Building Details

Flooring type Concrete

Building materials Frame

Roof type Metal

Listing Agency: Realty87 · Coldwell Banker Real Estate c***@cbhrealty.com Show Phone

Listed By: Jim Zachar Show Phone

Added: Feb 27 Changed: Sep 1 Last Checked: Sep 2 at 6:06PM

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MLS# 2601295

Copyright © 2026 Cedar Rapids Area Association of REALTORS®. 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 mixed-use commercial property brings together three distinct buildings on a 1.15-acre site. The primary building is a highway-facing strip center with vacant suites available for occupancy and an established Subway tenant that has operated in the location for more than 20 years. The center is constructed with a frame exterior, concrete flooring, and a metal roof.

A second building provides 6,232 square feet of recently updated office space, including five exam rooms or offices, a lobby and reception area, a large restroom, and file, storage, and lab areas. The layout can support medical, dental, professional office, retail, or general office functions. A separate outbuilding adds storage or workshop capacity and includes a man door plus an overhead door with opener. The property is located at 4659 Iowa HWY 13 in Central City, Iowa, with Hwy/Com zoning and highway exposure.

Key Highlights

• 1.15‑acre mixed‑use commercial site with three buildings
• 6,232 square feet across the property
• Strip center includes a Subway tenant operating at the location for over 20 years

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

$58,929

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

6.73%

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%

$1,178,580 $1.2M

Cap Rate 7%

$841,843 $841.8K

Cap Rate 9%

$654,767 $654.8K

Market Conditions

NOI Build-Up for 6,232 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

$91.2K $14.64/SF

− Vacancy

−$7.1K −$1.13/SF

EGI

$84.2K $13.51/SF

− OpEx

−$25.3K −$4.05/SF

NOI

$58.9K $9.46/SF

Area

Linn County, IA

Vacancy

7.73%

Lease Rate

$14.64 /SF/Yr

Expense Ratio

30.00%

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%

$1,178,580

Cap Rate 7%

$841,843

Cap Rate 9%

$654,767

Alternative Uses

Best Use

Retail

$841.8K

$736.6K – $982.2K (±1% cap)

NOI $58,929 @ 7.0% cap · market cap 6.73%

Second Best

Mixed Use

$788.1K

$689.6K – $919.5K (±1% cap)

NOI $55,170 @ 7.0% cap · market cap 6.31%

Theoretical Best

Self Storage

$1.05M

$917.7K – $1.22M (±1% cap)

NOI $73,419 @ 7.0% cap · market cap 8.39%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Shopping centers

Lease Details

Multi-tenant

Tenancy

Yes

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

2

Businesses Nearby

Explore this area Business Placement

Demographics for 52214, IA

3,001

Population

1,339

Households

2.2

Avg Household Size

45

Median Age

22%

College-Educated

98%

High-School Grad

90.2 sq mi

ZIP Area

33

Density / Sq Mi

$83,450

Median Household Income

$49,672

Median Earnings

$825

Median Rent

$235,400

Median Home Value

Market

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

Questions? Ask Rey

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What type of property is this? Where is this mixed-use properties located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Three-building commercial site combining a leased strip center, adaptable office space, and a separate service outbuilding.

Where is this mixed-use property located?

The property is located at 4659 Iowa HWY 13 Central City, IA.

What is the asking price?

The asking price for this property is $875,000.

What are key features of this property?

This property features: 1.15‑acre mixed‑use commercial site with three buildings; 6,232 square feet across the property; Strip center includes a Subway tenant operating at the location for over 20 years