Owner-User Office
For Sale
Contact for pricing
4440-4456 128th St, Urbandale, IA 50323
Located near Meredith and NW 128th Street in Urbandale.
Property Size7,078 SF
Price / SF$180.14
Days on Market330
Property Features for 4440-4456 128th St
General Information
Standard status
Active
Size
7,078 SF
Property subtype
OFFICE
Listing Agency:
The Siedenburg Group
(515) 339-9616
Listed By:
Ryan Siedenburg · License #S63895000
(515) 339-9616
Source:
Moodyscre
Added: Oct 7, 2025
Changed: Aug 31
Last Checked: Aug 31 at 4:43PM
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 The Siedenburg Group
Investment Insights
Based on property information with market context.
This office building contains 7,078 square feet and is offered for sale as an owner-user property. The asset provides a commercial setting for a business seeking an established office location in Urbandale.
The property is located at 4440-4456 128th St and sits off Meredith and NW 128th Street in Urbandale, Iowa.
The property is located at 4440-4456 128th St and sits off Meredith and NW 128th Street in Urbandale, Iowa.
Key Highlights
- 7,078 square feet of office space
- Owner‑user office property offered for sale
- Located at 4440‑4456 128th St, Urbandale, IA 50323
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
$93,260
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
7.31%
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%
$1,865,200
$1.9M
Cap Rate 7%
$1,332,286
$1.3M
Cap Rate 9%
$1,036,222
$1.0M
Market Conditions
NOI Build-Up for 7,078 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
$155.4K $21.96/SF
− Vacancy
−$31.1K −$4.39/SF
EGI
$124.3K $17.57/SF
− OpEx
−$31.1K −$4.39/SF
NOI
$93.3K $13.18/SF
Area
Polk County, IA
Vacancy
20.00%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
25.00%
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%
$1,865,200
Cap Rate 7%
$1,332,286
Cap Rate 9%
$1,036,222
Alternative Uses
Best Use
Office B
$1.33M
$1.17M – $1.55M
NOI $93,260 @ 7.0% cap · market cap 7.31%
Second Best
—
—
no second resolved use
Theoretical Best
Flex RnD
$6.81M
$5.96M – $7.95M
NOI $476,944 @ 7.0% cap · market cap 37.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,029
Businesses Nearby
Explore this area
Business Placement
Demographics for 50323, IA
16,616
Population
5,965
Households
2.8
Avg Household Size
37
Median Age
67%
College-Educated
98%
High-School Grad
10.1 sq mi
ZIP Area
1,645
Density / Sq Mi
$173,659
Median Household Income
$83,776
Median Earnings
$1,479
Median Rent
$456,600
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Located near Meredith and NW 128th Street in Urbandale.
Where is this office building located?
The property is located at 4440-4456 128th St Urbandale, IA.
What is the asking price?
The asking price for this property is $1,275,000.
What are key features of this property?
This property features: 7,078 square feet of office space; Owner‑user office property offered for sale; Located at 4440‑4456 128th St, Urbandale, IA 50323
