NNN Industrial
For Sale
Contact for pricing
512 NE Main Street, Grimes, IA 76936
Heavy Industrial-zoned property with an established Crunchyroll occupancy and access to HWY 141.
Property Size71,477 SF
Lot Size6.61 Acres
Price / SF$76.95
Days on Market61
Property Features for 512 NE Main Street
General Information
Standard status
Active
Size
71,477 SF
Lot size
6.61 Acres
Property subtype
Industrial
Zoning
Heavy Industrial
Net Operating Income
$474,444
Additional Details
Highway Access
Yes
Building Details
Year Built
1930
Year Renovated
2019
Buildings
1
Tenancy
Single
Listing Agency:
Cushman & Wakefield - West Des Moines, Iowa
(515) 309-6704
Listed By:
John Viggers · License #S27531000
Source:
Crexi
Added: Jul 1
Changed: Aug 30
Last Checked: Aug 30 at 6:25AM
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 Cushman & Wakefield - West Des Moines, Iowa
Investment Insights
Based on property information with market context.
This NNN industrial property comprises 71,477 square feet on 6.61 acres and was built in 1930. The asset is occupied by Crunchyroll, LLC, identified as a division of Sony Group Corporation, and is zoned Heavy Industrial. The property also includes room for expansion, providing additional physical capacity within the existing site configuration.
Located at 512 NE Main Street in Grimes, Iowa, the property has immediate access to HWY 141 and sits near the GrimesPlex entertainment district. Its combination of industrial zoning, substantial land area, established occupancy, and net-lease structure defines the offering.
Located at 512 NE Main Street in Grimes, Iowa, the property has immediate access to HWY 141 and sits near the GrimesPlex entertainment district. Its combination of industrial zoning, substantial land area, established occupancy, and net-lease structure defines the offering.
Key Highlights
- 71,477‑square‑foot industrial property on 6.61 acres
- Crunchyroll, LLC occupancy; division of Sony Group Corporation
- NNN net‑lease structure
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
$293,077
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
5.33%
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%
$5,861,540
$5.9M
Cap Rate 7%
$4,186,814
$4.2M
Cap Rate 9%
$3,256,411
$3.3M
Market Conditions
NOI Build-Up for 71,477 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
$454.6K $6.36/SF
− Vacancy
−$35.9K −$0.50/SF
EGI
$418.7K $5.86/SF
− OpEx
−$125.6K −$1.76/SF
NOI
$293.1K $4.10/SF
Area
Polk County, IA
Vacancy
7.90%
Lease Rate
$6.36 /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%
$5,861,540
Cap Rate 7%
$4,186,814
Cap Rate 9%
$3,256,411
Alternative Uses
Best Use
Industrial
$4.19M
$3.66M – $4.88M
NOI $293,077 @ 7.0% cap · market cap 5.33%
Second Best
—
—
no second resolved use
Theoretical Best
Flex RnD
$68.81M
$60.21M – $80.27M
NOI $4,816,409 @ 7.0% cap · market cap 87.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
317
Businesses Nearby
Explore this area
Business Placement
Market
Vacancy Rate% for Industrial 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?
NNN property - Heavy Industrial-zoned property with an established Crunchyroll occupancy and access to HWY 141.
Where is this nnn property located?
The property is located at 512 NE Main Street Grimes, IA.
What is the asking price?
The asking price for this property is $5,500,000.
What are key features of this property?
This property features: 71,477‑square‑foot industrial property on 6.61 acres; Crunchyroll, LLC occupancy; division of Sony Group Corporation; NNN net‑lease structure
