Flex Space with Dock
New
For Sale
$115,000
440 W Parker Street, Waterloo, IA 50703
Functional commercial space with dock access, a private office, restroom, and year-round heating and cooling.
Property Size2,016 SF
Price / SF$57.04
Days on Market2
Property Features for 440 W Parker Street
General Information
Standard status
Active
Size
2,016 SF
Property subtype
Commercial
Zoning
M2
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Dock-High Doors
2
Taxes and HOA fees
Annual Taxes
$3,227
Amenities
dedicated office
bathroom
forced air heat
central AC
0.15
2016
Building Details
Building Size
2,016 SF
Year Built
1947
Buildings
1
Listing Agency:
IOWA REALTY COMMERCIAL
(319) 393-0900
Listed By:
Tytan Bowers
(319) 777-2234
Source:
Pinnaclerealtyia
Added: Sep 16
Changed: Sep 17
Last Checked: Sep 16 at 2:34PM
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 IOWA REALTY COMMERCIAL
Investment Insights
Based on property information with market context.
This 2,016-square-foot flex property at 440 W Parker Street in Waterloo provides a practical commercial layout with two dock doors, a dedicated office, and a bathroom. Forced-air heat and central air conditioning support year-round operation. Built in 1947, the building is zoned M2 and offers a configuration suited to a range of commercial activities.
A new road fronts the property, with access to major highways and traffic along the surrounding corridor. The combination of dock loading, office space, climate control, and a compact footprint supports uses including auto repair, small manufacturing, and storage, as identified for the property.
A new road fronts the property, with access to major highways and traffic along the surrounding corridor. The combination of dock loading, office space, climate control, and a compact footprint supports uses including auto repair, small manufacturing, and storage, as identified for the property.
Key Highlights
- 2,016 SF flex building on 0.15 acres
- Two dock doors for loading access
- M2 zoning
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
$9,044
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
7.86%
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%
$180,880
$180.9K
Cap Rate 7%
$129,200
$129.2K
Cap Rate 9%
$100,489
$100.5K
Market Conditions
NOI Build-Up for 2,016 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
$14.8K $7.32/SF
− Vacancy
−$843 −$0.42/SF
EGI
$13.9K $6.90/SF
− OpEx
−$4.9K −$2.42/SF
NOI
$9.0K $4.49/SF
Area
Black Hawk County, IA
Vacancy
5.71%
Lease Rate
$7.32 /SF/Yr
Expense Ratio
35.00%
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%
$180,880
Cap Rate 7%
$129,200
Cap Rate 9%
$100,489
Alternative Uses
Best Use
Warehouse
$2.04M
$1.78M – $2.38M
NOI $142,703 @ 7.0% cap · market cap 124.09%
Second Best
Industrial
$1.68M
$1.47M – $1.96M
NOI $117,520 @ 7.0% cap · market cap 102.19%
Theoretical Best
Mixed Use
$2.53M
$2.21M – $2.95M
NOI $176,904 @ 7.0% cap · market cap 153.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Dock-high doors
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
186
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 50703, IA
18,913
Population
8,705
Households
2.2
Avg Household Size
38
Median Age
13%
College-Educated
87%
High-School Grad
93.2 sq mi
ZIP Area
203
Density / Sq Mi
$49,412
Median Household Income
$33,105
Median Earnings
$926
Median Rent
$92,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Midwest region
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Frequently Asked Questions
What type of property is this?
Flex space - Functional commercial space with dock access, a private office, restroom, and year-round heating and cooling.
Where is this flex space located?
The property is located at 440 W Parker Street Waterloo, IA.
What is the asking price?
The asking price for this property is $115,000.
What are key features of this property?
This property features: 2,016 SF flex building on 0.15 acres; Two dock doors for loading access; M2 zoning
