Flex Space with Oversized
For Sale
$2,500,000
4186 Alyssa CT, Iowa City, IA 52240
COMMERCIAL - Other - Iowa City, IA
Property Size20,060 SF
Lot Size1.37 Acres
Price / SF$124.63
Days on Market174
Property Features for 4186 Alyssa CT
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
Google Map
Standard status
Active
APN
1020380002
Lot size
1.37 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
Scott's Fourth Addition Lot 2
Tax Annual Amount
35018
Legal Description
Scott's Fourth Addition Lot 2
Utilities
Sewer type
Septic Tank
Heating system
Radiant, Forced Air
Cooling system
Central Air
Water source
Well
Building Details
Year built
1999
Number of units
1
Flooring type
Concrete
Building materials
Metal Siding
Architectural style
Other
Listing Agency:
McNaul Real Estate Inc
(641) 623-5026
Listed By:
Karen McNaul
(641) 623-5026
Added: Mar 4
Changed: Aug 19
Last Checked: Aug 25 at 2:06PM
MLS# 6336048
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 1999 flex property includes a 16,030-square-foot metal warehouse with a rigid steel frame, rubber membrane and steel roofing, radiant heating, and concrete flooring. The warehouse includes an internally heated office area and open storage space. A separate 4,030-square-foot metal office addition provides forced-air heating with air conditioning, a rubber membrane and steel roof, five toilet rooms, rough plumbing, and a kitchen sink. The combined building area is 20,060 square feet on a 1.37-acre site.
The property includes six powered overhead doors measuring 14 feet wide by 14 feet high, plus one powered overhead door measuring 22 feet wide by 14 feet high. Additional improvements include 140 linear feet of wood stud partitioning. Water service is provided by a well, with septic tank sewer service.
The property includes six powered overhead doors measuring 14 feet wide by 14 feet high, plus one powered overhead door measuring 22 feet wide by 14 feet high. Additional improvements include 140 linear feet of wood stud partitioning. Water service is provided by a well, with septic tank sewer service.
Key Highlights
- 20,060 SF combined building area on 1.37 acres
- 16,030 SF warehouse and 4,030 SF office addition, both built in 1999
- Six powered 14‑foot by 14‑foot overhead doors
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
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Metal flex property combining warehouse and office areas with concrete flooring, central air, and multiple powered 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: 20,060 SF combined building area on 1.37 acres; 16,030 SF warehouse and 4,030 SF office addition, both built in 1999; Six powered 14‑foot by 14‑foot overhead doors
