Class A Coworking and Office
For Sale
$1,200,000
3015 Greyhound Drive, Waterloo, IA 50701
State-of-the-art coworking and office layout with dedicated conference space, break areas, and parking for 25 vehicles.
Property Size7,825 SF
Price / SF$233.01
Days on Market162
Property Features for 3015 Greyhound Drive
General Information
Standard status
Active
Size
7,825 SF
Class
A
Total Parking Spaces
25
Property subtype
Commercial
Zoning
B-P
Taxes and HOA fees
Annual Taxes
$26,379
Amenities
1.16
7825
Building Details
Building Size
7,825 SF
Year Built
2010
Stories
2
Listing Agency:
Blank & McCune Real Estate
(319) 393-0900
Listed By:
Alex Miller
Source:
Pinnaclerealtyia
Added: Apr 24
Changed: Oct 1
Last Checked: Oct 1 at 9:42AM
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 Blank & McCune Real Estate
Investment Insights
Based on property information with market context.
This Class A office building is designed for flexible workspace use, with a main level that combines a large collaborative area with spacious private offices and conference rooms. The space also includes a kitchenette with a shared break area, creating a practical flow for day-to-day operations. A second level provides an additional common area anchored by an expansive conference room with a balcony, along with another kitchenette/break area, a designated gym room, and a bathroom with a shower.
Located in the Greenbelt Centre Business Park at 3015 Greyhound Drive in Waterloo, the property includes on-site parking with 25 parking stalls and an impressive entryway that supports client and employee access.
The building’s combination of collaborative space, multiple meeting rooms, and dedicated amenities such as break areas and a gym can support a variety of office users seeking a turnkey workplace layout. It is well-suited for organizations that need both private offices and shared space within a professional office setting.
Located in the Greenbelt Centre Business Park at 3015 Greyhound Drive in Waterloo, the property includes on-site parking with 25 parking stalls and an impressive entryway that supports client and employee access.
The building’s combination of collaborative space, multiple meeting rooms, and dedicated amenities such as break areas and a gym can support a variety of office users seeking a turnkey workplace layout. It is well-suited for organizations that need both private offices and shared space within a professional office setting.
Key Highlights
- 1.16‑acre property offering a class A business park workspace layout
- 7,825 total building area with main‑level collaborative workspace and spacious offices
- Dedicated conference rooms on multiple levels, including an expansive conference room with a balcony
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
$33,728
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
2.81%
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%
$674,560
$674.6K
Cap Rate 7%
$481,829
$481.8K
Cap Rate 9%
$374,756
$374.8K
Market Conditions
NOI Build-Up for 5,150 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
$59.3K $11.52/SF
− Vacancy
−$14.4K −$2.79/SF
EGI
$45.0K $8.73/SF
− OpEx
−$11.2K −$2.18/SF
NOI
$33.7K $6.55/SF
Area
Black Hawk County, IA
Vacancy
24.20%
Lease Rate
$11.52 /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%
$674,560
Cap Rate 7%
$481,829
Cap Rate 9%
$374,756
Alternative Uses
Best Use
Office B
$481.8K
$421.6K – $562.1K
NOI $33,728 @ 7.0% cap · market cap 2.81%
Second Best
—
—
no second resolved use
Theoretical Best
Mixed Use
$6.46M
$5.65M – $7.53M
NOI $451,913 @ 7.0% cap · market cap 37.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
85
Businesses Nearby
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
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Coworking space - State-of-the-art coworking and office layout with dedicated conference space, break areas, and parking for 25 vehicles.
Where is this coworking space located?
The property is located at 3015 Greyhound Drive Waterloo, IA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 1.16‑acre property offering a class A business park workspace layout; 7,825 total building area with main‑level collaborative workspace and spacious offices; Dedicated conference rooms on multiple levels, including an expansive conference room with a balcony
