Flex Space with Seven
For Sale
$1,500,000
33082 Ute Avenue, Waukee, IA 50263
CommercialSale, Office, Waukee, IA
Property Size8,100 SF
Lot Size2.00 Acres
Price / SF$185.19
Days on Market46
Property Features for 33082 Ute Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
C
Directions
I80 to Waukee exit, turn south on Ute, property on east side directly off the exit.
Subdivision
Waukee
Standard status
Active
APN
1617100011
Lot size
2.00 Acres
Taxes and HOA fees
Tax Description
2AC NW COR NE NW LYG S & E OF HWY
Tax Annual Amount
12528
Legal Description
2AC NW COR NE NW LYG S & E OF HWY
Utilities
Sewer type
Septic Tank
Heating system
Natural Gas
Cooling system
Central Air, Attic Fan
Water source
Public
Amenities
front reception area
three large private offices
kitchenette
full bathroom
laundry hookups
spacious mezzanine
Building Details
Year built
1985
Building materials
Frame, MetalSiding
Architectural style
Other
Listing Agency:
RE/MAX Concepts · RE/MAX International
(515) 276-2872
Listed By:
Andrew Bruellman · License #562640000
(515) 320-3653
Added: Jul 15
Changed: Aug 19
Last Checked: Aug 29 at 11:06PM
MLS# 745185
Copyright © 2026 Des Moines Area Association of REALTORS®, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 8,100-square-foot flex property, built in 1985, combines industrial work areas with an office component. The building includes seven overhead garage bays, expansive warehouse space, three private offices, a front reception area, kitchenette, full bathroom, laundry hookups, and a mezzanine that adds storage capacity. Frame construction with metal siding is supported by natural gas heat and central air conditioning with an attic fan.
The property occupies 2 acres near Interstate 80 and the Ute Avenue interchange, providing direct access to a major transportation route. Public water and a septic tank serve the site. C zoning and the mix of warehouse, service, and office areas support a range of commercial configurations without relying on a single-use layout.
The property occupies 2 acres near Interstate 80 and the Ute Avenue interchange, providing direct access to a major transportation route. Public water and a septic tank serve the site. C zoning and the mix of warehouse, service, and office areas support a range of commercial configurations without relying on a single-use layout.
Key Highlights
- 8,100‑square‑foot flex building on 2 acres
- Seven overhead garage bays
- Three private offices plus front reception area
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
$106,726
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
7.12%
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%
$2,134,520
$2.1M
Cap Rate 7%
$1,524,657
$1.5M
Cap Rate 9%
$1,185,844
$1.2M
Market Conditions
NOI Build-Up for 8,100 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
$177.9K $21.96/SF
− Vacancy
−$35.6K −$4.39/SF
EGI
$142.3K $17.57/SF
− OpEx
−$35.6K −$4.39/SF
NOI
$106.7K $13.18/SF
Area
Dallas County, IA
Vacancy
20.00%
Lease Rate
$21.96 /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%
$2,134,520
Cap Rate 7%
$1,524,657
Cap Rate 9%
$1,185,844
Alternative Uses
Best Use
Flex RnD
$7.80M
$6.82M – $9.10M
NOI $545,811 @ 7.0% cap · market cap 36.39%
Second Best
Warehouse
$6.52M
$5.71M – $7.61M
NOI $456,558 @ 7.0% cap · market cap 30.44%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Drive-in doors
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
47
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 50263, IA
24,817
Population
11,323
Households
2.2
Avg Household Size
34
Median Age
57%
College-Educated
96%
High-School Grad
27.5 sq mi
ZIP Area
902
Density / Sq Mi
$107,864
Median Household Income
$62,430
Median Earnings
$1,296
Median Rent
$332,500
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?
Flex space - Versatile commercial building combining warehouse capacity, private offices, and convenient Interstate 80 access.
Where is this flex space located?
The property is located at 33082 Ute Avenue Waukee, IA.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 8,100‑square‑foot flex building on 2 acres; Seven overhead garage bays; Three private offices plus front reception area
