Flex Space Business
For Sale
$105,000
3318 Airline Highway, Waterloo, IA 50703
Each 20x50 suite includes a private bathroom, HVAC, separately metered utilities, and a 12x14 overhead door.
Property Size8,000 SF
Price / SF$105
Days on Market330
Property Features for 3318 Airline Highway
General Information
Standard status
Active
Size
8,000 SF
Property subtype
Commercial
Zoning
c
Lease Type
Gross
Taxes and HOA fees
Annual Taxes
$3,000
Amenities
1.1
8000
Building Details
Building Size
8,000 SF
Year Built
2024
Listing Agency:
Cornerstone Real Estate Consultants
(319) 393-0900
Listed By:
Lydia Fitzgerald
(319) 213-1157
Source:
Pinnaclerealtyia
Added: Oct 13, 2025
Changed: Sep 6
Last Checked: Sep 7 at 4:56AM
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 Cornerstone Real Estate Consultants
Investment Insights
Based on property information with market context.
These flex space business suites offer a straightforward small-bay setup with individual functionality. Each 20x50 unit includes its own bathroom and heating and cooling, along with separately metered utilities for more independent operation.
Operational convenience is built in with a 12x14’ overhead door for loading and access. The property is located at 3318 Airline Highway in Waterloo, IA.
Additional flexibility may be available through custom-sized units in a next building starting in 2026, subject to inquiry.
Operational convenience is built in with a 12x14’ overhead door for loading and access. The property is located at 3318 Airline Highway in Waterloo, IA.
Additional flexibility may be available through custom-sized units in a next building starting in 2026, subject to inquiry.
Key Highlights
- New 2024 build with 20x50 business suites offering flex space for a range of uses.
- Each suite includes a private bathroom and dedicated HVAC system.
- Suites feature separately metered utilities for each unit.
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
4.27%
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 67.41%
Second Best
Industrial
$832.8K
$728.7K – $971.6K
NOI $58,294 @ 7.0% cap · market cap 55.52%
Theoretical Best
Mixed Use
$1.25M
$1.10M – $1.46M
NOI $87,750 @ 7.0% cap · market cap 83.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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 - Each 20x50 suite includes a private bathroom, HVAC, separately metered utilities, and a 12x14 overhead door.
Where is this flex space located?
The property is located at 3318 Airline Highway Waterloo, IA.
What is the asking price?
The asking price for this property is $105,000.
What are key features of this property?
This property features: New 2024 build with 20x50 business suites offering flex space for a range of uses.; Each suite includes a private bathroom and dedicated HVAC system.; Suites feature separately metered utilities for each unit.
