Contractor Condo Flex
For Sale
$198,000
401 Snyder Drive Building B-H, Huxley, IA 50124
Brand-new contractor condos with overhead door access, radiant heat, and stubbed restroom plumbing for flexible trade use.
Property Size9,900 SF
Price / SF$120
Days on Market49
Property Features for 401 Snyder Drive Building B-H
General Information
Standard status
Active
Size
9,900 SF
Property subtype
Industrial
Building Details
Building Size
9,900 SF
Year Built
2021
Listing Agency:
Ferguson Commercial Real Estate Services
(515) 867-4964
Listed By:
Nathan Petsche · License #S70663000
Source:
Fergusoncres
Added: Jun 25
Changed: Aug 8
Last Checked: Aug 11 at 6:04AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Ferguson Commercial Real Estate Services
Investment Insights
Based on property information with market context.
This offering consists of brand-new steel and wood-framed contractor condo units designed for trades. Each building includes six bays, and Building B-H provides multiple individual units for purchase. Every condo bay measures 50' x 33' (1,650 SF each) and includes an overhead door opening with a 14' x 14' door. Units are stubbed for a restroom and feature radiant heat for added comfort and usability.
The property is located about 2 miles off I-35, placing it within a practical commute to Ames and Des Moines, with an approximate drive time of 20 minutes to both markets. These are standalone condo bays within a purpose-built contractor-focused setup.
For buyers seeking small, efficient space that can support contractor operations, workshop activity, or light warehousing, these units offer straightforward bay layouts, direct overhead door access, and utilities readiness for restroom build-out. All units are available for purchase, and build-to-suit options are noted for tenants or owners with specific requirements.
The property is located about 2 miles off I-35, placing it within a practical commute to Ames and Des Moines, with an approximate drive time of 20 minutes to both markets. These are standalone condo bays within a purpose-built contractor-focused setup.
For buyers seeking small, efficient space that can support contractor operations, workshop activity, or light warehousing, these units offer straightforward bay layouts, direct overhead door access, and utilities readiness for restroom build-out. All units are available for purchase, and build-to-suit options are noted for tenants or owners with specific requirements.
Key Highlights
- Year built 2021: new steel and wood‑framed contractor condos built for the trades
- Each building includes 6 bays measuring 50' x 33' (1,650 SF per bay)
- Overhead door access: 14' x 14' overhead door included in each bay
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
$8,572
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
4.33%
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%
$171,440
$171.4K
Cap Rate 7%
$122,457
$122.5K
Cap Rate 9%
$95,244
$95.2K
Market Conditions
NOI Build-Up for 1,650 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
$12.1K $7.32/SF
− Vacancy
−$2.0K −$1.21/SF
EGI
$10.1K $6.11/SF
− OpEx
−$1.5K −$0.92/SF
NOI
$8.6K $5.20/SF
Area
Story County, IA
Vacancy
16.50%
Lease Rate
$7.32 /SF/Yr
Expense Ratio
15.00%
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%
$171,440
Cap Rate 7%
$122,457
Cap Rate 9%
$95,244
Alternative Uses
Best Use
Warehouse
$122.5K
$107.2K – $142.9K
NOI $8,572 @ 7.0% cap · market cap 4.33%
Second Best
Industrial
$113.3K
$99.1K – $132.2K
NOI $7,930 @ 7.0% cap · market cap 4.01%
Theoretical Best
Office A
$385.6K
$337.4K – $449.9K
NOI $26,991 @ 7.0% cap · market cap 13.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
94
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 50124, IA
4,697
Population
1,717
Households
2.7
Avg Household Size
34
Median Age
58%
College-Educated
98%
High-School Grad
20.7 sq mi
ZIP Area
227
Density / Sq Mi
$122,974
Median Household Income
$63,682
Median Earnings
$1,260
Median Rent
$299,900
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- Comfort Food Catering — 632 N US Hwy 69, Huxley, IA 50124
Frequently Asked Questions
What type of property is this?
Flex space - Brand-new contractor condos with overhead door access, radiant heat, and stubbed restroom plumbing for flexible trade use.
Where is this flex space located?
The property is located at 401 Snyder Drive Building B-H Huxley, IA.
What is the asking price?
The asking price for this property is $198,000.
What are key features of this property?
This property features: Year built 2021: new steel and wood‑framed contractor condos built for the trades; Each building includes 6 bays measuring 50' x 33' (1,650 SF per bay); Overhead door access: 14' x 14' overhead door included in each bay
