Building Details

Year Built 2005

Listing Agency: Real Broker, LLC

Listed By: Chassi Prado (515) 201-3002 Show Phone

Source: Desmoineshomesforsale

Added: Oct 21 Changed: Oct 29 Last Checked: Oct 30 at 2:19PM

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Investment Insights

Based on property information with market context.

This 1,410-square-foot office suite at 340 Wright Road in Norwalk includes an open work area, private offices, and a reception area. Restrooms, storage, and a kitchenette round out the interior layout. Signage is available, and the space is offered on an NNN lease basis.

Wright Road connects directly to Highway 28, providing access to the route from the property. The suite is available immediately.

Key Highlights

• 1,410 SF office suite
• Open work area, private offices, and reception area
• Includes restrooms, storage, and a kitchenette

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$210,816

Suggested Prices Based on Cap Rates

Cap Rate 5%

$4,216,320 $4.2M

Cap Rate 7%

$3,011,657 $3.0M

Cap Rate 9%

$2,342,400 $2.3M

What to ask about pricing

Market Conditions

NOI Build-Up for 16,000 SF

Gross rent

$351.4K $21.96/SF

− Vacancy

−$70.3K −$4.39/SF

EGI

$281.1K $17.57/SF

− OpEx

−$70.3K −$4.39/SF

NOI

$210.8K $13.18/SF

Area

Warren County, IA

Vacancy

20.00%

Lease Rate

$21.96 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$4,216,320

Cap Rate 7%

$3,011,657

Cap Rate 9%

$2,342,400

Alternative Uses

Best Use

Office B

$3.01M

$2.64M – $3.51M (±1% cap)

NOI $210,816 @ 7.0% cap · market cap 1,240,094.12%

Second Best

—

—

no second resolved use

Theoretical Best

Flex RnD

$15.40M

$13.48M – $17.97M (±1% cap)

NOI $1,078,145 @ 7.0% cap · market cap 6,342,029.41%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Office Units

Suggested Use

Top Pick Real Estate Agency Building Supply Restaurant Law Firm Big Box & Wholesale Store Auto Repair Shop

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

65

Businesses Nearby

Explore this area Business Placement

Demographics for 50211, IA

15,158

Population

6,469

Households

2.3

Avg Household Size

37

Median Age

37%

College-Educated

98%

High-School Grad

58.6 sq mi

ZIP Area

259

Density / Sq Mi

$97,661

Median Household Income

$52,755

Median Earnings

$883

Median Rent

$293,800

Median Home Value

Market

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

Frequently Asked Questions

What type of property is this?

Office unit - A reception area, kitchenette, restrooms, and storage complement the suite’s private offices and open work area.

Where is this office unit located?

The property is located at 340 Wright Rd Norwalk, IA.

What are key features of this property?

This property features: 1,410 SF office suite; Open work area, private offices, and reception area; Includes restrooms, storage, and a kitchenette