Ponderosa-Style Barn
495 Miller Road Hiawatha, IA 52233
495 Miller Road, Hiawatha, IA, 52233
$950,000
For Sale
$950,000
COMMERCIAL - Hiawatha, IA
Property Size2,870 SF
Lot Size2.24 Acres
Price / SF$331.01
Days on Market86
Property Features for 495 Miller Road
General Information
- Property type
- Commercial Sale
- Property subtype
- Office
- Zoning
- C-2
- 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
Building Details
- Year built
- 2008
- Flooring type
- Concrete
- Building materials
- Pole
- Roof type
- Metal
Listing agency
Realty87
(319) 378-8760
Listed by
Michael Esker
(319) 367-8760
Added: Apr 28 Updated: May 24 at 10:54AM Checked: Jul 22 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.
A Ponderosa-style barn building with rough sawn timbers, a lofted ceiling, and exposed post-and-beam framing. The property features two cupolas, customized windows, a front porch, and two stone fireplaces. Interior improvements include Italian Murano blown lighting and a commercial kitchen with hood, a large island, two stainless refrigerators, and a dishwasher. The space also includes a large walk-in cooler with glass doors, plus a backroom with a three-compartment sink, storage shelving, and a counter designed with timber and galvanized coating.
The building totals 2,535 square feet on the main floor and 335 square feet in the loft/mezzanine. The property is located at 495 Miller Road in Hiawatha, IA, in zoning designated C-2. The site totals 2.24 acres, with excess land that may support expansion or separate sale subject to City approval of a land split.
The seller is retiring, and the sale does not include the business, name, inventory, or FFE. The owner would consider selling separately.
The building totals 2,535 square feet on the main floor and 335 square feet in the loft/mezzanine. The property is located at 495 Miller Road in Hiawatha, IA, in zoning designated C-2. The site totals 2.24 acres, with excess land that may support expansion or separate sale subject to City approval of a land split.
The seller is retiring, and the sale does not include the business, name, inventory, or FFE. The owner would consider selling separately.
Key Highlights
- 2008 pole barn building with metal roof and concrete flooring
- 2,535 SF main floor plus 335 SF loft/mezzanine (total 2,870 SF)
- Commercial kitchen includes hood, large island, 2 stainless refrigerators, and dishwasher
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $42.0k | $14.64 |
| − Vacancy | −$3.2k | −$1.13 |
| EGI | $38.8k | $13.51 |
| − OpEx | −$11.6k | −$4.05 |
| NOI | $27.1k | $9.46 |
2,870 SF · lease $14.64/SF/yr · vacancy 7.73% · expense 30.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Farmer's Daughter's Market
Specialty Food Shop
Similar For Sale Nearby
FAQs
What type of property is this?
Office building - Ponderosa-style barn building with lofted ceiling, two cupolas, and a full commercial kitchen with walk-in cooler.
Where is this office building 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: 2008 pole barn building with metal roof and concrete flooring; 2,535 SF main floor plus 335 SF loft/mezzanine (total 2,870 SF); Commercial kitchen includes hood, large island, 2 stainless refrigerators, and dishwasher
