Warehouse Flex Property with
For Sale
Contact for pricing
Pending
2920 TEXAS ST, Waterloo, IA 50702
Two office spaces and a large workshop support operations needing both administrative space and flexible industrial use.
Property Size4,740 SF
Days on Market64
Property Features for 2920 TEXAS ST
General Information
Standard status
Pending
Size
4,740 SF
Property subtype
Industrial
Zoning
M-1
Additional Details
Drive-In Doors
2
Office Units
2
Building Details
Year Built
1993
Buildings
1
Stories
1
Units
1
Tenancy
Single
Listing Agency:
The Fischels Group
(319) 234-5000
Listed By:
Chris Fischels · License #IA B44779000
Source:
Crexi
Added: Jun 10
Changed: Aug 8
Last Checked: Jul 25 at 6:49AM
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 The Fischels Group
Investment Insights
Based on property information with market context.
Located at 2920 Texas St in Waterloo, IA, this versatile warehouse flex property combines office space with a large main workshop designed for practical day-to-day operations. The interior layout includes two generously sized office spaces for client consultations or administration, along with a central workshop area suited for mechanical, industrial, or assembly activities. A half-bath and a secondary room provide added functionality for overflow workspace or inventory storage.
The building sits on a prominent corner with exposure along a high-traffic corridor. Exterior access includes a massive paved lot that supports ample parking for staff and clientele, and it can accommodate large delivery trucks for logistics and deliveries. Two large drive-in doors on the front facade support straightforward equipment handling and operational flow.
This property is well-suited for businesses that need a balance of office functionality and flexible industrial space, with on-site parking and direct drive-in access for deliveries. With drive-in doors, a sizable workshop, and dedicated office rooms, it can fit a range of tenant requirements where both production and customer-facing or administrative space are important.
The building sits on a prominent corner with exposure along a high-traffic corridor. Exterior access includes a massive paved lot that supports ample parking for staff and clientele, and it can accommodate large delivery trucks for logistics and deliveries. Two large drive-in doors on the front facade support straightforward equipment handling and operational flow.
This property is well-suited for businesses that need a balance of office functionality and flexible industrial space, with on-site parking and direct drive-in access for deliveries. With drive-in doors, a sizable workshop, and dedicated office rooms, it can fit a range of tenant requirements where both production and customer-facing or administrative space are important.
Key Highlights
- Built in 1993—versatile commercial building designed for both office and workshop use
- Interior includes two generous office spaces for client consultations and daily administration
- Large main workshop with flexible space for mechanical, industrial, or assembly operations
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
$21,265
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
3.87%
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%
$425,300
$425.3K
Cap Rate 7%
$303,786
$303.8K
Cap Rate 9%
$236,278
$236.3K
Market Conditions
NOI Build-Up for 4,740 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
$34.7K $7.32/SF
− Vacancy
−$2.0K −$0.42/SF
EGI
$32.7K $6.90/SF
− OpEx
−$11.5K −$2.42/SF
NOI
$21.3K $4.49/SF
Area
Black Hawk County, IA
Vacancy
5.71%
Lease Rate
$7.32 /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%
$425,300
Cap Rate 7%
$303,786
Cap Rate 9%
$236,278
Alternative Uses
Best Use
Warehouse
$4.79M
$4.19M – $5.59M
NOI $335,523 @ 7.0% cap · market cap 61.12%
Second Best
Industrial
$3.95M
$3.45M – $4.61M
NOI $276,313 @ 7.0% cap · market cap 50.33%
Theoretical Best
Mixed Use
$5.94M
$5.20M – $6.93M
NOI $415,935 @ 7.0% cap · market cap 75.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Drive-in doors
2
Office units
Location Intelligence
Trade Area within ½ mile
286
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 50702, IA
20,447
Population
9,722
Households
2.1
Avg Household Size
37
Median Age
21%
College-Educated
89%
High-School Grad
9.8 sq mi
ZIP Area
2,086
Density / Sq Mi
$59,784
Median Household Income
$38,826
Median Earnings
$926
Median Rent
$145,800
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- Hy-Vee Catering — 1422 Flammang Dr, Waterloo, IA 50702
Frequently Asked Questions
What type of property is this?
Flex space - Two office spaces and a large workshop support operations needing both administrative space and flexible industrial use.
Where is this flex space located?
The property is located at 2920 TEXAS ST Waterloo, IA.
What is the asking price?
The asking price for this property is $549,000.
What are key features of this property?
This property features: Built in 1993—versatile commercial building designed for both office and workshop use; Interior includes two generous office spaces for client consultations and daily administration; Large main workshop with flexible space for mechanical, industrial, or assembly operations
