Single-Story General Commercial
For Sale
Under Contract
$650,000
3398 Kennedy Circle, Dubuque, IA 52001
COMMERCIAL - Dubuque, IA
Property Size5,858 SF
Lot Size0.96 Acres
Price / SF$110.96
Days on Market49
Property Features for 3398 Kennedy Circle
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C-3
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Bathroom 2, Bathroom 1
Parking
31
Subdivision
DUBUQUE AREA
Standard status
Active Under Contract
APN
1021428008
Lot size
0.96 Acres
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Amenities
attractive awnings
covered entrance
former drive-through with portico
prominent freestanding sign
Building Details
Year built
1995
Floors in Building
1
Flooring type
Concrete
Building materials
Block, Steel Siding
Roof type
Rubber
Listing Agency:
Remax Advantage · RE/MAX International
(563) 588-3078
Listed By:
David Sandman · License #S41715
(563) 599-7444
Added: Jul 13
Changed: Aug 4
Last Checked: Aug 30 at 4:06AM
MLS# 155196
Copyright © 2026 East Central Iowa Association of Realtors. 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.
Located at 3398 Kennedy Circle in Dubuque, Iowa, this well-maintained one-story commercial building totals 5,858 square feet on a 0.96-acre lot. Built in 1995, the property features an updated exterior with attractive awnings and a covered entrance. The layout previously operated as a laundromat and dry cleaner, and it includes a former drive-through with a portico, providing additional flexibility for a range of retail, medical, office, restaurant, and service-oriented uses.
The building is zoned C-3 General Commercial. On-site parking includes more than 30 asphalt spaces, and the site has a prominent freestanding sign. For year-round comfort, the property is equipped with gas forced-air heat and central air conditioning.
The building is zoned C-3 General Commercial. On-site parking includes more than 30 asphalt spaces, and the site has a prominent freestanding sign. For year-round comfort, the property is equipped with gas forced-air heat and central air conditioning.
Key Highlights
- 5,858 SF one‑story commercial building built in 1995 on a 0.96‑acre lot
- C‑3 General Commercial zoning for a wide variety of business uses
- Former laundromat and dry cleaner site with former drive‑through and portico
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
$50,880
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
7.83%
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%
$1,017,600
$1.0M
Cap Rate 7%
$726,857
$726.9K
Cap Rate 9%
$565,333
$565.3K
Market Conditions
NOI Build-Up for 5,858 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
$77.3K $13.20/SF
− Vacancy
−$4.6K −$0.79/SF
EGI
$72.7K $12.41/SF
− OpEx
−$21.8K −$3.72/SF
NOI
$50.9K $8.69/SF
Area
Dubuque County, IA
Vacancy
6.00%
Lease Rate
$13.20 /SF/Yr
Expense Ratio
30.00%
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%
$1,017,600
Cap Rate 7%
$726,857
Cap Rate 9%
$565,333
Alternative Uses
Best Use
Retail
$726.9K
$636.0K – $848.0K
NOI $50,880 @ 7.0% cap · market cap 7.83%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.14M
$997.5K – $1.33M
NOI $79,802 @ 7.0% cap · market cap 12.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
560
Businesses Nearby
Explore this area
Business Placement
Demographics for 52001, IA
43,572
Population
20,102
Households
2.2
Avg Household Size
36
Median Age
30%
College-Educated
92%
High-School Grad
26.1 sq mi
ZIP Area
1,669
Density / Sq Mi
$60,882
Median Household Income
$35,571
Median Earnings
$916
Median Rent
$168,900
Median Home Value
Market
Vacancy Rate% for Retail 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?
Retail space - C-3 zoned one-story building with central air, gas forced-air heat, covered entry, former drive-through, and 30+ parking spaces.
Where is this retail space located?
The property is located at 3398 Kennedy Circle Dubuque, IA.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 5,858 SF one‑story commercial building built in 1995 on a 0.96‑acre lot; C‑3 General Commercial zoning for a wide variety of business uses; Former laundromat and dry cleaner site with former drive‑through and portico
