Metal Warehouse and Office
For Sale
$2,500,000
4186 Alyssa CT, Iowa City, IA 52240
The property includes a rigid steel-frame metal warehouse with HVAC, rubber membrane roof, and an attached metal office with power overhead doors.
Property Size20,060 SF
Price / SF$124.63
Days on Market187
Property Features for 4186 Alyssa CT
General Information
Standard status
Active
Size
20,060 SF
Property subtype
General Commercial
Warehouse & Industrial
Clear Height
26 ft
Drive-In Doors
7
Taxes and HOA fees
Annual Taxes
$35,018
Amenities
Central Air
3
25 Parking Spaces. Concrete Driveway.
1.37 Acres
Building Details
Year Built
1999
Stories
1
Listing Agency:
McNaul Real Estate Inc
Listed By:
Karen McNaul
(641) 623-5026
Source:
Xome
Added: Mar 2
Changed: Sep 4
Last Checked: Sep 5 at 5:21AM
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 McNaul Real Estate Inc
Investment Insights
Based on property information with market context.
The property includes a metal warehouse built in 1999 with a rigid steel frame, metal/stucco insulation, and a 1-story design. The roof consists of a rubber membrane over steel, and the warehouse has vacuum gas HVAC. Office space is configured internally with heat only, and there is a 2,100 SF mezzanine area described as open storage/warehouse/work space, along with an additional 2,100 SF liner area described as compo (SFSA).
An additional 4,030 SF metal office built in 1999 is also included, with combination FHA-AC HVAC and a rubber membrane/steel roof. The facility has multiple overhead power doors, including one 14' wide by 14' high door and six 22' wide by 14' high doors, plus extensive steel stud partitioning is noted as 140 lineal feet at a height of 26.
Overall, the offering consists of a warehouse and office combination totaling 20,060 SF, designed for industrial operations with both open warehouse space and internal office support.
An additional 4,030 SF metal office built in 1999 is also included, with combination FHA-AC HVAC and a rubber membrane/steel roof. The facility has multiple overhead power doors, including one 14' wide by 14' high door and six 22' wide by 14' high doors, plus extensive steel stud partitioning is noted as 140 lineal feet at a height of 26.
Overall, the offering consists of a warehouse and office combination totaling 20,060 SF, designed for industrial operations with both open warehouse space and internal office support.
Key Highlights
- 1.37‑acre lot with 25 parking spaces and a concrete driveway.
- Metal warehouse built in 1999 with rigid steel frame (1 story) and 16,030 SF; 0 SF basement.
- Additional metal office built in 1999 with 4,030 SF (1 story) and 0 SF basement.
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
$156,324
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
6.25%
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%
$3,126,480
$3.1M
Cap Rate 7%
$2,233,200
$2.2M
Cap Rate 9%
$1,736,933
$1.7M
Market Conditions
NOI Build-Up for 20,060 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
$192.6K $9.60/SF
− Vacancy
−$8.7K −$0.43/SF
EGI
$183.9K $9.17/SF
− OpEx
−$27.6K −$1.38/SF
NOI
$156.3K $7.79/SF
Area
Johnson County, IA
Vacancy
4.50%
Lease Rate
$9.60 /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%
$3,126,480
Cap Rate 7%
$2,233,200
Cap Rate 9%
$1,736,933
Alternative Uses
Best Use
Warehouse
$2.23M
$1.95M – $2.61M
NOI $156,324 @ 7.0% cap · market cap 6.25%
Second Best
Industrial
$1.72M
$1.50M – $2.00M
NOI $120,059 @ 7.0% cap · market cap 4.80%
Theoretical Best
Office A
$4.36M
$3.81M – $5.08M
NOI $305,040 @ 7.0% cap · market cap 12.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
26 ft
Clear height
7
Drive-in doors
Location Intelligence
Trade Area within ½ mile
126
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 52240, IA
34,224
Population
17,035
Households
2
Avg Household Size
29
Median Age
47%
College-Educated
94%
High-School Grad
142.1 sq mi
ZIP Area
241
Density / Sq Mi
$55,189
Median Household Income
$25,508
Median Earnings
$1,065
Median Rent
$241,100
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - The property includes a rigid steel-frame metal warehouse with HVAC, rubber membrane roof, and an attached metal office with power overhead doors.
Where is this flex space located?
The property is located at 4186 Alyssa CT Iowa City, IA.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 1.37‑acre lot with 25 parking spaces and a concrete driveway.; Metal warehouse built in 1999 with rigid steel frame (1 story) and 16,030 SF; 0 SF basement.; Additional metal office built in 1999 with 4,030 SF (1 story) and 0 SF basement.
