Flex Building with Office
For Sale
$339,000
413 E Grade St, Winterset, IA 50273
Commercial building with dedicated offices, kitchen infrastructure, and powered overhead loading access.
Property Size1,620 SF
Price / SF$209.26
Days on Market310
Property Features for 413 E Grade St
General Information
Standard status
Active
Size
1,620 SF
Property subtype
Commercial
Warehouse & Industrial
Office Build-Out
900 SF
Drive-In Doors
1
Amenities
kitchen
Building Details
Year Built
2003
Buildings
1
Building Size
1,620 SF
Construction
Morton building
Listing Agency:
Madison County Realty
(515) 480-3389
Listed By:
Jennifer Stover (515) 462-3120
Source:
Desmoineshomesforsale
Added: Oct 25, 2025
Changed: Aug 29
Last Checked: Aug 29 at 5:59PM
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 Madison County Realty
Investment Insights
Based on property information with market context.
This 1,620-square-foot Morton building was constructed in 2003 and configured for flexible commercial use. The interior includes 900 square feet of dedicated office space, along with a kitchen and plumbing routed above the floor. That arrangement allows the kitchen area to be converted into open workshop space if desired.
A powered 12-by-10-foot overhead door supports equipment movement and deliveries. Parking is available for staff and customer traffic. Located at 413 E Grade St in Winterset, Iowa, the property combines office functionality with workshop-oriented features in a single commercial building.
A powered 12-by-10-foot overhead door supports equipment movement and deliveries. Parking is available for staff and customer traffic. Located at 413 E Grade St in Winterset, Iowa, the property combines office functionality with workshop-oriented features in a single commercial building.
Key Highlights
- 1,620‑square‑foot Morton building constructed in 2003
- 900 square feet of dedicated office space
- Kitchen with plumbing routed above the floor
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
$21,345
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
6.30%
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%
$426,900
$426.9K
Cap Rate 7%
$304,929
$304.9K
Cap Rate 9%
$237,167
$237.2K
Market Conditions
NOI Build-Up for 1,620 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
$35.6K $21.96/SF
− Vacancy
−$7.1K −$4.39/SF
EGI
$28.5K $17.57/SF
− OpEx
−$7.1K −$4.39/SF
NOI
$21.3K $13.18/SF
Area
Madison 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 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%
$426,900
Cap Rate 7%
$304,929
Cap Rate 9%
$237,167
Alternative Uses
Best Use
Flex RnD
$1.56M
$1.36M – $1.82M
NOI $109,162 @ 7.0% cap · market cap 32.20%
Second Best
Office B
$304.9K
$266.8K – $355.8K
NOI $21,345 @ 7.0% cap · market cap 6.30%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Location Intelligence
Trade Area within ½ mile
469
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 50273, IA
8,570
Population
3,927
Households
2.2
Avg Household Size
41
Median Age
25%
College-Educated
96%
High-School Grad
195.2 sq mi
ZIP Area
44
Density / Sq Mi
$80,018
Median Household Income
$48,149
Median Earnings
$948
Median Rent
$216,100
Median Home Value
Market
Vacancy Rate% for Office 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 - Commercial building with dedicated offices, kitchen infrastructure, and powered overhead loading access.
Where is this flex space located?
The property is located at 413 E Grade St Winterset, IA.
What is the asking price?
The asking price for this property is $339,000.
What are key features of this property?
This property features: 1,620‑square‑foot Morton building constructed in 2003; 900 square feet of dedicated office space; Kitchen with plumbing routed above the floor
