Flex Industrial Building with High-Clearance
For Sale
$2,200,000
4186 Alyssa Court, Iowa City, IA 52240
Commercial Sale, Iowa City, IA
Property Size20,060 SF
Lot Size1.37 Acres
Price / SF$109.67
Days on Market15
Property Features for 4186 Alyssa Court
General Information
Property type
Commercial Sale
Property subtype
Other
High school district
000000
Standard status
Active
APN
1020380002
Lot size
1.37 Acres
Listing Agency:
National Land Realty, Southern IA
Listed By:
(855) 384-5263
Added: Sep 18
Changed: Sep 30
Last Checked: Oct 2 at 11:06AM
MLS# 12005183
Copyright © 2026 My State 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 20,060-square-foot flex property, built in 1999, combines 16,030 square feet of warehouse area with 4,030 square feet of finished office space. The steel-frame building has concrete floors, HVAC, and approximately 26 feet of clearance. Warehouse features include six powered 14' x 14' overhead doors, one powered 22' x 14' door, and a separate door with dock-height access. All warehouse bays are heated; one enclosed bay also has in-floor heat. Additional storage or potential office area above the storefront exceeds 4,000 square feet, with more storage above the west-end office area.
Key Highlights
- 20,060 SF total, including 16,030 SF of warehouse and 4,030 SF of finished office space
- Approximately 26‑foot clearance in a steel‑frame building constructed in 1999
- Six powered 14' x 14' doors and one powered 22' x 14' overhead door
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
7.11%
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 7.11%
Second Best
Industrial
$1.72M
$1.50M – $2.00M
NOI $120,059 @ 7.0% cap · market cap 5.46%
Theoretical Best
Office A
$4.36M
$3.81M – $5.08M
NOI $305,040 @ 7.0% cap · market cap 13.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
26 ft
Clear height
1
Dock-high doors
Yes
Highway access
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
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - A combined office and warehouse layout provides space for administrative functions alongside industrial operations.
Where is this flex space located?
The property is located at 4186 Alyssa Court Iowa City, IA.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: 20,060 SF total, including 16,030 SF of warehouse and 4,030 SF of finished office space; Approximately 26‑foot clearance in a steel‑frame building constructed in 1999; Six powered 14' x 14' doors and one powered 22' x 14' overhead door
