Office Building with Flexible
New
For Sale
$1,500,000
3329 Lincoln Way, Ames, IA 50014
Commercial Sale, Ames, IA
Property Size6,565 SF
Lot Size0.53 Acres
Price / SF$228.48
Days on Market2
Property Features for 3329 Lincoln Way
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
HOC
Directions
West on Lincoln Way @ the corner of Lincoln Way & Colorado Avenue.
Subdivision
0001 - Ames NE
Standard status
Active
APN
09-05-476-075
Size
6,565 SF
Lot size
0.53 Acres
Taxes and HOA fees
Tax Description
DOTSONS ADD S110' LOT 9 EX S7.5'
Legal Description
DOTSONS ADD S110' LOT 9 EX S7.5'
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1961
Floors in Building
1
Flooring type
Vinyl, Carpet, Tile
Building materials
Concrete
Roof type
Rubber
Listing Agency:
Hunziker & Assoc.-Ames
(515) 233-4450
Listed By:
Chuck Winkleblack · License #B32796
(515) 233-4450
Added: Aug 21
Last Checked: Aug 22 at 1:06AM
MLS# 71075
Copyright © 2026 Central Iowa Board 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.
Built in 1961, this 6,565-square-foot office building combines reception and gathering space with a private office, open work area, two large conference rooms, and generous restroom facilities. A separate 2,335-square-foot open area provides additional flexibility, while 153 square feet of storage and a 368-square-foot mezzanine add usable support space. The building has concrete construction, vinyl, carpet, and tile flooring, along with natural gas forced-air heat and central air conditioning.
The property occupies a 23,174-square-foot lot at 3329 Lincoln Way in Ames, approximately half a mile west of Iowa State University. On-site parking includes 31 spaces. Public water and public sewer serve the property, which is zoned HOC.
The property occupies a 23,174-square-foot lot at 3329 Lincoln Way in Ames, approximately half a mile west of Iowa State University. On-site parking includes 31 spaces. Public water and public sewer serve the property, which is zoned HOC.
Key Highlights
- 6,565 SF office building on a 23,174 SF lot
- 31 on‑site parking spaces
- 2,335 SF open area for flexible use
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
—
—
no second resolved use
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?
Office building - Concrete construction, multiple meeting areas, private offices, and public utilities support varied professional uses.
Where is this office building 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 office building on a 23,174 SF lot; 31 on‑site parking spaces; 2,335 SF open area for flexible use
