Multi-Suite Office
For Sale
Contact for pricing
5051 E University Ave, Pleasant Hill, IA 50327
C-2-zoned office property with private suites, shared support areas, and on-site paved parking.
Property Size2,627 SF
Price / SF$256.95
Days on Market140
Property Features for 5051 E University Ave
General Information
Standard status
Active
Size
2,627 SF
Total Parking Spaces
20
Property subtype
Office, Retail, Special Purpose
Zoning
C-2
Occupancy
100%
Lease Type
Gross
Net Operating Income
$62,960
Additional Details
Office Units
10
Amenities
kitchenette
laundry
bathrooms
Building Details
Year Built
2004
Buildings
1
Stories
1
Units
20
Tenancy
Multi
Building Size
2,627 SF
Listing Agency:
Metro Commercial Real Estate, LLC
Listed By:
Kaden Smith · License #S73068000
Source:
Crexi
Added: Apr 13
Changed: Aug 30
Last Checked: Aug 30 at 4:43AM
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 Metro Commercial Real Estate, LLC
Investment Insights
Based on property information with market context.
Built in 2004, this office building contains 2,627 SF arranged among 10 individual suites. The property includes a kitchenette, laundry area, and 2 bathrooms, supporting a practical multi-occupant layout. A total of 20 paved parking spots serve the building.
Located at 5051 E University Ave in Pleasant Hill, Iowa, the property is zoned C-2. All suites are occupied under leases with terms of 1 year or longer, providing an established office configuration with current tenancy in place.
Located at 5051 E University Ave in Pleasant Hill, Iowa, the property is zoned C-2. All suites are occupied under leases with terms of 1 year or longer, providing an established office configuration with current tenancy in place.
Key Highlights
- 2,627 SF office building constructed in 2004
- 10 individual office suites
- Full occupancy with all leases running 1 year or longer
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
$34,613
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
5.13%
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%
$692,260
$692.3K
Cap Rate 7%
$494,471
$494.5K
Cap Rate 9%
$384,589
$384.6K
Market Conditions
NOI Build-Up for 2,627 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
$57.7K $21.96/SF
− Vacancy
−$11.5K −$4.39/SF
EGI
$46.2K $17.57/SF
− OpEx
−$11.5K −$4.39/SF
NOI
$34.6K $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%
$692,260
Cap Rate 7%
$494,471
Cap Rate 9%
$384,589
Alternative Uses
Best Use
Office B
$494.5K
$432.7K – $576.9K
NOI $34,613 @ 7.0% cap · market cap 5.13%
Second Best
—
—
no second resolved use
Theoretical Best
Flex RnD
$2.53M
$2.21M – $2.95M
NOI $177,018 @ 7.0% cap · market cap 26.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
10
Office units
Location Intelligence
Trade Area within ½ mile
27
Businesses Nearby
Explore this area
Business Placement
Demographics for 50327, IA
11,807
Population
5,077
Households
2.3
Avg Household Size
41
Median Age
32%
College-Educated
97%
High-School Grad
15.8 sq mi
ZIP Area
747
Density / Sq Mi
$90,759
Median Household Income
$46,177
Median Earnings
$1,219
Median Rent
$303,000
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 building - C-2-zoned office property with private suites, shared support areas, and on-site paved parking.
Where is this office building located?
The property is located at 5051 E University Ave Pleasant Hill, IA.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: 2,627 SF office building constructed in 2004; 10 individual office suites; Full occupancy with all leases running 1 year or longer
