Multi-Tenant Flex
New
For Sale
$2,000,000
5217 & 5233 Grand Ave, Davenport, IA 52807
Two-building commercial property with dock and overhead door access for varied business operations.
Property Size23,640 SF
Lot Size4.46 Acres
Price / SF$84.60
Days on Market2
Property Features for 5217 & 5233 Grand Ave
General Information
Standard status
Active
Size
23,640 SF
Lot size
4.46 Acres
Building Details
Year Built
1993
Buildings
2
Tenancy
Multi
Listing Agency:
Mel Foster Co. Commercial
Listed By:
Thad Denhartog, SIOR · License #B39654000/471.002649
(563) 324-4488
Source:
Realtopiare
Added: Sep 12
Last Checked: Sep 12 at 9:31AM
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 Mel Foster Co. Commercial
Investment Insights
Based on property information with market context.
Hillcrest Commons is a 23,640-square-foot flex property comprising two multi-tenant buildings, each measuring 11,820 square feet. Constructed in 1993, the improvements sit on 4.46 acres and include both overhead doors and dock doors, providing functional access for a range of commercial and industrial activities. Reported occupancy is 0.635.
The property is located at 5217 & 5233 Grand Ave in Davenport, Iowa, near the intersection of 53rd Street and Grand Avenue. Its two-building layout provides separate leasable areas within a larger commercial property, while the combination of dock and overhead access supports different operational requirements.
The property is located at 5217 & 5233 Grand Ave in Davenport, Iowa, near the intersection of 53rd Street and Grand Avenue. Its two-building layout provides separate leasable areas within a larger commercial property, while the combination of dock and overhead access supports different operational requirements.
Key Highlights
- 23,640 SF across two 11,820 SF multi‑tenant buildings
- 4.46‑acre commercial property in Davenport, IA
- Both overhead doors and dock doors included
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
$141,485
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
7.07%
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%
$2,829,700
$2.8M
Cap Rate 7%
$2,021,214
$2.0M
Cap Rate 9%
$1,572,056
$1.6M
Market Conditions
NOI Build-Up for 23,640 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
$212.8K $9.00/SF
− Vacancy
−$10.6K −$0.45/SF
EGI
$202.1K $8.55/SF
− OpEx
−$60.6K −$2.56/SF
NOI
$141.5K $5.98/SF
Area
Davenport, IA
Vacancy
5.00%
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%
$2,829,700
Cap Rate 7%
$2,021,214
Cap Rate 9%
$1,572,056
Alternative Uses
Best Use
Flex RnD
$2.97M
$2.60M – $3.47M
NOI $207,994 @ 7.0% cap · market cap 10.40%
Second Best
Warehouse
$2.63M
$2.30M – $3.07M
NOI $184,222 @ 7.0% cap · market cap 9.21%
Theoretical Best
Office A
$5.10M
$4.46M – $5.95M
NOI $357,164 @ 7.0% cap · market cap 17.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
599
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 52807, IA
15,851
Population
8,136
Households
1.9
Avg Household Size
40
Median Age
43%
College-Educated
94%
High-School Grad
28.6 sq mi
ZIP Area
554
Density / Sq Mi
$71,866
Median Household Income
$44,203
Median Earnings
$910
Median Rent
$323,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Midwest region
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Frequently Asked Questions
What type of property is this?
Flex space - Two-building commercial property with dock and overhead door access for varied business operations.
Where is this flex space located?
The property is located at 5217 & 5233 Grand Ave Davenport, IA.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: 23,640 SF across two 11,820 SF multi‑tenant buildings; 4.46‑acre commercial property in Davenport, IA; Both overhead doors and dock doors included
