Timber-Framed Office
For Sale
$950,000
495 Miller Road, Hiawatha, IA 52233
Commercial, Hiawatha, IA
Property Size2,870 SF
Lot Size2.24 Acres
Price / SF$331.01
Days on Market133
Property Features for 495 Miller Road
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
C-2
Directions
On Miller Rd in Hiawatha between Blairs Ferry & Boyson
Subdivision
Hiawatha/Robins
Standard status
Active
APN
11314-29001-00000
Size
2,870 SF
Lot size
2.24 Acres
Taxes and HOA fees
Tax Description
Carroll's 3rd, Lot 12
Tax Annual Amount
13338
Legal Description
Carroll's 3rd, Lot 12
Amenities
stone fireplaces
commercial kitchen
walk-in cooler
front porch
cupolas
customized windows
Building Details
Year built
2008
Flooring type
Concrete
Building materials
Pole
Roof type
Metal
Listing Agency:
Realty87 · Coldwell Banker Real Estate
(319) 378-8760
Listed By:
Michael Esker
(319) 373-4895
Added: Apr 28
Changed: Aug 19
Last Checked: Sep 7 at 5:06PM
MLS# 2602955
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 2,870-square-foot office property occupies a 2.24-acre site and was built in 2008. The pole-construction building features rough-sawn timbers, exposed post-and-beam framing, a lofted ceiling, customized windows, two cupolas, and a front porch. Two stone fireplaces add substantial architectural character. The layout includes 2,535 square feet on the main floor and a 335-square-foot loft or mezzanine, along with a commercial kitchen area and supporting back-of-house space.
The property is zoned C-2 and is positioned for commercial, retail, or office use. The building sale excludes the existing business, business name, inventory, and FFE. With more than two acres, the site also includes excess land that may support future expansion or a potential land split, subject to City approval.
The property is zoned C-2 and is positioned for commercial, retail, or office use. The building sale excludes the existing business, business name, inventory, and FFE. With more than two acres, the site also includes excess land that may support future expansion or a potential land split, subject to City approval.
Key Highlights
- 2,870 SF office property on a 2.24‑acre site
- 2,535 SF main floor plus a 335 SF loft/mezzanine
- Built in 2008 with pole construction and a metal roof
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
$27,138
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
2.86%
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%
$542,760
$542.8K
Cap Rate 7%
$387,686
$387.7K
Cap Rate 9%
$301,533
$301.5K
Market Conditions
NOI Build-Up for 2,870 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
$42.0K $14.64/SF
− Vacancy
−$3.2K −$1.13/SF
EGI
$38.8K $13.51/SF
− OpEx
−$11.6K −$4.05/SF
NOI
$27.1K $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%
$542,760
Cap Rate 7%
$387,686
Cap Rate 9%
$301,533
Alternative Uses
Best Use
Retail
$387.7K
$339.2K – $452.3K
NOI $27,138 @ 7.0% cap · market cap 2.86%
Second Best
Office B
$195.8K
$171.3K – $228.4K
NOI $13,705 @ 7.0% cap · market cap 1.44%
Theoretical Best
Self Storage
$483.0K
$422.6K – $563.5K
NOI $33,811 @ 7.0% cap · market cap 3.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
631
Businesses Nearby
Explore this area
Business Placement
Demographics for 52233, IA
7,091
Population
3,123
Households
2.3
Avg Household Size
39
Median Age
31%
College-Educated
97%
High-School Grad
3.9 sq mi
ZIP Area
1,818
Density / Sq Mi
$66,497
Median Household Income
$44,111
Median Earnings
$846
Median Rent
$200,500
Median Home Value
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 units - C-2-zoned commercial property with a lofted interior and distinctive timber construction.
Where is this office units located?
The property is located at 495 Miller Road Hiawatha, IA.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 2,870 SF office property on a 2.24‑acre site; 2,535 SF main floor plus a 335 SF loft/mezzanine; Built in 2008 with pole construction and a metal roof
