Clear-Span Office
For Sale
$349,900
2609 Apache Court Sioux, Sioux City, IA 51104
Brick office property with flexible interior space, private offices, storage, and a positive-pressure clean room.
Property Size3,168 SF
Price / SF$110.45
Days on Market194
Property Features for 2609 Apache Court Sioux
General Information
Standard status
Active
Size
3,168 SF
Class
B
Property subtype
Multi Tenant Office
Additional Details
Road Access
Yes
Clear Span
Yes
Amenities
reception
conference room
break room
Building Details
Building Size
3,168 SF
Year Built
2007
Buildings
1
Construction
brick
Listing Agency:
NAI United
(712) 204-6261
Listed By:
Chris Bogenrief, SIOR, CCIM, MBA · License #11318
(712) 204-6261
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 31
Last Checked: Aug 31 at 1:09AM
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
Investment Insights
Based on property information with market context.
Built in 2007, this 3,168-square-foot brick office building offers a clear-span interior without load-bearing walls. The west side contains a reception area, conference room, break room, two private offices, and a unisex restroom, while the east side provides substantial storage and a sterile, positive-pressure clean room. Three HVAC units serve the building, including one installed less than two years ago.
The property sits on a secluded cul-de-sac at 2609 Apache Court in Sioux City, Iowa, near the Floyd Walmart. Available land may support future building or parking expansion. The open structure also allows for potential garage-door additions on the south or east sides, subject to applicable requirements. Residential conversion is identified as a possibility subject to zoning.
The property sits on a secluded cul-de-sac at 2609 Apache Court in Sioux City, Iowa, near the Floyd Walmart. Available land may support future building or parking expansion. The open structure also allows for potential garage-door additions on the south or east sides, subject to applicable requirements. Residential conversion is identified as a possibility subject to zoning.
Key Highlights
- 3,168 SF brick office building constructed in 2007
- Clear‑span interior without load‑bearing walls
- Reception, conference room, break room, two private offices, and unisex restroom
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
$18,869
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
5.39%
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%
$377,380
$377.4K
Cap Rate 7%
$269,557
$269.6K
Cap Rate 9%
$209,656
$209.7K
Market Conditions
NOI Build-Up for 3,168 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
$31.6K $9.96/SF
− Vacancy
−$2.5K −$0.80/SF
EGI
$29.0K $9.16/SF
− OpEx
−$10.2K −$3.21/SF
NOI
$18.9K $5.96/SF
Area
Woodbury County, IA
Vacancy
8.00%
Lease Rate
$9.96 /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%
$377,380
Cap Rate 7%
$269,557
Cap Rate 9%
$209,656
Alternative Uses
Best Use
Flex RnD
$269.6K
$235.9K – $314.5K
NOI $18,869 @ 7.0% cap · market cap 5.39%
Second Best
Office B
$229.0K
$200.4K – $267.2K
NOI $16,031 @ 7.0% cap · market cap 4.58%
Theoretical Best
Specialty Retail
$476.0K
$416.5K – $555.4K
NOI $33,323 @ 7.0% cap · market cap 9.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
337
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 - Brick office property with flexible interior space, private offices, storage, and a positive-pressure clean room.
Where is this office building located?
The property is located at 2609 Apache Court Sioux Sioux City, IA.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: 3,168 SF brick office building constructed in 2007; Clear‑span interior without load‑bearing walls; Reception, conference room, break room, two private offices, and unisex restroom
