Warehouse-Flex Space with
For Sale
$269,000
3111 Airline Highway, Waterloo, IA 50703
Warehouse-flex building includes a dedicated office, two bathrooms, a mezzanine, and 20-ft sidewalls.
Property Size10,000 SF
Price / SF$94.99
Days on Market202
Property Features for 3111 Airline Highway
General Information
Standard status
Active
Size
10,000 SF
Property subtype
Commercial
Zoning
M-1
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Clear Height
20 ft
Amenities
1.34
10000
Building Details
Building Size
10,000 SF
Year Built
2023
Listing Agency:
GLD COMMERCIAL
(319) 393-0900
Listed By:
Cole Breitbach
(319) 551-6448
Source:
Pinnaclerealtyia
Added: Feb 17
Changed: Sep 6
Last Checked: Sep 7 at 5:38AM
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 GLD COMMERCIAL
Investment Insights
Based on property information with market context.
For sale: a versatile warehouse/flex space built for businesses that need warehouse capacity with an integrated office. The interior features a dedicated office area for administration or meeting space, two bathrooms for convenience, and an open layout designed for straightforward customization. A mezzanine level adds additional usable space for storage, workstations, or showroom-style use. High ceilings with 20-ft sidewalls support a range of operational needs.
The property is located at 3111 Airline Highway in Waterloo, IA, with excellent access to major roadways to support logistics and transportation. Ample parking is available for both employees and clients.
The overall configuration combines flexible warehouse space with office functionality, making it a practical fit for tenants seeking one building that can support both work areas and onsite administration.
The property is located at 3111 Airline Highway in Waterloo, IA, with excellent access to major roadways to support logistics and transportation. Ample parking is available for both employees and clients.
The overall configuration combines flexible warehouse space with office functionality, making it a practical fit for tenants seeking one building that can support both work areas and onsite administration.
Key Highlights
- Warehouse/flex building on 1.34 acres with 10,000 total building area SF
- Built in 2023 with 20‑ft sidewall height for warehouse storage and workspace flexibility
- Includes a dedicated office area for administrative use, meetings, or remote work
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
$12,705
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
4.72%
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%
$254,100
$254.1K
Cap Rate 7%
$181,500
$181.5K
Cap Rate 9%
$141,167
$141.2K
Market Conditions
NOI Build-Up for 2,832 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
$20.7K $7.32/SF
− Vacancy
−$1.2K −$0.42/SF
EGI
$19.5K $6.90/SF
− OpEx
−$6.8K −$2.42/SF
NOI
$12.7K $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%
$254,100
Cap Rate 7%
$181,500
Cap Rate 9%
$141,167
Alternative Uses
Best Use
Warehouse
$2.86M
$2.51M – $3.34M
NOI $200,464 @ 7.0% cap · market cap 74.52%
Second Best
Industrial
$2.36M
$2.06M – $2.75M
NOI $165,088 @ 7.0% cap · market cap 61.37%
Theoretical Best
Mixed Use
$3.55M
$3.11M – $4.14M
NOI $248,508 @ 7.0% cap · market cap 92.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20 ft
Clear height
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
3
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 50703, IA
18,913
Population
8,705
Households
2.2
Avg Household Size
38
Median Age
13%
College-Educated
87%
High-School Grad
93.2 sq mi
ZIP Area
203
Density / Sq Mi
$49,412
Median Household Income
$33,105
Median Earnings
$926
Median Rent
$92,500
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Warehouse-flex building includes a dedicated office, two bathrooms, a mezzanine, and 20-ft sidewalls.
Where is this flex space located?
The property is located at 3111 Airline Highway Waterloo, IA.
What is the asking price?
The asking price for this property is $269,000.
What are key features of this property?
This property features: Warehouse/flex building on 1.34 acres with 10,000 total building area SF; Built in 2023 with 20‑ft sidewall height for warehouse storage and workspace flexibility; Includes a dedicated office area for administrative use, meetings, or remote work
