Industrial Warehouse with Drive-In
For Sale
$1,800,000
3398 Nolan-Carney Drive, Perry, IA 50220
COMMERCIAL - Perry, IA
Property Size12,400 SF
Lot Size2.86 Acres
Price / SF$145.16
Days on Market190
Property Features for 3398 Nolan-Carney Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Property condition
Under Construction
Zoning
Industrial
Directions
From 141 West turn left toward Nolan and Carney Drive. Turn right onto Nolan and Carney Dr, building is on the right.
Subdivision
Perry
Standard status
Active
APN
0214226001
Size
12,400 SF
Lot size
2.86 Acres
Taxes and HOA fees
Tax Description
PERRY INDUSTRIAL PARK LOT 3
Tax Annual Amount
308
Legal Description
PERRY INDUSTRIAL PARK LOT 3
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
2025
Floors in Building
1
Flooring type
Concrete
Building materials
Steel Frame
Roof type
Metal
Listing Agency:
RE/MAX REAL ESTATE CENTER · RE/MAX International
2324663
Listed By:
Betts Team · License #B67497
2324663
Added: Feb 13
Changed: Aug 4
Last Checked: Aug 22 at 3:06PM
MLS# 69403
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.
This under-construction warehouse provides 12,400 square feet within a steel-frame metal building on 2.86 acres. The interior is designed as broad, adaptable space that can be configured for warehousing, distribution, light manufacturing, contractor operations, trades, or fleet storage. Concrete flooring, 16-foot sidewalls, and eight 14-foot-tall drive-in doors support vehicle movement and material handling. The property is scheduled for completion in 2025 and includes a metal roof.
Located in the Perry Industrial Park, the site has Industrial zoning and public water and sewer service. Outdoor acreage can accommodate parking or a laydown yard, with additional room identified for future expansion. The combination of building volume, ground area, and direct drive-in access supports owner-users seeking to tailor an industrial facility to their operations.
Located in the Perry Industrial Park, the site has Industrial zoning and public water and sewer service. Outdoor acreage can accommodate parking or a laydown yard, with additional room identified for future expansion. The combination of building volume, ground area, and direct drive-in access supports owner-users seeking to tailor an industrial facility to their operations.
Key Highlights
- 12,400 square feet of warehouse space on 2.86 acres
- Eight 14‑foot‑tall drive‑in doors
- 16‑foot sidewalls support warehouse and industrial operations
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
$50,844
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
2.82%
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%
$1,016,880
$1.0M
Cap Rate 7%
$726,343
$726.3K
Cap Rate 9%
$564,933
$564.9K
Market Conditions
NOI Build-Up for 12,400 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
$78.9K $6.36/SF
− Vacancy
−$6.2K −$0.50/SF
EGI
$72.6K $5.86/SF
− OpEx
−$21.8K −$1.76/SF
NOI
$50.8K $4.10/SF
Area
Dallas County, IA
Vacancy
7.90%
Lease Rate
$6.36 /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%
$1,016,880
Cap Rate 7%
$726,343
Cap Rate 9%
$564,933
Alternative Uses
Best Use
Flex RnD
$11.94M
$10.44M – $13.93M
NOI $835,562 @ 7.0% cap · market cap 46.42%
Second Best
Warehouse
$9.98M
$8.74M – $11.65M
NOI $698,928 @ 7.0% cap · market cap 38.83%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Drive-in doors
Location Intelligence
Trade Area within ½ mile
61
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 50220, IA
9,045
Population
3,925
Households
2.3
Avg Household Size
37
Median Age
17%
College-Educated
87%
High-School Grad
100.5 sq mi
ZIP Area
90
Density / Sq Mi
$68,750
Median Household Income
$38,195
Median Earnings
$883
Median Rent
$146,200
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.
Similar Off Market Nearby
- Store It Best — 2905 Willis Ave, Perry, IA 50220
- Four Seasons Mini Storage — 3001 Willis Ave, Perry, IA 50220
- Heartland Storage Solutions — 1060 26th St, Perry, IA 50220
Frequently Asked Questions
What type of property is this?
Warehouse - Steel-frame warehouse offering adaptable open space, concrete flooring, and multiple drive-in doors.
Where is this warehouse located?
The property is located at 3398 Nolan-Carney Drive Perry, IA.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: 12,400 square feet of warehouse space on 2.86 acres; Eight 14‑foot‑tall drive‑in doors; 16‑foot sidewalls support warehouse and industrial operations
