hamilton Blvd with an existing drive-through and flexible open interior space.
Where is this office building located?
The property is located at 2401 Hamilton Blvd Sioux City, IA.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: Former bank building at 2401 Hamilton Boulevard in Sioux City, IA, on an established commercial corridor.; 2,538 SF building on 0.32 acres with existing drive‑through for drive‑thru‑oriented business use.; Daily traffic count of 21,900 VPD on Hamilton Blvd for strong visibility to commuter and retail traffic.
