Building Details

Building Size 7,530 SF

Listing Agency: NAI Pfefferle Show Phone

Listed By: Samuel Hoheisel Show Phone

Source: Moodyscre

Added: Sep 10 Changed: Sep 13 Last Checked: Sep 13 at 7:06AM

Report an Issue

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 NAI Pfefferle

Investment Insights

Based on property information with market context.

This 7,530-square-foot flex property occupies 0.43 acres and offers a configuration suited to service, retail, and light industrial operations. Functional loading infrastructure includes one dock and three drive-in doors, while the building’s adaptable interior supports a range of commercial requirements.

The property is located at 602 Iowa Ct in North Fond Du Lac, Wisconsin, near Prospect Avenue and Winnebago Street. Iowa Court provides room for truck pickups, deliveries, and loading, with abundant on-street parking available. The building was originally constructed as the Yellowstone Garage and is situated along the Historic Yellowstone Trail.

Key Highlights

• 7,530 SF building on 0.43 acres
• One loading dock and three drive‑in doors
• Suitable for service, retail, or light industrial users

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

$53,687

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

7.68%

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%

$1,073,740 $1.1M

Cap Rate 7%

$766,957 $767.0K

Cap Rate 9%

$596,522 $596.5K

Market Conditions

NOI Build-Up for 7,530 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

$67.8K $9.00/SF

− Vacancy

−$4.6K −$0.61/SF

EGI

$63.2K $8.39/SF

− OpEx

−$9.5K −$1.26/SF

NOI

$53.7K $7.13/SF

Area

Fond du Lac County, WI

Vacancy

6.80%

Lease Rate

$9.00 /SF/Yr

Expense Ratio

15.00%

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%

$1,073,740

Cap Rate 7%

$766,957

Cap Rate 9%

$596,522

Alternative Uses

Best Use

Flex RnD

$977.5K

$855.3K – $1.14M (±1% cap)

NOI $68,425 @ 7.0% cap · market cap 9.79%

Second Best

Warehouse

$767.0K

$671.1K – $894.8K (±1% cap)

NOI $53,687 @ 7.0% cap · market cap 7.68%

Theoretical Best

Multifamily LT 5

$7.26M

$6.35M – $8.47M (±1% cap)

NOI $507,914 @ 7.0% cap · market cap 72.66%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Unlock full access to Insights Subscribe to Realmo Intelligence

Open Analytics

Current Use

Flex space

Suggested Use

Top Pick Real Estate Agency Dental Office Pharmacy Hair Salon Restaurant Parking Lot & Garage

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

1

Dock-high doors

3

Drive-in doors

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

142

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 54937, WI

21,333

Population

9,473

Households

2.3

Avg Household Size

43

Median Age

25%

College-Educated

93%

High-School Grad

120.1 sq mi

ZIP Area

178

Density / Sq Mi

$79,212

Median Household Income

$48,213

Median Earnings

$1,097

Median Rent

$262,000

Median Home Value

Market

Vacancy Rate% for Industrial in Midwest region

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this flex space located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Flex space - Adaptable commercial layout supports service, retail, and light industrial users.

Where is this flex space located?

The property is located at 602 Iowa Ct North Fond du Lac, WI.

What is the asking price?

The asking price for this property is $699,000.

What are key features of this property?

This property features: 7,530 SF building on 0.43 acres; One loading dock and three drive‑in doors; Suitable for service, retail, or light industrial users