Flex Space With Overhead
New
For Sale
$115,000
3318 Airline Highway #3, Waterloo, IA 50703
Finished flex space includes separately metered utilities, a bathroom, and dedicated heating and cooling.
Property Size1,000 SF
Price / SF$115
Days on Market6
Property Features for 3318 Airline Highway #3
General Information
Standard status
Active
Size
1,000 SF
Property subtype
Commercial
Building Details
Year Built
2024
Listing Agency:
Structure Real Estate
Listed By:
Brian Wingert · License #NBR1011
(319) 239-7805
Source:
Movewithvvre
Added: Sep 22
Last Checked: Sep 22 at 1:49PM
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 Structure Real Estate
Investment Insights
Based on property information with market context.
Built in 2024, this flex space measures 20 x 50 feet and is configured for practical commercial, storage, or contractor use. The unit includes a bathroom, separately metered utilities, dedicated heating and cooling, and a 12 x 14-foot overhead door. Interior finishes include painted walls, baseboards, and Level 3+ drywall.
The property is located at 3318 Airline Highway #3 in Waterloo, Iowa. A custom-sized unit is also planned for the next building, with construction starting in 2027.
The property is located at 3318 Airline Highway #3 in Waterloo, Iowa. A custom-sized unit is also planned for the next building, with construction starting in 2027.
Key Highlights
- 20 x 50‑foot flex space
- 12 x 14‑foot overhead door
- Separately metered utilities
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
$4,486
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
3.90%
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%
$89,720
$89.7K
Cap Rate 7%
$64,086
$64.1K
Cap Rate 9%
$49,844
$49.8K
Market Conditions
NOI Build-Up for 1,000 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
$7.3K $7.32/SF
− Vacancy
−$418 −$0.42/SF
EGI
$6.9K $6.90/SF
− OpEx
−$2.4K −$2.42/SF
NOI
$4.5K $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%
$89,720
Cap Rate 7%
$64,086
Cap Rate 9%
$49,844
Alternative Uses
Best Use
Warehouse
$1.01M
$884.8K – $1.18M
NOI $70,785 @ 7.0% cap · market cap 61.55%
Second Best
Industrial
$832.8K
$728.7K – $971.6K
NOI $58,294 @ 7.0% cap · market cap 50.69%
Theoretical Best
Mixed Use
$1.25M
$1.10M – $1.46M
NOI $87,750 @ 7.0% cap · market cap 76.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
87
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Finished flex space includes separately metered utilities, a bathroom, and dedicated heating and cooling.
Where is this flex space located?
The property is located at 3318 Airline Highway #3 Waterloo, IA.
What is the asking price?
The asking price for this property is $115,000.
What are key features of this property?
This property features: 20 x 50‑foot flex space; 12 x 14‑foot overhead door; Separately metered utilities
