Flex Space with
For Sale
$769,900
3615 Flint Ridge Drive, Burlington, IA 52601
COMMERCIAL - Burlington, IA
Property Size8,100 SF
Lot Size0.99 Acres
Price / SF$95.05
Days on Market92
Property Features for 3615 Flint Ridge Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
FLINT RIDGE BUSINESS PARK 11TH
Directions
Take East Agency St then turn left on West Burlington Ave, then right onto Flint Ridge Drive.
Standard status
Active
APN
15-01-126-018
Lot size
0.99 Acres
Taxes and HOA fees
Tax Year
2023
Tax Description
FLINT RIDGE BUSINESS PARK 11TH ADDTN LOT 4B
Tax Annual Amount
8642
Legal Description
FLINT RIDGE BUSINESS PARK 11TH ADDTN LOT 4B
Utilities
Heating system
Radiant
Water source
Public
Amenities
offices
bathrooms
gas forced heat
air conditioning
radiant heat
air lines
high ceilings
Building Details
Year built
2002
Number of units
1
Building materials
Vinyl Siding
Listing Agency:
Century 21/Property Professionals
(319) 753-6000
Listed By:
Elizabeth Ross · License #***
(319) 750-0010
Added: May 21
Changed: Aug 4
Last Checked: Aug 20 at 1:06PM
MLS# 6330011
Copyright © 2026 NoCoast MLS. 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 2002-built flex facility combines 2,500 square feet of retail and office area with 5,600 square feet devoted to warehouse and manufacturing functions. The front area includes three offices, one full bath, and two half baths, while removable showroom walls allow the retail portion to be reconfigured. Building infrastructure includes two overhead doors, a truck dock, high ceilings, air lines, three-phase electric service, gas forced-air heat, radiant heat, and air conditioning.
The property occupies 0.99 acres in Flint Ridge business park, directly across from Lowe’s in Burlington. Public water serves the site, and the exterior is finished with vinyl siding. The entire facility is available for purchase or lease, supporting both owner-user and occupancy strategies.
The property occupies 0.99 acres in Flint Ridge business park, directly across from Lowe’s in Burlington. Public water serves the site, and the exterior is finished with vinyl siding. The entire facility is available for purchase or lease, supporting both owner-user and occupancy strategies.
Key Highlights
- 2,500 SF retail and office area plus 5,600 SF warehouse/manufacturing space
- Three offices, one full bath, and two half baths
- Two overhead doors and a truck dock
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
$60,448
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
7.85%
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%
$1,208,960
$1.2M
Cap Rate 7%
$863,543
$863.5K
Cap Rate 9%
$671,644
$671.6K
Market Conditions
NOI Build-Up for 8,100 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
$99.1K $12.24/SF
− Vacancy
−$6.1K −$0.76/SF
EGI
$93.0K $11.48/SF
− OpEx
−$32.5K −$4.02/SF
NOI
$60.4K $7.46/SF
Area
Des Moines County, IA
Vacancy
6.20%
Lease Rate
$12.24 /SF/Yr
Expense Ratio
35.00%
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%
$1,208,960
Cap Rate 7%
$863,543
Cap Rate 9%
$671,644
Alternative Uses
Best Use
Warehouse
$1.21M
$1.06M – $1.41M
NOI $84,855 @ 7.0% cap · market cap 11.02%
Second Best
Industrial
$1.12M
$981.3K – $1.31M
NOI $78,500 @ 7.0% cap · market cap 10.20%
Theoretical Best
Office A
$2.02M
$1.77M – $2.36M
NOI $141,685 @ 7.0% cap · market cap 18.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Dock-high doors
2
Drive-in doors
Location Intelligence
Trade Area within ½ mile
352
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 52601, IA
27,899
Population
14,107
Households
2
Avg Household Size
43
Median Age
24%
College-Educated
94%
High-School Grad
109.3 sq mi
ZIP Area
255
Density / Sq Mi
$57,123
Median Household Income
$35,594
Median Earnings
$921
Median Rent
$125,500
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.
Frequently Asked Questions
What type of property is this?
Flex space - Retail-facing space combines with rear production and storage areas in a configurable commercial facility.
Where is this flex space located?
The property is located at 3615 Flint Ridge Drive Burlington, IA.
What is the asking price?
The asking price for this property is $769,900.
What are key features of this property?
This property features: 2,500 SF retail and office area plus 5,600 SF warehouse/manufacturing space; Three offices, one full bath, and two half baths; Two overhead doors and a truck dock
