Fully Leased Industrial Flex
For Sale
$1,350,000
415 62nd St, Marion, IA 52302
Two-building industrial flex property with 12 small-bay units, fully leased, currently on gross leases.
Property Size19,592 SF
Price / SF$68.91
Days on Market178
Property Features for 415 62nd St
General Information
Standard status
Active
Size
19,592 SF
Property subtype
Commercial
Zoning
M-2
Occupancy
100%
Taxes and HOA fees
Annual Taxes
$34,294
Amenities
ConcreteSlabGrade
1.48
CountyRoad,Paved
Building Details
Year Built
2004
Tenancy
Multi
Listing Agency:
Urban Acres Real Estate
(319) 393-0900
Listed By:
Star Horak
(319) 538-7671
Source:
Pinnaclerealtyia
Added: May 6
Changed: Oct 28
Last Checked: Oct 28 at 6:25AM
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 Urban Acres Real Estate
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This fully leased industrial flex property is comprised of two buildings on a single parcel and contains 12 individual units. Unit sizes range from approximately 466 SF to about 2,850 SF, creating a mix of smaller-bay configurations suited to a variety of light industrial and flex users. The property is presented as a multi-tenant setup with existing lease coverage.
The buildings are located at 415 62nd St in Marion, Iowa. According to the remarks, leases are currently structured on a gross basis. A Confidentiality Agreement is required to view the Offering Memorandum; please contact the listing broker for access.
For buyers, the current configuration offers in-place income through an occupied, multi-unit portfolio. Because the leases are reported as gross, the property may be evaluated for potential operating-structure changes, including the possibility of transitioning to NNN. The property is also noted as having room for value through modest improvements and rent adjustments, subject to underwriting and lease details.
The buildings are located at 415 62nd St in Marion, Iowa. According to the remarks, leases are currently structured on a gross basis. A Confidentiality Agreement is required to view the Offering Memorandum; please contact the listing broker for access.
For buyers, the current configuration offers in-place income through an occupied, multi-unit portfolio. Because the leases are reported as gross, the property may be evaluated for potential operating-structure changes, including the possibility of transitioning to NNN. The property is also noted as having room for value through modest improvements and rent adjustments, subject to underwriting and lease details.
Key Highlights
- Fully leased Marion industrial property with two buildings on a single parcel
- 12‑unit layout of small‑bay industrial/flex spaces totaling approximately 466 SF to 2,850 SF per unit
- Strong historical occupancy with consistent in‑place income reported
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$95,174
Cap Rate
7.05%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,903,480
$1.9M
Cap Rate 7%
$1,359,629
$1.4M
Cap Rate 9%
$1,057,489
$1.1M
Market Conditions
NOI Build-Up for 19,592 SF
Gross rent
$144.2K $7.36/SF
− Vacancy
−$8.2K −$0.42/SF
EGI
$136.0K $6.94/SF
− OpEx
−$40.8K −$2.08/SF
NOI
$95.2K $4.86/SF
Area
Linn County, IA
Vacancy
5.71%
Lease Rate
$7.36 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,903,480
Cap Rate 7%
$1,359,629
Cap Rate 9%
$1,057,489
Alternative Uses
Best Use
Industrial
$1.36M
$1.19M – $1.59M
NOI $95,174 @ 7.0% cap · market cap 7.05%
Second Best
Flex RnD
$1.26M
$1.10M – $1.46M
NOI $87,896 @ 7.0% cap · market cap 6.51%
Theoretical Best
Self Storage
$3.30M
$2.89M – $3.85M
NOI $230,813 @ 7.0% cap · market cap 17.10%
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
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
228
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 52302, IA
43,130
Population
18,153
Households
2.4
Avg Household Size
39
Median Age
39%
College-Educated
97%
High-School Grad
74.3 sq mi
ZIP Area
580
Density / Sq Mi
$87,463
Median Household Income
$50,234
Median Earnings
$963
Median Rent
$232,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Midwest region
Frequently Asked Questions
What type of property is this?
Flex space - Two-building industrial flex property with 12 small-bay units, fully leased, currently on gross leases.
Where is this flex space located?
The property is located at 415 62nd St Marion, IA.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: Fully leased Marion industrial property with two buildings on a single parcel; 12‑unit layout of small‑bay industrial/flex spaces totaling approximately 466 SF to 2,850 SF per unit; Strong historical occupancy with consistent in‑place income reported
