Freestanding Office Space in Sioux
For Sale
Contact for pricing
303 W 24TH ST, Sioux City, IA 51104
7,377 SF office building in high-visibility Sioux City corridor.
Property Size7,377 SF
Price / SF$122
Days on Market97
Property Features for 303 W 24TH ST
General Information
Standard status
Active
Size
7,377 SF
Property subtype
Office
Zoning
Commerical
Building Details
Year Built
1982
Year Renovated
2003
Buildings
1
Stories
1
Units
30
Listing Agency:
Gateway Real Estate Advisors
(712) 540-6562
Listed By:
Nic Madsen · License #S67281000
Source:
Crexi
Added: May 26
Changed: Aug 21
Last Checked: Aug 29 at 5:47PM
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 Gateway Real Estate Advisors
Investment Insights
Based on property information with market context.
This 7,377 SF freestanding commercial office space is available for purchase in a high-visibility Sioux City corridor. The property, built in 1982, is priced at $900,000 ($122/SF). Zoned General Commercial, the building offers immediate access to established retail, professional services, and regional traffic flow. Positioned just off Hamilton Boulevard, one of Sioux City's primary commercial arterials, the location connects the property to the broader metro and provides strong daily vehicle counts from commuter and commercial activity. The building presents a blank-canvas acquisition for an owner-user seeking a dedicated headquarters, or a professional services firm ready to establish a permanent presence. A concrete parking area supports operational flexibility.
Key Highlights
- High‑visibility location in a prime Sioux City commercial corridor off Hamilton Boulevard.
- Freestanding commercial office space with 7,377 SF available for purchase.
- General Commercial zoning allows for a variety of business uses.
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
$37,330
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
4.15%
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%
$746,600
$746.6K
Cap Rate 7%
$533,286
$533.3K
Cap Rate 9%
$414,778
$414.8K
Market Conditions
NOI Build-Up for 7,377 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
$68.2K $9.24/SF
− Vacancy
−$18.4K −$2.49/SF
EGI
$49.8K $6.75/SF
− OpEx
−$12.4K −$1.69/SF
NOI
$37.3K $5.06/SF
Area
Woodbury County, IA
Vacancy
26.98%
Lease Rate
$9.24 /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%
$746,600
Cap Rate 7%
$533,286
Cap Rate 9%
$414,778
Alternative Uses
Best Use
Office B
$533.3K
$466.6K – $622.2K
NOI $37,330 @ 7.0% cap · market cap 4.15%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.11M
$970.0K – $1.29M
NOI $77,597 @ 7.0% cap · market cap 8.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - 7,377 SF office building in high-visibility Sioux City corridor.
Where is this office building located?
The property is located at 303 W 24TH ST Sioux City, IA.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: High‑visibility location in a prime Sioux City commercial corridor off Hamilton Boulevard.; Freestanding commercial office space with 7,377 SF available for purchase.; General Commercial zoning allows for a variety of business uses.
