New Bank Building with Absolute NNN
For Sale
Contact for pricing
331 Northeast Cypress Drive, Grimes, IA 50111
Newly built banking facility within a C-2 Highway Commercial District.
Property Size4,500 SF
Price / SF$375.56
Days on Market123
Property Features for 331 Northeast Cypress Drive
General Information
Standard status
Active
Size
4,500 SF
Total Parking Spaces
25
Property subtype
Retail
Zoning
C-2 - Highway Commercial District
Occupancy
100%
Lease Type
Absolute Net
Investment Type
Net Lease
Net Operating Income
$84,500
Additional Details
Asking Price
$1,600,000
Anchor Co-Tenants
Hy-Vee, Walmart, Menards
Building Details
Year Built
2026
Buildings
1
Stories
1
Units
1
Tenancy
Single
Listing Agency:
Pegasus Investments
(310) 691-1350
Listed By:
Tony Veiller · License #CA 01995952
Source:
Crexi
Added: Apr 30
Changed: Aug 30
Last Checked: Aug 30 at 6:51AM
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 Pegasus Investments
Investment Insights
Based on property information with market context.
Completed in 2026, this 4,500-square-foot bank property is occupied by U.S. Bank National Association and carries C-2 - Highway Commercial District zoning. The asset is subject to a new 10-year absolute NNN lease, with 2% annual rent increases and four five-year extension options. U.S. Bank National Association carries an S&P A+ investment-grade rating.
The property is located at 331 Northeast Cypress Drive in Grimes, Iowa, within the city’s primary retail node. Nearby commercial activity includes Hy-Vee, Walmart, Menards, Aldi, Starbucks, Chipotle, McDonald’s, Culver’s, Arby’s, and McAlister’s. The site is also near the 50-acre GrimesPlex sports complex and directly across from a Tru by Hilton completed in late 2025.
The property is located at 331 Northeast Cypress Drive in Grimes, Iowa, within the city’s primary retail node. Nearby commercial activity includes Hy-Vee, Walmart, Menards, Aldi, Starbucks, Chipotle, McDonald’s, Culver’s, Arby’s, and McAlister’s. The site is also near the 50-acre GrimesPlex sports complex and directly across from a Tru by Hilton completed in late 2025.
Key Highlights
- Newly constructed 4,500 SF bank property with a 2026 year built
- New 10‑year absolute NNN lease with U.S. Bank National Association
- Lease includes 2% annual rent increases and four five‑year extension options
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
$57,409
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
3.40%
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%
$1,148,180
$1.1M
Cap Rate 7%
$820,129
$820.1K
Cap Rate 9%
$637,878
$637.9K
Market Conditions
NOI Build-Up for 4,500 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
$81.0K $18.00/SF
− Vacancy
−$4.5K −$0.99/SF
EGI
$76.5K $17.01/SF
− OpEx
−$19.1K −$4.25/SF
NOI
$57.4K $12.76/SF
Area
Polk County, IA
Vacancy
5.50%
Lease Rate
$18.00 /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%
$1,148,180
Cap Rate 7%
$820,129
Cap Rate 9%
$637,878
Alternative Uses
Best Use
Specialty Retail
$820.1K
$717.6K – $956.8K
NOI $57,409 @ 7.0% cap · market cap 3.40%
Second Best
Retail
$592.9K
$518.8K – $691.7K
NOI $41,504 @ 7.0% cap · market cap 2.46%
Theoretical Best
Flex RnD
$4.33M
$3.79M – $5.05M
NOI $303,228 @ 7.0% cap · market cap 17.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
406
Businesses Nearby
83k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 44%
Dining 35%
Groceries 16%
Leisure 4%
McDonald's
Dining
21,992 visits/mo
0.5 miles
Fareway
Groceries
13,306 visits/mo
0.4 miles
Dollar Tree
Shops & Services
12,064 visits/mo
0.4 miles
Grimes #3
Shops & Services
10,331 visits/mo
0.5 miles
Kum & Go
Shops & Services
8,949 visits/mo
0.4 miles
Demographics for 50111, IA
16,025
Population
6,345
Households
2.5
Avg Household Size
33
Median Age
48%
College-Educated
99%
High-School Grad
25.1 sq mi
ZIP Area
638
Density / Sq Mi
$108,352
Median Household Income
$59,868
Median Earnings
$1,156
Median Rent
$285,700
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Bank - Newly built banking facility within a C-2 Highway Commercial District.
Where is this bank located?
The property is located at 331 Northeast Cypress Drive Grimes, IA.
What is the asking price?
The asking price for this property is $1,690,000.
What are key features of this property?
This property features: Newly constructed 4,500 SF bank property with a 2026 year built; New 10‑year absolute NNN lease with U.S. Bank National Association; Lease includes 2% annual rent increases and four five‑year extension options
