Mixed-Use Building with Open
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For Sale
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3329 LINCOLN WAY, Ames, IA 50014
Adaptable interior includes private and open office areas, conference rooms, reception space, and on-site parking.
Property Size6,565 SF
Lot Size0.53 Acres
Price / SF$228.48
Days on Market7
Property Features for 3329 LINCOLN WAY
General Information
Standard status
Active
Size
6,565 SF
Class
C
Total Parking Spaces
31
Lot size
0.53 Acres
Property subtype
Retail, Mixed Use, Special Purpose
Zoning
HOC
Investment Type
Owner/User
Amenities
gathering/reception area
private office
open office space
conference rooms
open space
restroom facilities
storage space
mezzanine
Building Details
Year Built
1961
Buildings
1
Stories
1
Units
1
Building Size
6,565 SF
Listing Agency:
Hunziker & Associates Inc Realtors Ames
(515) 290-7007
Listed By:
Chuck Winkleblack · License #IA B32796
Source:
Crexi
Added: Aug 25
Changed: Aug 31
Last Checked: Aug 31 at 8:25AM
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 Hunziker & Associates Inc Realtors Ames
Investment Insights
Based on property information with market context.
This mixed-use commercial building at 3329 Lincoln Way in Ames, Iowa, contains 6,565 SF within a 23,174 SF lot. The interior combines a reception and gathering area, private office, open office space, two large conference rooms, and 2,335 SF of open area. Restroom facilities, 153 SF of dedicated storage, and a 368 SF mezzanine add practical utility. Built in 1961, the property is zoned HOC.
Located half a mile west of Iowa State University, the building offers access to Lincoln Way and includes 31 on-site parking spaces. Its combination of office rooms, meeting areas, open space, storage, and parking supports office, professional, educational, and other commercial applications identified for the property.
Located half a mile west of Iowa State University, the building offers access to Lincoln Way and includes 31 on-site parking spaces. Its combination of office rooms, meeting areas, open space, storage, and parking supports office, professional, educational, and other commercial applications identified for the property.
Key Highlights
- 6,565 SF commercial building on a 23,174 SF lot
- 2,335 SF of adaptable open space
- 31 on‑site parking spaces
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
$71,788
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
4.79%
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%
$1,435,760
$1.4M
Cap Rate 7%
$1,025,543
$1.0M
Cap Rate 9%
$797,644
$797.6K
Market Conditions
NOI Build-Up for 6,565 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
$118.2K $18.00/SF
− Vacancy
−$22.5K −$3.42/SF
EGI
$95.7K $14.58/SF
− OpEx
−$23.9K −$3.65/SF
NOI
$71.8K $10.94/SF
Area
Story County, IA
Vacancy
19.00%
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%
$1,435,760
Cap Rate 7%
$1,025,543
Cap Rate 9%
$797,644
Alternative Uses
Best Use
Office B
$1.03M
$897.4K – $1.20M
NOI $71,788 @ 7.0% cap · market cap 4.79%
Second Best
Mixed Use
$949.6K
$830.9K – $1.11M
NOI $66,471 @ 7.0% cap · market cap 4.43%
Theoretical Best
Office A
$1.53M
$1.34M – $1.79M
NOI $107,393 @ 7.0% cap · market cap 7.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
411
Businesses Nearby
Explore this area
Business Placement
Demographics for 50014, IA
31,587
Population
14,860
Households
2.1
Avg Household Size
26
Median Age
69%
College-Educated
98%
High-School Grad
54.2 sq mi
ZIP Area
583
Density / Sq Mi
$57,372
Median Household Income
$20,952
Median Earnings
$1,083
Median Rent
$312,700
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Adaptable interior includes private and open office areas, conference rooms, reception space, and on-site parking.
Where is this mixed-use property located?
The property is located at 3329 LINCOLN WAY Ames, 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: 6,565 SF commercial building on a 23,174 SF lot; 2,335 SF of adaptable open space; 31 on‑site parking spaces
