Office Space in Growing
For Sale
Contact for pricing
4440-4456 128th St, Urbandale, IA
Office property in a rapidly growing area of Urbandale.
Property Size3,600 SF
Lot Size1.93 Acres
Price / SF$354.17
Days on Market328
Property Features for 4440-4456 128th St
General Information
Standard status
Active
Size
3,600 SF
Lot size
1.93 Acres
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: Jul 10
Last Checked: Aug 29 at 5:14PM
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.
The property, located off Meredith Drive and NW 128th Street in Urbandale, Iowa, offers an opportunity for an owner or user. The property contains 3,600 square feet and is situated in a rapidly growing corridor of Urbandale.
Key Highlights
- Located in a rapidly growing corridor of Urbandale, Iowa.
- Excellent opportunity for an owner/user.
- Located off Meredith and NW 128th Street.
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
$47,434
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
3.72%
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%
$948,680
$948.7K
Cap Rate 7%
$677,629
$677.6K
Cap Rate 9%
$527,044
$527.0K
Market Conditions
NOI Build-Up for 3,600 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
$79.1K $21.96/SF
− Vacancy
−$15.8K −$4.39/SF
EGI
$63.2K $17.57/SF
− OpEx
−$15.8K −$4.39/SF
NOI
$47.4K $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%
$948,680
Cap Rate 7%
$677,629
Cap Rate 9%
$527,044
Alternative Uses
Best Use
Office B
$677.6K
$592.9K – $790.6K
NOI $47,434 @ 7.0% cap · market cap 3.72%
Second Best
—
—
no second resolved use
Theoretical Best
Flex RnD
$3.47M
$3.03M – $4.04M
NOI $242,583 @ 7.0% cap · market cap 19.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
564
Businesses Nearby
Explore this area
Business Placement
Market
Vacancy Rate% for Office 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?
Office building - Office property in a rapidly growing area of 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: Located in a rapidly growing corridor of Urbandale, Iowa.; Excellent opportunity for an owner/user.; Located off Meredith and NW 128th Street.
