Warehouse Flex Distribution
For Sale
Contact for pricing
4949 Chavenelle Rd, Dubuque, IA 52002
Flex and warehouse space includes 22' clear height, dock-high doors, and secured outdoor storage on a nearly 8-acre site.
Property Size70,220 SF
Price / SF$71.20
Days on Market385
Property Features for 4949 Chavenelle Rd
General Information
Standard status
Active
Size
70,220 SF
Property subtype
INDUSTRIAL
Listing Agency:
Equity Real Estate Group
Listed By:
Steve Davis, CCIM · License #B66573000
(563) 542-3519
Source:
Moodyscre
Added: Aug 25, 2025
Changed: Sep 2
Last Checked: Sep 13 at 9:51AM
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 Equity Real Estate Group
Investment Insights
Based on property information with market context.
This flex and industrial building offers more than 70,000 square feet of leasable space, with both retail- and industrial-oriented areas. Warehouse operations feature a 22' clear height and a 60,000-square-foot layout partitioned into 15,000 and 45,000-square-foot sections. Each section includes dock doors with levelers, totaling 13 dock doors across the warehouse configuration. The property also includes a 14' overhead door and secured outdoor storage, supported by ample vehicle parking and truck circulation space.
The site is located in the established Dubuque Industrial Park, with convenient access to US Highway 20 within two turns. The sale also includes an adjacent 2+ acre parcel, providing additional room to grow.
While most of the building is currently leased, the overall configuration is adaptable for industrial uses including warehousing and distribution, as well as light manufacturing and flex-oriented space.
The site is located in the established Dubuque Industrial Park, with convenient access to US Highway 20 within two turns. The sale also includes an adjacent 2+ acre parcel, providing additional room to grow.
While most of the building is currently leased, the overall configuration is adaptable for industrial uses including warehousing and distribution, as well as light manufacturing and flex-oriented space.
Key Highlights
- Over 70,000 sq. ft. of flex/industrial space with 60,000 sq. ft. warehouse at 22' clear height
- Warehouse is partitioned into 15,000 and 45,000 sq. ft. sections with 13 total dock doors and levelers
- 14' OH door plus ample vehicle parking and room for truck circulation on a nearly 8‑acre secured site
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
$417,701
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
8.35%
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%
$8,354,020
$8.4M
Cap Rate 7%
$5,967,157
$6.0M
Cap Rate 9%
$4,641,122
$4.6M
Market Conditions
NOI Build-Up for 70,220 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
$632.0K $9.00/SF
− Vacancy
−$35.3K −$0.50/SF
EGI
$596.7K $8.50/SF
− OpEx
−$179.0K −$2.55/SF
NOI
$417.7K $5.95/SF
Area
Dubuque County, IA
Vacancy
5.58%
Lease Rate
$9.00 /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%
$8,354,020
Cap Rate 7%
$5,967,157
Cap Rate 9%
$4,641,122
Alternative Uses
Best Use
Flex RnD
$9.00M
$7.87M – $10.50M
NOI $629,873 @ 7.0% cap · market cap 12.60%
Second Best
Warehouse
$7.20M
$6.30M – $8.39M
NOI $503,663 @ 7.0% cap · market cap 10.07%
Theoretical Best
Specialty Retail
$13.67M
$11.96M – $15.94M
NOI $956,590 @ 7.0% cap · market cap 19.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
354
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 52002, IA
17,177
Population
7,535
Households
2.3
Avg Household Size
41
Median Age
40%
College-Educated
97%
High-School Grad
29.2 sq mi
ZIP Area
588
Density / Sq Mi
$88,060
Median Household Income
$50,161
Median Earnings
$1,051
Median Rent
$273,400
Median Home Value
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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 - Flex and warehouse space includes 22' clear height, dock-high doors, and secured outdoor storage on a nearly 8-acre site.
Where is this flex space located?
The property is located at 4949 Chavenelle Rd Dubuque, IA.
What is the asking price?
The asking price for this property is $5,000,000.
What are key features of this property?
This property features: Over 70,000 sq. ft. of flex/industrial space with 60,000 sq. ft. warehouse at 22' clear height; Warehouse is partitioned into 15,000 and 45,000 sq. ft. sections with 13 total dock doors and levelers; 14' OH door plus ample vehicle parking and room for truck circulation on a nearly 8‑acre secured site
